Digital pharma API agency HRV making ready for IPO, DRHP doubtless in H1 of 2027: Sources
The Hyderabad-based firm has employed ICICI Securities and Equirus Capital as bankers and is predicted to file its draft crimson herring prospectus (DRHP) within the first half of calendar 2027, topic to market situations, the executives stated. It is planning to lift greater than Rs 800 crore, one among them stated.
The firm didn’t touch upon the IPO plan.
Founder and chief govt Hari Kiran Chereddi stated the corporate was including devoted, underwritten capability at accomplice amenities to its current outsourced manufacturing community and predicted its income would attain Rs 1,000 crore subsequent fiscal yr.
It can also be exploring selective acquisitions, significantly for European market entry and finished-dosage filings, he stated.
The firm expects to submit a internet revenue of Rs 80 crore on income of Rs 600 crore within the present fiscal 2027, in contrast with Rs 40 crore on income of Rs 310 crore final monetary yr.
HRV’s asset-light mannequin contains outsourcing manufacturing throughout manufacturing websites whereas retaining management over merchandise, regulatory filings, buyer relationships and commercialisation. It employs fewer than 60 folks however works with companions in 54 manufacturing websites. India’s pharma manufacturing capability is simply 45–50% utilised, creating room for asset-light fashions, stated business consultants.“Everybody likes the digital pharma story, however the secret sauce is which merchandise you might be providing,” Chereddi stated.
“Most of the merchandise we have a look at do not need numerous current gamers,” he stated. “For an API (bulk-drug) manufacturing website, we grow to be their capability aggregator as a result of, for them, we grow to be the client.”
Recently, HRV stated it’s investing Rs 150 crore into peptide and high-potency oncology API capability.
“Peptides are a really lively space proper now, however I don’t wish to merely do what everyone else is doing. We are customized peptides and area of interest alternatives,” the CEO stated. “We additionally see a chance within the US market, together with the compounding area that’s opening up.”
HRV focuses on excessive worth, low competitors APIs throughout therapeutic areas resembling CNS, proton pump inhibitors, orphan medicine and sophisticated molecules approaching patent expiry.
Its portfolio spans area of interest APIs resembling pitolisant (used for narcolepsy), resmetirom (used for liver fibrosis), glycerol phenylbutyrate (used for urea cycle dysfunction), linagliptin and vildagliptin (used for type-II diabetes) vonoprazan (potassium acid blocker) and enclomiphene (used to deal with feminine infertility), reflecting its give attention to specialty, rare-disease and differentiated therapies.
The firm’s manufacturing companions embrace Metrochem, Arene Lifesciences and Shodhana Laboratories. All the manufacturing crops are accepted by the US Food and Drug Administration, besides one, he stated.
HRV’s income combine is balanced throughout the US, Middle East and Europe.
“Over the final two years, the US has actually taken off as the brand new merchandise we launched began contributing…Going ahead, I see the Americas turning into very important for us, together with each North and South America,” stated Chereddi. “Canada can also be a market we’re , and we’re opening up Korea and Japan as nicely.”
