Hindustan Laboratories Limited, an Indian pharmaceutical company primarily engaged in the large-scale manufacturing and supply of generic medicines to government institutions under a business-to-government (B2G) framework, has received observations from SEBI for its proposed IPO.
The offer, with a total issue size of up to 1,41,00,000 equity shares of face value Rs10 each, comprises a fresh issue of up to 50,00,000 equity shares and an offer for sale (OFS) of up to 91,00,000 equity shares.
Rajesh Vasantray Doshi is the promoter selling shareholder and will offload up to 91,00,000 shares under the OFS. Meanwhile, the company proposes to utilise the net proceeds towards funding its working capital requirements and general corporate purposes.
As per the DRHP, Choice Capital Advisors Private Limited is the book-running lead manager, while MUFG Intime India is the registrar to the issue. The company proposes to list its shares on both NSE and BSE.
Hindustan Laboratories business overview
Hindustan Laboratories is an Indian pharmaceutical company primarily engaged in the large-scale manufacturing and supply of generic medicines to government institutions under a business-to-government (B2G) framework.
The company’s products are primarily generic formulations, which are medicines whose patents have expired and which are typically used as substitutes for more expensive branded medicines.
It supplies its products mainly under procurement contracts for central government projects under the Ministry of Health and Family Welfare through Government of India agencies, as well as through various state government agencies and bodies.
The company supplied its products across India to 27 states and Union Territories during the six months ended September 30, 2025, and to 27 states and Union Territories during Fiscal 2025, as per the DRHP.
“Our products are supplied either under brand names or under their generic names, depending on the specific requirements and preferences of our customers. Regardless of the nomenclature, all our products (save for those we manufacture for others) carry our logo, ensuring consistent brand identity and quality assurance.”
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