The initial public offering of Corona Remedies opened to a moderate reception, with the public issue subscribed 0.62 times on the opening day, December 8, 2025. The pharmaceutical company, backed by private equity firm ChrysCapital, witnessed stronger participation from retail investors, while institutional demand was yet to pick up.
The retail category drew 0.87 times subscription, the non-institutional investor segment stood at 0.79 times, and the employee quota saw the highest interest at 1.35 times. The qualified institutional buyer (QIB) category recorded no bids, a trend that often reverses as institutional investors typically come in closer to the final day.
Anchor portion
Ahead of the IPO, the company raised , signalling early institutional confidence. Among the major anchor participants were 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. Corona Remedies allotted 18.36 lakh shares to these investors at ₹1,062 per share, the upper end of the price band.
IPO details
The ₹655.37 crore IPO is entirely an offer for sale by promoters and existing shareholders, including Sepia Investments, Anchor Partners, and Sage Investment Trust. Since the issue does not include a fresh component, the company will not receive any proceeds; instead, all funds will go to the selling stakeholders.
The issue will remain open for subscription until December 10, within a price band of ₹1,008 to ₹1,062 per share. At this valuation, Corona Remedies is valued at nearly ₹6,500 crore.
JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company are the book-running lead managers to the issue.
Listing date
Its shares are scheduled to list on the stock exchanges on December 15.
Brokerage recommendations
to interest in the company’s strong domestic growth and presence in specialised therapeutic areas, though some analysts flag the lack of a fresh issue as a potential dampener for investors looking for expansion-led capital deployment. Listing expectations remain cautiously optimistic.
About the company
Corona Remedies, headquartered in Ahmedabad, is a pharmaceutical formulation company with a presence across key therapeutic areas such as women’s health, cardio-diabetic care, pain management, and urology. The company currently markets 67 brands across the domestic market. A CRISIL Intelligence Report notes that Corona Remedies is the second-fastest growing player among the top 30 pharmaceutical companies in India based on domestic sales performance from June 2022 to June 2025. During this period, the company reported a domestic sales CAGR of 16.77 percent, compared with the Indian Pharmaceutical Market’s CAGR of 9.21 percent.