- Price band set at ₹1,008–₹1,062; Entire issue is an Offer for Sale
- The Anchor Investor Bidding Date is Friday, December 05, 2025;
- Strong domestic growth with 16.77% sales CAGR from FY22–FY25
- A discount of ₹54 per Equity share is being offered to Eligible Employees bidding in the Employee Reservation Portion.
NE BUSINESS BUREAU
AHMEDABAD, DEC 4
Corona Remedies Limited, a Gujarat-based branded formulations company, will open its ₹655.37-crore initial public offering (IPO) for subscription from Monday to Wednesday, December 8 to December 10, with the anchor book scheduled for Friday, December 5. The issue is entirely an Offer for Sale (OFS) comprising 61.71 lakh equity shares, meaning the company will not receive any fresh capital from the IPO.
The price band is fixed at ₹1,008–₹1,062 per share, while the lot size is 14 shares, requiring a minimum retail investment of ₹14,868 at the upper price band.
For small HNIs, the minimum bid is 196 shares (₹2,08,152) and for large HNIs, 952 shares (₹10 lakh).
A discount of ₹ 54 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion.
Selling Shareholders
Shares will be offloaded by: Kirtikumar Laxmidas Mehta, Minaxi Kirtikumar Mehta, Dipabahen Niravkumar Mehta, Brinda Ankur Mehta, Sepia Investments, Anchor Partners and Sage Investment Trust.
The anticipated post-listing market capitalisation is ₹6,495 crore.
Strong Financial Performance
Corona Remedies delivered robust growth in recent years:
- Q1 FY26 revenue: ₹346.54 crore
- Q1 FY26 PAT: ₹46.2 crore
- FY25 revenue: ₹1,196.4 crore (up 17.93%)
- FY25 EBITDA: ₹245.92 crore (up 52.56%)
- FY25 PAT: ₹149.43 crore (up 65.11%)
Corona Remedies is an India-focused branded pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women’s healthcare, cardio-diabeto, pain management, urology and other therapeutic areas. The company has a diversified product portfolio comprising 71 brands catering to a range of therapeutic areas as of June 30, 2025.
According to the CRISIL Intelligence Report, Corona Remedies is the fastest growing company among the top 30 companies in the Indian Pharmaceutical Market (“IPM”) in terms of domestic sales in the IPM, between MAT June 2024 and MAT June 2025. *MAT is the moving annual total. The company has also been recognised as the second fastest-growing among top 30 IPM players, recording a domestic sales CAGR of 16.77% from MAT June 2022 to MAT June 2025, outperforming the sector average of 9.21% (CRISIL Intelligence).
Business Overview
Founded in 2004, Corona Remedies specialises in women’s healthcare, cardiology, diabetes, pain management, urology, and other therapeutic categories. Its portfolio includes 71 brands across multiple segments. The company operates two manufacturing units in Gujarat with a combined capacity of 1,285.44 million units annually.
Share allocation
As per the red herring prospectus, 50% of the issue is reserved for QIBs, 35% for retail investors, and 15% for NIIs. Lead managers include JM Financial, IIFL Capital and Kotak Capital, with Bigshare Services acting as registrar.
Listing
The Equity Shares, offered through the Red Herring Prospectus of the Company are proposed to be listed on National Stock Exchange of India Limited and BSE Limited.
BRLMs
JM Financial Limited, IIFL Capital Services Limited and Kotak Mahindra Capital Company Limited are the Book Running Lead Managers to the Offer.
