Bharat Biotech, the maker of Covaxin, is considering an IPO that could raise over $500 million. Despite potential revenue volatility from tender-driven contracts, the company benefits from established manufacturing capabilities and strong supply relationships.
Promoted by Dr Krishna Ella, the vaccine manufacturer serves both domestic and export markets and remains entirely promoter-owned. As of July 31, 2025, the promoter family held 100% equity stake in the company, directly or indirectly India for Deeper Cooperation in R&D, Biotech, Pharma with Switzerland · Pandorum Technologies Secures $18Mn Series B to Advance Programmable Tissue Regenerative Therapies · Bharat Coking Coal Lists at 96% Premium, Shares Cool After Strong Debut · BCCL IPO Boosts Confidence as Coal India Weighs More Subsidiary listings: CM Bharat Biotech, the developer of Covaxin, is considering an IPO that could raise over $500 million, a report claimed. However, as these businesses are largely tender-driven, they expose the company to revenue volatility from potential tender losses and limit pricing flexibility, as per ICRA. This risk is partly offset by Bharat Biotech’s established manufacturing capabilities and long-standing supply relationships with these agencies. While OPV historically accounted for a large portion of Bharat Biotechs revenue, the company’s reliance on it has declined as volumes of TCV, RV and JE vaccines have steadily increased.
Original title: “Covaxin Maker Bharat Biotech Considers IPO, Likely to Raise $500 Mn – Outlook Business”