- Roorkee-based CDMO Cotec Healthcare has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an INR 295 crore IPO.
- Proceeds will fund a new EU-GMP-compliant manufacturing unit, increasing capacity to 16,603 million units.
Cotec Healthcare, a pharmaceutical contract development and manufacturing organisation (CDMO) based in Roorkee, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an INR 295 crore initial public offering (IPO). The issue includes a fresh issue of INR 295 crore and an offer for sale (OFS) of 60 lakh shares by promoters Harsh Tiwari and Vandana Tiwari.
The IPO is being managed by Pantomath Capital Advisors, with KFin Technologies acting as registrar. Cotec Healthcare is recognised as India’s second-largest CDMO by number of dosage forms, with capabilities across 24 formulation types, according to a Frost & Sullivan report. Its portfolio includes injectables, tablets, capsules, ointments, syrups, infusions, ampoules, vials, eye and ear drops, and nutraceutical products.
The company serves government, private, and institutional clients through a hybrid business model, with major Indian pharmaceutical companies such as Mankind Pharma, Zydus subsidiary German Remedies, and Albert David among its customers. Cotec reported strong client retention, with repeat business accounting for more than 92% of FY25 revenue.
Its operations are based at a 21,872 sq m facility in Roorkee, which has three dedicated units and an installed capacity of 4,595 million units as of FY26. Certifications include ISO 9001, ISO 14001, ISO 45001, GMP approvals from India, the Philippines, and Kenya, as well as SMETA ethical audits.
Proceeds from the IPO will fund a new EU-GMP-compliant unit with a capacity of 12,008 million units, featuring an oral solid dosage block, oncology facilities, a penicillin portfolio, and sterile lines for ampoules, vials, and FFS eye drops. Once completed, Cotec’s total capacity will rise to 16,603 million units, with INR 226.25 crore of IPO proceeds allocated to the expansion.
