Cotec Healthcare Limited, the second-largest contract development and manufacturing organization (CDMO) in India by number of dosage forms, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its upcoming Cotec Healthcare IPO.
The offering comprises a Fresh Issue of equity shares worth up to ₹2,950 million and an Offer for Sale (OFS) of up to 6,000,000 equity shares with a face value of ₹5 each.
Cotec Healthcare IPO Details and Business Overview
Cotec Healthcare operates as a CDMO engaged in formulation development, loan licensing, and commercial manufacturing of off-patent products, including complex generics.
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The company has capabilities across 24 distinct dosage forms, including injectables, tablets, capsules, ointments, eye drops, ampoules, syrups, and infusions (Source: F&S Report).
With a portfolio spanning multiple therapeutic segments and delivery mechanisms, the company caters to both institutional and private clients.
Strong Financial Growth Ahead of Cotec Healthcare IPO
Cotec has emerged as one of the fastest-growing CDMO companies in India. Its revenue registered a CAGR of 52.72% between FY2023 and FY2025, while EBITDA and profit after tax grew at a CAGR of 81.79% and 99.36% respectively during the same period.
For FY2025, the company reported revenue of ₹1,922 million, along with industry-leading returns, including RoCE of 36.43% and RoE of 33.91%.
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Expansion Plans with IPO Proceeds
Currently, Cotec Healthcare operates from its Roorkee (Uttarakhand) facility with an installed annual capacity of 4,051 million units across three specialized manufacturing blocks.
To meet rising demand for high-value pharmaceutical products, the company plans to set up a new unit with a proposed annual capacity of 12,007 million units.
The expansion will include a high-capacity oral solid dosage (OSD) block, a dedicated oncology unit, penicillin portfolio, and sterile manufacturing blocks for ampoules, vials, dry powder injections, and FFS eye drops. Proceeds from the Fresh Issue will be used to fund this project.
Cotec Healthcare IPO Lead Manager and Listing
Pantomath Capital Advisors Private Limited is acting as the sole book-running lead manager for the Cotec Healthcare IPO. The equity shares are proposed to be listed on both the BSE and NSE.
This marks the fourth IPO filing managed by Pantomath in the last three months, and the firm has successfully led four IPOs in the past 45 days.
