One of India's most consequential vaccine makers is edging toward a landmark stock market debut. Bharat Biotech International, the Hyderabad-based developer behind Covaxin, is reportedly considering an initial public offering that could raise upwards of $500 million, roughly Rs 4,500 crore at current exchange rates.

The company is considering an initial public offering that may raise more than $500 million, according to people familiar with the matter, who noted that deliberations are ongoing and that details including the size and timing may change. Bharat Biotech declined to comment on the report.

Founded in 1996, the company has supplied more than 9 billion vaccine doses globally. Its portfolio spans vaccines for Covid-19 and hepatitis B, along with treatments for burns and diarrhoea. As of July 31, 2025, the promoter family held 100% equity stake in the company, directly or indirectly. 

The company's financials paint an increasingly compelling picture for prospective investors. Bharat Biotech's revenue rose to Rs 1,462.9 crore in FY25 from Rs 1,323.2 crore in FY24, while operating profit margins improved sharply to 28.2% in FY25, compared to 8.8% in the previous fiscal year. That turnaround in profitability will be a key talking point when the company formally approaches institutional investors.

In FY26, Bharat Biotech is expected to incur capital expenditure of Rs 200 to 250 crore for a large vaccine manufacturing facility being developed under Sapigen Biologix Pvt Ltd in Bhubaneswar, Odisha, partly financed through debt raised from financial institutions.

The timing of the potential listing, however, is not without complications. India's primary market has had a slow start to 2026 after two consecutive years of record fundraising, with stocks pressured by slowing earnings growth, global trade uncertainty and uneven foreign inflows.

Despite the choppy backdrop, a Bharat Biotech listing would represent a rare opportunity for retail and institutional investors alike to gain direct exposure to one of the world's most prolific vaccine manufacturers. With Jio Platforms and the National Stock Exchange also reportedly in the IPO pipeline, 2026 could still deliver some of the most closely watched market debuts in recent Indian capital market history.