Corona Remedies IPO Day 1: Issue subscribed 51% till now, check latest GMP - should you subscribe?

Corona Remedies IPO Day 1: The initial public offering (IPO) of pharma company Corona Remedies opened for public subscription on December 8 and will close on Wednesday, December 10.

The price band for the Corona Remedies IPO has been set between ₹1,008 and ₹1,062 per equity share. Retail investors can apply for a minimum of one lot of 14 shares, requiring an investment of ₹14,868 at the upper end. Bids can be placed in multiples of 14 shares thereafter.

The ₹655.37 crore issue is entirely an offer for sale of 0.62 crore shares with no fresh issuance. Existing shareholders, including Sepia Investments, Anchor Partners and Sage Investment Trust, will divest part of their stake. Since the IPO is a pure OFS, the company will not receive any proceeds.

The basis of allotment for the Corona Remedies IPO is expected to be finalised on Thursday, December 11. Successful applicants are likely to receive the shares on Friday, December 12, with refunds for those who do not receive an allotment processed on the same day.

Corona Remedies is scheduled to list its shares on both BSE and NSE on Monday, December 15.

Ahead of the ₹655 crore IPO, the company raised ₹194.85 crore from 15 institutional investors through the anchor book. Participants included SBI Mutual Fund, ICICI Prudential MF, Kotak Mahindra AMC, Axis MF and others.

Of the total issue size, 35% is reserved for retail investors, 50% for qualified institutional buyers and 15% for non-institutional investors.

JM Financial, IIFL Capital and Kotak Capital are the book-running lead managers. Bigshare Services is the registrar.

Corona Remedies IPO GMP Today

Investor sentiment toward the IPO is robust, as Corona Remedies' grey market premium (GMP) rose to ₹298 from ₹290 earlier on December 8. This suggested that the stock was likely to debut at ₹1,360, a premium of 28.06% from IPO price of ₹1,062.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Corona Remedies IPO subscription status

The IPO was subscribed 0.51x by 2:55 pm on Day 1. The retail portion was subscribed 0.75x, and NII portion was booked 0.56x, Qualified Institutional Buyers (QIBs) portion hasn't received any bids yet. Furthermore, the employee portion was booked 1.18x till now.

The company has received bids for 21.91 lakh shares against 43.36 lakh shares on offer.

Should you Subscribe to the issue?

Anand Rathi has assigned a Subscribe for long term rating to the IPO, noting that the company is strategically placed for durable outperformance. The brokerage highlighted that the business is “well positioned to sustain above-industry growth, supported by a strong brand portfolio, leadership in key therapies, and consistent strategic execution.” It added that with a 16.77 percent CAGR — the second fastest among the top 30 pharma players — the company continues to outperform the Indian Pharmaceutical Market, aided by strong traction in chronic and sub-chronic therapies and the steady scale-up of recent launches.

On the valuation front, Anand Rathi observed that based on annualised FY26 earnings, the company’s asking P/E of 35.3 times and post-issue market capitalisation of around ₹64,952 million makes the issue appear fully priced. However, the brokerage believes the company is entering its next phase of growth with high-visibility revenue drivers, differentiated capabilities, and a robust pipeline, which together support sustained market share gains and long-term value creation. Hence, it assigned a Subscribe for long term only rating to the issue.

About Corona Remedies

The Gujarat-based company operates as a pharmaceutical manufacturer with a portfolio spanning women’s healthcare, cardio-diabetes, pain management, urology, and several other therapeutic segments. It currently runs two manufacturing units, one in Gujarat and the other in Himachal Pradesh.

As per the RHP, the company reported a net profit of ₹46.19 crore for the April–June quarter of FY26, following a full-year net profit of ₹149.43 crore in FY25. Revenue from core operations stood at ₹346.54 crore as of the second quarter of FY26, while the company closed FY25 with total revenues of ₹1,196.41 crore.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.