The initial public offering (IPO) of Corona Remedies commenced with a lukewarm response, attracting a subscription rate of 0.62 times on its opening day, December 8, 2025. The pharmaceutical firm, supported by private equity firm ChrysCapital, saw a stronger turnout from retail investors, although institutional interest remained subdued.
In detail, the retail segment experienced a subscription rate of 0.87 times, while the non-institutional investor category recorded a rate of 0.79 times. The employee quota garnered the highest interest at 1.35 times. Notably, the qualified institutional buyer (QIB) segment showed no bids at this stage, a common occurrence as institutional interest often materializes closer to the closing date.
Anchor Portion
Prior to the IPO, Corona Remedies raised ₹195 crore from 17 anchor investors, suggesting early institutional confidence in the offer. Among the key anchor participants were prominent names such as SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, DSP Mutual Fund, Invesco Mutual Fund, and SBI Life Insurance Company. The company allocated 18.36 lakh shares to these investors at ₹1,062 per share, the upper limit of the price range.
IPO Details
The IPO, valued at ₹655.37 crore, is solely an offer for sale by promoters and existing shareholders, including Sepia Investments, Anchor Partners, and Sage Investment Trust. Since the issue lacks a fresh capital component, the company will not receive any proceeds; all funds raised will go to the selling stakeholders.
The subscription window is open until December 10, with a price band ranging from ₹1,008 to ₹1,062 per share. At this valuation, Corona Remedies is estimated to be worth nearly ₹6,500 crore. JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company serve as the book-running lead managers for the offering.
Listing Date
Shares of Corona Remedies are expected to list on stock exchanges on December 15.
Brokerage Recommendations
Preliminary brokerage reports highlight interest in the company due to its robust domestic growth and established presence in specialized therapeutic segments. However, some analysts caution about the absence of a fresh issue, which could deter investors considering expansion-led capital allocation. Overall, listing expectations appear cautiously optimistic.
About the Company
Corona Remedies, based in Ahmedabad, is a pharmaceutical formulation entity specializing in various therapeutic areas such as women’s health, cardio-diabetic care, pain management, and urology. The company currently markets 67 brands in the domestic market. According to a CRISIL Intelligence Report, Corona Remedies ranks as the second-fastest growing entity among the top 30 pharmaceutical companies in India, based on domestic sales performance from June 2022 to June 2025. During this period, the company achieved a domestic sales compound annual growth rate (CAGR) of 16.77 percent, in contrast to the Indian Pharmaceutical Market’s CAGR of 9.21 percent.
Published on December 8, 2025
