Corona Remedies IPO Day 2 Highlights: Issue booked 9.33x; GMP signals 24% listing gains — Apply or not?

Corona Remedies IPO was booked 9.33 times at the end of the second day of bidding. The different quotas were booked as follows:

QIB: 1.67x

NII: 26.80x

Retail: 6.37x

Employee: 4.03x

Overall: 9.33x

The company has a diversified portfolio of 71 brands as of June 30, 2025, catering to multiple therapeutic areas including women’s healthcare, cardio-diabeto, pain management, urology and others. Its core targeted therapy areas—women’s healthcare, cardio-diabeto, pain management and urology—together contributed 68.26% of domestic sales in MAT June 2025 and recorded a strong CAGR of 22.40% from MAT June 2022 to MAT June 2025.

Within these segments, women’s healthcare accounted for 28.56% of domestic sales, followed by cardio-diabeto (comprising cardiovascular and anti-diabetic therapies) at 23.38%, pain management at 11.79% and urology at 4.53% in MAT June 2025.

• Second fastest growing company within the top 30 pharmaceutical companies in the Indian pharmaceutical market
• Capabilities of building a diversified portfolio, including “engine” brands, in the targeted therapy areas
• Pan-India sales network and a marketing strategy focused on the “middle of the pyramid” target market
• Quality- and current Good Manufacturing Practices–focused manufacturing facilities, with strong research and development capabilities
• Qualified, experienced and entrepreneurial management team supported by marquee investors

At the upper end of the price band, CRL is valued at a P/E multiple of 43.5× (based on FY25 EPS of Rs. 24.4) and an EV/Sales multiple of 5.5×, which appears fully priced relative to its peers. The company has demonstrated consistent revenue and profit growth, supported by healthy margins. Around 70% of its revenue is derived from chronic therapies, which are typically high-margin and exhibit strong prescription stickiness. CRL primarily focuses on chronic segments such as women’s healthcare, cardiology, and diabetes, offering long-term growth visibility.

Recent acquisitions have strengthened its presence in key chronic segments and improved growth visibility. CRL’s IPM ranking has improved from 37th to 29th, reflecting rising scale and competitiveness. While valuations appear fully priced, the company’s sustainable business model and long-term growth prospects support a “Subscribe for Long Term” rating for this issue.

The company operates two manufacturing facilities in Gujarat and Himachal Pradesh and is currently commissioning a dedicated hormone manufacturing unit in Gujarat, scheduled to commence operations in the first quarter of FY2027. As of June 30, 2025, the company’s manufacturing facilities spanned a total area of 2.83 hectares, with an installed capacity of 1.25 billion formulation units, 20 million sachets, and 10 million bottles per annum, supported by 11 production lines.

CORONA Remedies IPO booked 6.39 times so far on the second day of bidding. Here's how different quotas were booked:

QIB: 81%

NII: 16.84x

Retail: 5.29x

Employee: 3.43x

With a strong distribution network, successful acquisitions and in-licensing, resilient financial performance, a lean balance sheet and a continued focus on R&D and innovation, the company is well-positioned for long-term growth. We therefore assign a SUBSCRIBE rating for investors with a long-term investment horizon.

— Geojit Financial

The Indian domestic formulation market, valued at ₹2.3 trillion in FY25 (2% of global pharma), grew at a 9% CAGR during FY20–25 and is projected to reach ₹3.3–3.5 trillion by FY30 at 8–9% CAGR, driven by rising chronic diseases, greater healthcare awareness, and improved access.

Corona Remedies IPO Day 2 LIVE: Corona Remedies IPO has been subscribed 4.71 times so far on Tuesday, the second day of the bidding process, NSE data as at 2:00 PM showed. The public issue was booked 4.28 times in the Retail Individual Investors category, and 11.99 times in the Non-Institutional Investors (NII) category so far. The Qualified Institutional Buyers (QIB) segment received 10% subscription so far.

Corona Remedies IPO Day 2 LIVE: Valuations at lower and upper price band

Corona Remedies IPO Day 2 LIVE: On the financial front, Corona Remedies has demonstrated CAGR growth of 16%/37%/33% in Revenue/EBITDA/PAT between FY23 and FY25, led by continued momentum in chronic/sub-chronic therapies, ramp-up of recent acquisitions such as Myoril, and differentiated in-licensing partnerships, further strengthening long-term earnings potential.

Overall, the company’s strong growth profile, leadership in high-value therapies, and alignment with sector tailwinds support a positive long-term outlook, positioning it well to capture above-industry growth. At the upper end of the price band at ₹1,062, the company is valued at a P/E multiple of 43.5x FY25 earnings. We, thus, recommend a ‘Subscribe’ rating for this issue, said BP Equities.

Corona Remedies IPO Day 2 LIVE: Corona Remedies IPO has been subscribed 3.50 times so far on Tuesday, the second day of the bidding process, NSE data as at 1:00 PM showed. The public issue was booked 3.42 times in the Retail Individual Investors category, and 8.33 times in the Non-Institutional Investors (NII) category so far. The Qualified Institutional Buyers (QIB) segment received 6% subscription so far.

Corona Remedies IPO Day 2 LIVE: A look at the financials of Corona Remedies Ltd

Corona Remedies IPO Day 2 LIVE: The company will not receive any proceeds from the offer and all the offer proceeds will be received by the selling shareholders after deduction of offer related expenses and relevant taxes thereon to be borne by the respective selling shareholders.

Corona Remedies IPO Day 2 LIVE: Key details of Corona Remedies IPO

Corona Remedies IPO Day 2 LIVE: Corona Remedies IPO has been subscribed 2.13 times so far on Tuesday, the second day of the bidding process, NSE data as on 11:35 AM showed. The public issue was booked 2.38 times in the individual investors category, 4.37 times in the Qualified Institutional Buyers (QIB) segment, and 2% in the Non-Institutional Investors (NII) category so far.

Corona Remedies IPO Day 2 LIVE: In FY25, Corona Remedies’ return ratios reported strong levels with ROE and ROCE at 24.6% / 30.1%, respectively. Corona Remedies IPO is valued at 43.6x to FY25 EPS and 35x to Annualised Q1FY26 EPS, which looks attractive compared to industry peers (Avg 49.7x FY25 EPS) in view of its strong growth outlook and resilience in sustaining margin profile, said brokerage firm Nirmal Bang.

Thus, it recommends subscribing to the Corona Remedies IPO.

Corona Remedies IPO Day 2 LIVE: The trends for Corona Remedies shares in the unlisted market remains strong, with a robust grey market premium (GMP). According to websites tracking the unlisted market, Corona Remedies IPO GMP today is ₹290 per share. This means that in the grey market, Corona Remedies shares are trading higher by ₹290 than their issue price.

Corona Remedies IPO GMP today signals that in the grey market, the stock is trading at ₹1,352 apiece, which is at a premium of 27.31% to the IPO price of ₹1,062 per share.

Corona Remedies IPO Day 2 LIVE: Corona Remedies IPO has been fully subscribed on Tuesday, the second day of the bidding process. The IPO has been booked 1.31 times so far, as per NSE data as of 10:35 PM. The Retail Individual Investors category received 1.59 times subscription, and the Non-Institutional Investors (NII) segment saw 2.37 times booking. The Qualified Institutional Buyers (QIB) category received 1% subscription.

Corona Remedies IPO Day 2 LIVE: The company aims to raise ₹655.37 crore from the book-building issue, which is entirely an offer for sale of 61.71 lakh equity shares, sold at an IPO price band of ₹1,008 to ₹1,062 per share. The IPO lot size is 14 shares, and the minimum investment amount required by retail investors is ₹14,868.

Corona Remedies IPO Day 2 LIVE: Corona Remedies IPO opened for subscription on Monday, December 8, and will close on Wednesday, December 10. The IPO allotment date is likely December 11, and the IPO listing date is December 15. Corona Remedies shares will be listed on both the stock exchanges, BSE and NSE.

Corona Remedies IPO Day 2 LIVE: The Corona Remedies IPO was subscribed 62% as of the first day of public bidding on Monday, 8 December 2025. The issue received bids for 28,17,234 shares as against 45,71,882 shares on the offer.

The NSE data shows that the retail investor portion witnessed the most bookings with 87% subscription as the bidders opted for 19,67,756 shares out of the total 22,55,281 shares on offer for the segment.

The Non-Institutional Investors (NIIs) portion was booked 79%, as investors bid for 7,64,064 shares, compared to the 9,66,549 shares on offer. The Qualified Institutional Buyers (QIB) portion received flat booking as investors subscribed for 2,716 shares, compared to the 12,88,732 shares on offer.

Corona Remedies IPO Day 2 LIVE: Corona Remedies IPO received 62% subscription as of the first day, December 8, NSE data showed. Stock market investors bid for 28,17,234 shares as against the total 45,71,882 shares on the offer.

Corona Remedies IPO Day 2 LIVE: The initial public offering (IPO) of Corona Remedies Ltd enters its second day of bidding process today, 9 December 2025. During its first day, Corona Remedies IPO saw muted demand. Corona Remedies is a pharmaceutical company developing, manufacturing, and marketing products in women’s healthcare, cardiology, pain management, urology, and other therapeutic areas.