Iberia Pharmaceuticals India IPO
Iberia Pharmaceuticals India Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue only of up to 64,75,560 shares, with no offer for sale. In FY26 the company made a profit of ₹11.13 crore on revenue of ₹96.54 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 16 Sep 2026
- Type of issue
- Fresh issue only
- Lead manager
- Turnaround Corporate Advisors Private Limited
- Last SEBI contact
- 16 Oct 2026
- Price band and dates
- Not announced
Where it stands
Iberia Pharmaceuticals India IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI16 Sep 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 16 September 2026, 51 days ago, and its last communication on the draft was on 16 October 2026 (day count is our calculation).
DRHP at a glance
Iberia Pharmaceuticals India DRHP at a glance
Draft red herring prospectus, 5 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, Our Business (p. 191 to 193)Iberia Pharmaceuticals India markets and distributes pharmaceutical and derma cosmetic products across aesthetic dermatology, hair care, cardio diabetic and general therapeutics. It sells under six brands: Dermpix, KeyCi and Metacare, which are its own, and Sesderma and Mediderma from Spain and Noreva from France, for which it holds exclusive distribution rights. Products include prescription drugs as well as over the counter derma cosmetics, prescribed by dermatologists, cardiologists, trichologists and general physicians.
The company was incorporated in 2013 and started in derma cosmetics. In 2018 it became the exclusive distributor of Sesderma and Mediderma products in India, Nepal, Bangladesh, Bhutan, Sri Lanka, the United Arab Emirates and Myanmar. It launched its first own brand, Dermpix, in 2021, and added Metacare and KeyCi in 2025 along with the import and distribution of Noreva products. It manufactures nothing itself and relies on third party manufacturers, and the draft proposes a first manufacturing facility at Jhajjar, Haryana. The registered office is in Dwarka, New Delhi, with a corporate office at Gurgaon, Haryana.
Product revenue by brand, FY26
- Sesderma: 42.98%
- Mediderma: 40.98%
- Dermpix: 13.15%
- Noreva: 1.92%
- Metacare: 0.94%
- KeyCi: 0.02%
The offer
DRHP cover pages, The Issue (p. 71) and Capital Structure (p. 88)| Fresh issue | Up to 64,75,560 sharesFace value ₹10 each. Money goes to the company |
| Shares before the IPO | 1,94,26,770The fresh issue is about 33.3% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Turnaround Corporate Advisors Private Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Nitin Jain, Rishabh Jain, Saurav Ojha and Shivani Jain |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 105)| Object | ₹ crore |
|---|---|
| Plant and machinery for a manufacturing facility in Haryana | 34.90 |
| Repayment of certain outstanding borrowings | 12.00 |
| Branding and marketing | 16.90 |
| Working capital | 31.00 |
| General corporate purposes (set later, within 25% of the gross proceeds) |
The fresh issue size in rupees and the general corporate purposes amount are both left blank in the draft, to be set with the issue price, so no total is shown. Issue expenses are deducted before these amounts.
Financials
DRHP, Summary of Restated Financial Information (p. 74 to 76) and Basis for Issue Price, KPIs (p. 130 to 133), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 69.36 | 86.72 | 96.54 |
| EBITDA | 10.71 | 21.98 | 16.96 |
| EBITDA margin | 15.44% | 25.34% | 17.56% |
| Profit after tax | 7.82 | 14.19 | 11.13 |
| Diluted EPS (₹) | 6.80 | 7.64 | 5.73 |
| Net worth | 14.62 | 39.95 | 51.65 |
| Cash from operations | -7.48 | -2.58 | 11.03 |
| Return on net worth | 87.85% | 52.01% | 24.31% |
| Return on capital employed | 47.02% | 33.42% | 19.85% |
| Current ratio | 1.52 | 2.98 | 3.32 |
Restated consolidated figures. Profit, EBITDA and EBITDA margin were higher in FY25 than in FY26. Cash from operations was negative in FY24 and FY25 and positive in FY26. Net worth is equity share capital plus other equity. Diluted earnings per share equal basic earnings per share in all three years as printed. The draft defines EBITDA as profit before tax plus depreciation plus interest expense less other income.
Listed peers named in the draft
DRHP, Basis for Issue Price (p. 131 to 132). Peer prices as of 2 September 2026 on NSE, and peer figures for the year ended 31 March 2026.The document puts the peer group P/E high at 78.29 times, the low at 29.45 times and the average at 53.87 times. The P/E for Iberia Pharmaceuticals is not given until the issue price is set. The table prints basic earnings per share and a return on capital employed column rather than diluted earnings per share and return on net worth.
| Company | Basic EPS (₹) | P/E | Return on capital employed |
|---|---|---|---|
| Iberia Pharmaceuticals India (FY26) | 5.73 | Set with the issue price | 19.85% |
| Eris Lifesciences | 45.33 | 29.45x | 14.1% |
| Torrent Pharmaceuticals | 63.92 | 78.29x | 15.2% |
Risks the draft lists first
DRHP, Risk Factors (p. 23 to 34)- Two brandsThe top two brands gave 83.96% of FY26 revenue from operations, against 93.43% in FY24. (Risk factor 1, p. 23)
- Brand ownersThe business depends on relationships with the brand owners and suppliers whose products it distributes exclusively, and on those arrangements continuing. (Risk factor 2, p. 24)
- No own manufacturingThe company manufactures none of its products; the top five third party manufacturers accounted for 80.22% of purchases from such manufacturers in FY26. (Risk factor 3, p. 25)
- Two regionsRevenue is concentrated in Maharashtra and the union territory of Delhi, which exposes the company to conditions in those places. (Risk factor 8, p. 29)
- Two segmentsMost revenue came from only two segments, derma cosmetics and cardio diabetic, in FY24, FY25 and FY26. (Risk factor 10, p. 31)
- New plantThe company proposes to set up manufacturing facilities at Jhajjar, Haryana, and has no prior experience in manufacturing. (Risk factor 14, p. 33)
Documents
Iberia Pharmaceuticals India 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
Iberia Pharmaceuticals India IPO FAQs
When will the Iberia Pharmaceuticals India 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 51 days ago (our calculation).
Has SEBI approved the Iberia Pharmaceuticals India IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the Iberia Pharmaceuticals India 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 Iberia Pharmaceuticals India 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 Iberia Pharmaceuticals India IPO?
Turnaround 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 Iberia Pharmaceuticals India do with the IPO money?
According to the DRHP, the fresh issue money goes to plant and machinery for a manufacturing facility in Haryana (₹34.90 crore), repayment of certain outstanding borrowings (₹12.00 crore), branding and marketing (₹16.90 crore), working capital (₹31.00 crore), and the rest to general corporate purposes.
What does Iberia Pharmaceuticals India do?
Iberia Pharmaceuticals India markets and distributes pharmaceutical and derma cosmetic products across aesthetic dermatology, hair care, cardio diabetic and general therapeutics. It sells under six brands: Dermpix, KeyCi and Metacare, which are its own, and Sesderma and Mediderma from Spain and Noreva from France, for which it holds exclusive distribution rights. Products include prescription drugs as well as over the counter derma cosmetics, prescribed by dermatologists, cardiologists, trichologists and general physicians.
Where can I read the Iberia Pharmaceuticals India DRHP?
On SEBI's website, where the draft red herring prospectus was published on 17 September 2026. The draft is dated 5 September 2026 and runs to 487 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 5 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.