Aragen Life Sciences has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for the Aragen Life Sciences IPO, comprising a fresh issue of ₹800 crore and an offer for sale (OFS) of up to 27,329,192 equity shares of face value ₹10 each by selling shareholders.
The Aragen Life Sciences IPO will include a fresh issue of ₹800 crore.
According to the DRHP, the company proposes to use the proceeds from the fresh issue towards repayment and/or pre-payment of borrowings, capital expenditure for the purchase of new equipment and machinery at its facilities in Hyderabad, and capital expenditure by its material subsidiary, Aragen Biologics Private Limited, for its Bengaluru facility.
A portion of the proceeds from the Aragen Life Sciences IPO is also proposed to be used for general corporate purposes, supporting the company’s next phase of expansion.
Aragen Life Sciences IPO: About the Company
Incorporated in 2000, Aragen Life Sciences is a fully integrated contract research, development and manufacturing organization (CRDMO) serving global innovator companies and emerging firms in the life sciences industry.
The company provides comprehensive solutions across the drug development lifecycle, including contract discovery and pre-clinical research solutions through its CRO, or Contract Research, business, as well as contract development and manufacturing solutions through its CDMO business for both small molecules and biologics.
With more than 25 years of operations, Aragen Life Sciences has become the largest CRDMO among the assessed Indian peers in terms of the number of solutions offered across the drug development value chain as of March 31, 2026.
The company has also become one of the top three largest Indian CRDMOs in terms of operating revenue among the assessed Indian peers. It operates in a global CRDMO market estimated at USD 171 billion in Fiscal 2026.
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Aragen Life Sciences Serves 591 Customers Globally
Aragen Life Sciences focuses on life sciences companies engaged in new chemical entities (NCEs) and new biological entities (NBEs). In Fiscal 2026, the company served as a strategic partner to 591 customers globally.
Its key markets include the United States, Europe, Japan, India and other Asia-Pacific markets.
The customer base of Aragen Life Sciences comprises Big Pharma companies, large pharmaceutical companies, small biotechnology companies and mid-sized pharmaceutical companies operating across pharmaceuticals, biotechnology, animal health, agrochemicals and specialty chemicals.
As of March 31, 2026, Aragen Life Sciences had worked with 16 of the Top 20 Big Pharma customers.
CRO and Biologics Capabilities
Aragen Life Sciences initiated its CRO business in 2002 and has since grown to operate the second-largest CRO solutions platform in India in terms of the number of scientific personnel among the assessed Indian peers as of March 31, 2026.
The company is one of two Indian CRDMOs among the assessed peers to offer integrated small molecule drug substance and drug product development services as of March 31, 2026.
Aragen Life Sciences became the second CRDMO in India to offer biologics services through an acquisition in 2014.
Since then, it has expanded its capabilities to offer integrated “gene-to-GMP” solutions across the biologics CRDMO value chain.
Its biologics CRDMO platform is supported by an integrated US–India delivery model, combining cell line development and early-stage research in the United States with cost-efficient development and manufacturing in India.
Aragen Life Sciences Workforce
The company’s workforce comprised 4,362 employees as of March 31, 2026, including 3,412 scientific personnel. Of these scientific personnel, 479 hold PhD degrees.
According to the F&S Report, Aragen Life Sciences had the highest PhD-to-scientific personnel ratio within the Indian CRDMO industry at 14.04% as of March 31, 2026.
The ratio, according to the company, demonstrates the strength of its research workforce and depth of its scientific expertise.
ESG and Sustainability Initiatives
Aragen Life Sciences has maintained a structured focus on environmental, social and governance (ESG) initiatives and corporate governance practices, including sustainability commitments, responsible business conduct and board-led oversight supported by a professional management team.
The company obtained the Gold EcoVadis Sustainability Rating in Fiscal 2026, placing it among the top 5% of companies globally.
Aragen Life Sciences also became a signatory to the Science Based Target Initiative (SBTi) in Fiscal 2023 and an associate member of the Pharmaceutical Supply Chain Initiative (PSCI) in 2022.
Aragen Life Sciences Financial Performance
The company recorded the second-highest revenue from operations growth between Fiscal 2025 and Fiscal 2026 among the assessed Indian peers, according to the F&S Report.
For the Aragen Life Sciences IPO, the DRHP highlights that revenue from operations, profit for the year, Adjusted EBITDA and adjusted profit for the year increased at a CAGR of 14.64%, 26.86%, 15.63% and 29.91%, respectively, from Fiscal 2024 to Fiscal 2026.
In Fiscal 2026, revenue from operations stood at ₹21,783.92 million, while profit for the year was ₹2,576.44 million. Adjusted EBITDA stood at ₹5,937.65 million and adjusted profit for the year was ₹2,839.85 million.
While achieving this growth, Aragen Life Sciences maintained its focus on capital efficiency, with ROCE and ROE at 18.18% and 11.96%, respectively.
Aragen Life Sciences IPO: Book Running Lead Managers
Axis Capital Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited and JM Financial Limited are the book running lead managers to the Aragen Life Sciences IPO.
The company has filed its DRHP with SEBI as it moves forward with the proposed initial public offering comprising the fresh issue and offer for sale.
