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Shares of Corona Remedies made a strong debut on the Indian stock exchanges on Monday, December 15, making strong listing gains after robust investor interest during its initial public offering. The pharmaceutical company’s shares were listed at Rs. 1,470 on the NSE and Rs. 1,452 on the BSE, representing 38.4% and 36.7% respectively, over the issue price of Rs. 1,062.
The issue was subscribed to 137.04 times overall, placing it amongst the most successful issues of the year.
The Rs. 655.37-crore IPO consisted entirely of an offer for sale (OFS) of 0.62 crore equity shares; the company raised no fresh capital.
The issue opened for bidding between December 8 and December 10, with the allotment finalised on December 11 and shares listed today.
The IPO price was fixed at Rs. 1,062 per share, and the issue included a reservation of 58,035 shares for employees, offered at a discount of Rs. 54 per share.
Qualified Institutional Buyers (QIBs) subscribed 278.52 times, bidding for nearly 35.89 crore shares against a quota of 12.88 lakh shares.
Non-Institutional Investors (NIIs) subscribed 208.88 times, placing bids for over 20.18 crore shares against 9.66 lakh shares on offer.
Retail investors subscribed 28.73 times, bidding for 6.48 crore shares against an allocation of 22.55 lakh shares.
Ahead of listing, the IPO’s grey market premium (GMP) rose to around Rs. 342, implying an estimated listing price of nearly Rs. 1,405, or about 32% above the issue price. The debut exceeded these expectations.
Choice Broking, in its IPO note, highlighted that recent acquisitions have strengthened Corona Remedies’ presence in key chronic therapy segments and improved its growth outlook.
The brokerage pointed out that the company’s ranking in the Indian Pharmaceutical Market (IPM) has improved from 37th to 29th, reflecting rising scale and competitiveness.
While Choice Broking noted that valuations appear fully priced at current levels, it maintained on 'Subscribe for Long Term' recommendation due to the company's eco-friendly business model, wider range of products, and growth potential in the long run.
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Corona Remedies is a company that manufactures pharmaceutical formulations focusing on the Indian market and has a total of 71 brands in its portfolio covering women's healthcare, cardio-diabetes, pain management, urology, and multispecialty areas.
The period from MAT June 2022 to MAT June 2025 saw the company rose to the second-fastest growing firm among the top 30 players in the IPM sector, with an impressive domestic sales CAGR of 16.77% compared to the industry’s CAGR of 9.21%.
The company has managed to expand its presence and operations across more than 20 countries, supported by EU GMP and WHO certifications, thereby strengthening its long-term growth potential despite near-term valuation concerns.
