Virtual pharma co. HRV engages 2 bankers for Rs.800-Cr IPO

Hyderabad-based HRV , a virtual pharma API company, is preparing for an initial public offering by next year. The company has engaged ICICI Securities and Equirus Capital as bankers and expects to file its draft red herring prospectus (DRHP) in the first half of 2027. The company plans to raise about INR 800-Cr.Founded by Hari Kiran Chereddi, the firm operates as a virtual pharmaceutical company that supplies active pharmaceutical ingredients (APIs) and formulations globally without owning any physical manufacturing plants. The company maintains an asset-light model by outsourcing production to partners across 54 manufacturing sites while retaining control over products, regulatory filings, and commercialisation.It plans to use the new funds to add dedicated capacity at partner facilities and is exploring selective acquisitions, specifically for finished-dosage filings and market access in Europe.