Corona Remedies IPO: A Huge Success
The initial public offering (IPO) of Corona Remedies has garnered massive interest from investors, particularly from institutional participants, on its final day of bidding. As a result, the subscription rate has soared to an impressive 144 times.
IPO Details
The IPO, which opened on Monday, December 8, and closed on December 11, received bids for 62.67 crore shares against the 43.36 lakh shares on offer. The qualified institutional buyer (QIB) segment saw a significant spike in demand, with a subscription rate of 293.80 times, while the non-institutional investor (NII) portion was subscribed 220 times, and the retail investor portion was subscribed 30.39 times.
Key Highlights
- The Corona Remedies IPO is worth ₹655.38 crore, with a price range of ₹1,008-1,062 per equity share.
- The issue is an offer for sale of 0.62 crore shares, with 35% allocated to retail investors, 50% to QIBs, and 15% to NIIs.
- The basis of allotment is expected to be finalized on December 11, with successful bidders receiving shares in their demat accounts on December 12.
- The stock is slated to list on the BSE and NSE on December 15.
Grey Market Premium
The grey market premium (GMP) is currently at ₹262, indicating a potential listing price of around ₹1,324, which signals a 25% upside over the upper IPO price of ₹1,062.
About Corona Remedies
Corona Remedies, a pharmaceutical manufacturer based in Gujarat, offers products across various therapeutic categories, including women’s health, cardio-diabetes, pain management, and urology. The company operates two manufacturing facilities, one in Gujarat and the other in Himachal Pradesh.
Financial Performance
According to the company's reports, the net profit for Q1 FY26 was ₹46.19 crore, following a full-year net profit of ₹149.43 crore in FY25. The revenue from core operations reached ₹346.54 crore in the second quarter of FY26, while the total revenue for FY25 stood at ₹1,196.41 crore.
Disclaimer: Investors are advised to consult certified experts before making any investment decisions.