Q1. What is the business of Hindustan Laboratories Limited?

It is a pharmaceutical manufacturer focused on large-scale generic medicines supplied mainly to government institutions under a business-to-government (B2G) model.

Q2. Why is the company raising funds via IPO?

Hindustan Laboratories is raising funds via IPO to fund working capital needs and support general corporate purposes to expand operations.

Q3. What is the size of the issue and where will it list?

The issue size of the IPO is ~1.41 Cr equity shares. It will be listed on the BSE & NSE platform.

Q4. What are the risks to an investor?

Risk factors include dependence on government tenders, pricing pressures, regulatory changes, and competition in generic pharma.

Q5. What are the potential upsides?

Upsides include consistent demand for affordable medicines, extensive national reach, and growth potential in public healthcare supply contracts.

Q6. How to apply for the IPO?

You can apply for the IPO via ASBA through bank net banking, UPI on trading apps, or through your broker when the IPO opens for subscription.

Hindustan Laboratories Limited: New IPO, GMP, Analysis

Upcoming

Hindustan Laboratories Limited: New IPO, GMP, Analysis

Market Cap

₹ 1,015 – 1,180 Crore

IPO Issue Size

1,41,00,000 Equity Shares

Expected Price by IPOCorner

₹ 185 – 215

IPO Score

*Score varies on actual price

Hindustan Laboratories Limited is an Indian pharmaceutical company primarily engaged in the large-scale manufacturing and supply of generic medicines, especially under business-to-government (B2G) contracts for central and state government healthcare agencies. It focuses on providing cost-effective off-patent generic formulations across a wide range of therapeutic segments.
The company has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed IPO of 1.41 Crore shares which will include a Fresh Issue of 50 Lakh equity shares and an Offer-for-Sale 91 Lakh equity shares by promoters.

Hindustan Laboratories Limited was incorporated in the year 2017 & currently Mr. Rajesh V. Doshi serves as the Managing Director of the company.

It manufactures and supplies a broad range of generic pharmaceutical formulations, including tablets, capsules, syrups, ointments, and powders, across multiple therapeutic segments for government healthcare procurement.It has supplied its products to government institutions across 27 Indian states and union territories, indicating wide national distribution.

Subscription date to apply for Hindustan Laboratories Limited is yet to be announced. Price band for the IPO is yet to be declared.

1,41,00,000 Equity Shares

Fresh Issue

50,00,000 Equity Shares

Offer for Sale

9,100,000 Equity Shares

Year	2025
Networth	₹ 178.73 Cr
Revenue	₹ 219.74 Cr
EBITDA	₹ 53.87 Cr
PAT	₹ 41.26 Cr
EBITDA Margin	~24.52%
PAT Margin	~ 18.78%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	TBA
Close Date
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
Working Capital Requirement	~ ₹ 72.5 Cr
-	-
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	172.33	186.37	219.74
PAT (₹ Cr)	22.25	34.14	41.26
Asset (₹ Cr)	145.4	176.34	225.48
Net Worth (₹ Cr)	103.15	137.33	178.73

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
23-Aug	₹ –	₹ –	₹ –
22-Aug	₹ –	₹ –	₹ –
21-Aug	₹ –	₹ –	₹ –
20-Aug	₹ –	₹ –	₹ –
19-Aug	₹ –	₹ –	₹ –

Pros

Strong B2G (business-to-government) focus ensures steady demand and bulk orders.
Operates in the defensive pharma sector, which is resilient during economic downturns.
Wide pan-India presence across 27+ states/UTs through government tenders.
Focus on low-cost generic medicines, aligned with India’s public healthcare push.
IPO filing improves brand visibility and funding access for future expansion.

Cons

Heavy dependence on government tenders, which can impact margins and cash flows.
No disclosed retail market presence, limiting brand recall among consumers.
Price band and valuation clarity pending, increasing uncertainty for investors.
Pharma business exposed to regulatory, pricing, and compliance risks.
Limited public data on market share and long-term profitability metrics.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Rajesh Vasantray Doshi	~99.99%
-	-
-	-
-	-
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	26.11%
ROCE	33.13%
RoNW	26.11%

Lead / Book Running Lead Managers

Choice Capital Advisors Private Limited

Registrar (RTA)

MUFG Intime India Private Limited

Q1. What is the business of Hindustan Laboratories Limited?
It is a pharmaceutical manufacturer focused on large-scale generic medicines supplied mainly to government institutions under a business-to-government (B2G) model.
Q2. Why is the company raising funds via IPO?
Hindustan Laboratories is raising funds via IPO to fund working capital needs and support general corporate purposes to expand operations.
Q3. What is the size of the issue and where will it list?
The issue size of the IPO is ~1.41 Cr equity shares. It will be listed on the BSE & NSE platform.
Q4. What are the risks to an investor?
Risk factors include dependence on government tenders, pricing pressures, regulatory changes, and competition in generic pharma.
Q5. What are the potential upsides?
Upsides include consistent demand for affordable medicines, extensive national reach, and growth potential in public healthcare supply contracts.
Q6. How to apply for the IPO?
You can apply for the IPO via ASBA through bank net banking, UPI on trading apps, or through your broker when the IPO opens for subscription.