Corona Remedies’ ₹655.37 crore public issue opens today and closes on December 10. The company has fixed a price band of ₹1,008–1,062 a share. The market lot is 14 shares.
The issue is entirely an offer for sale (OFS), under which existing investors—Sepia Investments, Anchor Partners, and Sage Investment Trust—along with promoters plan to offload shares.
Up to 35 per cent of the IPO is reserved for retail investors, 50 per cent for qualified institutional buyers (QIBs), and 15 per cent for high net-worth individuals (HNIs).
Eligible employees applying in the reserved category will receive a discount of ₹54 per share. The employees’ portion comprises reserved shares aggregating up to ₹5.85 crore.
As part of the IPO exercise, Corona Remedies—which is backed by private equity firm ChrysCapital—has raised ₹195 crore from anchor investors, including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, Invesco Mutual Fund, DSP Mutual Fund, and SBI Life Insurance Company. The pharma major has allotted 18.36 lakh shares to anchor investors at ₹1,062 per share.
Corono Remedies Business
Incorporated in 2004, Corona Remedies Limited is a pharmaceutical company developing, manufacturing, and marketing products in women’s healthcare, cardiology, pain management, urology, and other therapeutic areas. The company has demonstrated superior growth across both chronic and acute therapies, with new product introductions further strengthening its competitive positioning.
Volume growth remains a key differentiator, with the company recording 5.70 per cent growth versus IPM’s 2.15 per cent, underscoring its ability to capture market share through effective execution. Strategic initiatives including recent acquisitions, successful turnarounds, and investment in La Chandra (female hormone API manufacturing) position the company for sustained expansion in high-potential therapeutic categories.
Specializes in the development, manufacturing, and marketing of products in areas such as women’s health, cardiovascular and diabetes care, pain management, urology, and various other therapeutic segments.
As per the CRISIL Intelligence Report, Corona Remedies ranks as the second fastest-growing company among the top 30 players in the Indian Pharmaceutical Market (IPM) regarding domestic sales from MAT June 2022 to MAT June 2025. During this timeframe, its domestic sales experienced a CAGR of 16.77 per cent, surpassing the overall IPM growth of 9.21 per cent.
BRLMs
JM Financial, IIFL Capital Services, and Kotak Mahindra Capital will be managing the company’s issue while Bigshare Services is the registrar to the offer.
Brokers’ views:
SBI Securities:Valuation: Corona Remedies is a domestic-focused branded formulations company that manufactures and markets 71 brands, including market-leading ones such as Trazer, COR, and Myoril. At the upper price band of ₹1,062, the stock is priced at a FY25 P/E of 43.5x based on post-issue capital. Between FY23-FY25, the company has demonstrated strong financial resilience, delivering Revenue/EBITDA/PAT CAGR of 16.3%/ 36.9%/32.6% respectively. Corona’s plans to expand its field force to deepen geographical presence and its ongoing capex for a hormone manufacturing facility (~2x of current net block) which is expected to be commissioned during FY27, will act as levers for its next leg of growth. Further, looking at healthy return ratios, lean balance sheet and valuations which are in-line with peers, we recommend investors to SUBSCRIBE to the issue at cut-off price.
Anand Rathi:On the valuation front, Based on annualized FY26 earnings, the company is seeking a P/E of 35.3 times, and a post-issue market capitalization of approximately ₹64,952 million, making the issue appears to be fully priced. We believe the company enters the next phase of growth with high-visibility revenue drivers, differentiated capabilities, and a robust pipeline, positioning it for sustained market share gains and long-term value creation. Hence, we assign Subscribe for long term only rating for the issue.
Geojit Financial Services: At the upper price band of ₹1,062, CRL is available at a P/E of 43.5x (FY25 post issue basis), which appears to be fairly priced. With a strong distribution network, successful acquisitions and in-licensing, resilient financial performance, lean balance sheet and 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.