Claroid Pharmaceuticals IPO
Claroid Pharmaceuticals Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to 74,50,000 shares and an offer for sale of up to 51,50,000 shares by its five promoters. In FY26 the company made a profit of ₹22.70 crore on revenue of ₹169.72 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 6 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- One View Corporate Advisors Private Limited
- Last SEBI contact
- 29 Oct 2026
- Price band and dates
- Not announced
Where it stands
Claroid Pharmaceuticals IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI6 Oct 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 6 October 2026, 31 days ago, and its last communication on the draft was on 29 October 2026 (day count is our calculation).
DRHP at a glance
Claroid Pharmaceuticals DRHP at a glance
Draft red herring prospectus, 22 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Risk Factors (p. 26 to 31) and Basis for the Offer Price, KPIsClaroid Pharmaceuticals makes generic medicines, mainly tablets, which gave 52.06% of FY26 product sales, and exports most of its output. Exports were 78.27% of FY26 revenue, and Nigeria alone 76.21%.
It has one plant at Pirana near Ahmedabad and plans a new plant with the IPO money. The top ten customers gave 62.80% of FY26 product sales. It was incorporated in 2018 and is based in Ahmedabad, Gujarat.
The offer
DRHP cover page and The Offer (p. 72)| Fresh issue | Up to 74,50,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 51,50,000 sharesBy its five promoters, led by Baiju Bhupendrabhai Desai with 10,55,750 |
| Shares before the IPO | 4,20,00,000The fresh issue equals about 17.7% and the offer for sale about 12.3% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Oneview Corporate Advisors Private Limited and Valmiki Leela Capital Private Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Baiju Bhupendrabhai Desai, Soni Snehalkumar Hasmukhlal, Rushin Baijubhai Desai, Patel Shaileshbhai Arjanbhai and Patel Ghanshyam Arjanbhai |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 117 to 118)| Object | ₹ crore |
|---|---|
| Setting up a new plant | 167.97 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The fresh issue size in ₹ is set with the price, so each object's share is not shown yet. The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Financial Information (p. 75 to 79) and Basis for the Offer Price, KPIs (p. 177 onwards), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 63 | 99.70 | 169.72 |
| EBITDA | 11.77 | 14.35 | 40.94 |
| EBITDA margin | 18.69% | 14.40% | 24.12% |
| Profit after tax | 4.12 | 7.22 | 22.70 |
| Diluted EPS (₹) | 2.88 | 1.72 | 5.41 |
| Net worth | 14.47 | 21.69 | 44.38 |
| Cash from operations | -2.51 | 15.17 | 17.02 |
| Return on equity | 72.53% | 39.90% | 68.73% |
| Debt to equity | 2.00 | 1.87 | 0.62 |
Restated standalone figures. Net worth is equity share capital plus other equity (our sum). Revenue grew about 64.1% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 178 to 179).The P/E for Claroid is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Claroid Pharmaceuticals (FY26) | 5.41 | Set with the price band | 51.16% |
| Bafna Pharmaceuticals | 4.69 | 99.90x | 15.31% |
| Syncom Formulations (India) | 0.81 | 21.90x | 20.21% |
| Lincoln Pharmaceuticals | 43.88 | 12.60x | 11.80% |
Risks the draft lists first
DRHP, Risk Factors (p. 26 to 31)- NigeriaExports to Nigeria gave 76.21% of FY26 revenue. (Risk factor 1, p. 26)
- Key customersThe top ten customers gave 62.80% of FY26 product sales. (Risk factor 2, p. 27)
- TabletsTablets gave 52.06% of FY26 product sales. (Risk factor 3, p. 28)
- ExportsExports were 78.27% of FY26 revenue, bringing overseas risks. (Risk factor 4, p. 29)
- ApprovalsIt needs many licences and approvals, which it may fail to get or renew. (Risk factor 5, p. 30)
- One plantAll production is at one plant in Ahmedabad. (Risk factor 6, p. 31)
Documents
Claroid Pharmaceuticals DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Claroid Pharmaceuticals IPO FAQs
When will the Claroid Pharmaceuticals IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 31 days ago (our calculation).
Has SEBI approved the Claroid Pharmaceuticals IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Claroid Pharmaceuticals IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Claroid Pharmaceuticals IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Claroid Pharmaceuticals IPO?
One View Corporate Advisors Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Claroid Pharmaceuticals do with the IPO money?
According to the DRHP, the fresh issue money goes to setting up a new plant (₹167.97 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Claroid Pharmaceuticals do?
Claroid Pharmaceuticals makes generic medicines, mainly tablets, which gave 52.06% of FY26 product sales, and exports most of its output. Exports were 78.27% of FY26 revenue, and Nigeria alone 76.21%.
Where can I read the Claroid Pharmaceuticals DRHP?
On SEBI's website, where the draft red herring prospectus was published on 30 September 2026. The draft is dated 22 September 2026 and runs to 556 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 22 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.