Hindustan Laboratories Limited, an Indian pharmaceutical company focused on large-scale manufacturing and supply of generic medicines to government institutions, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO).

The company operates largely under a business-to-government (B2G) model, supplying generic formulations to central and state government agencies through procurement contracts, primarily under projects of the Ministry of Health and Family Welfare.

The IPO will comprise an issue of up to 1.41 crore equity shares of face value ₹10 each. This includes a fresh issue of up to 50 lakh equity shares and an offer for sale (OFS) of up to 91 lakh equity shares by existing shareholders.

The company plans to utilise the net proceeds from the fresh issue to fund its working capital requirements and for general corporate purposes.

Rajesh Vasantray Doshi, Kunjal C. Dedhia, and Krishiv Rajesh Doshi are the promoters of Hindustan Laboratories.

Hindustan Laboratories’ product portfolio consists primarily of off-patent generic formulations, which serve as cost-effective alternatives to branded medicines. The company supplies its products either under its own brand names or under generic names, depending on customer requirements. Except for products manufactured for third parties, all formulations carry the company’s logo, ensuring consistent quality and brand recognition.

The company caters to a wide range of therapeutic segments covering both acute and chronic treatments. These include anti-allergic, anti-diabetic, anti-infective, anti-malarial and antiparasitic drugs, as well as formulations for cardiac care, gastro-intestinal disorders, blood-related ailments, pain management and respiratory conditions. Its portfolio also includes nutritional, mineral and vitamin supplements, and keratolytic products.

Geographically, Hindustan Laboratories has a pan-India presence, supplying medicines to 27 states and Union Territories during the six months ended September 30, 2025, and across an equal number of states and Union Territories in FY25.

Choice Capital Advisors Private Limited is the book-running lead manager to the issue.

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