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What is the story about?
Shares of pharmaceutical company Corona Remedies made their debut on Dalal Street on Monday, December 14, after its IPO drew strong investor interest, with the issue being subscribed 137 times during the December 8-10 bidding period.
The company's shares listed at ₹1,470 apiece, reflecting a premium of ₹408 per share, or 38.42%, over the issue price of ₹1,062.
In the unlisted market , Corona Remedies shares were quoting at a premium of around 30%. Grey market premiums, however, are only indicative of sentiment in the unlisted space and are prone to sharp fluctuations.
Mahesh M Ojha, Vice President, Research and Business Development at Kantilal Chhaganlal Securities, said that while Corona Remedies is relatively smaller in size, it has been scaling up rapidly across key therapeutic segments and steadily strengthening its prescription base.
He advised investors to consider booking a part of the listing gains while holding the remaining stake for long-term opportunities, citing that the company is valued at a price-to-earnings multiple of 43.4 times based on FY25 earnings.
Shivani Nyati of Swastika Investmart said the stock is likely to debut at a premium of 25-27%, implying a listing range of ₹1,330-1,350.
She added that short-term investors may look at partial profit booking, while long-term investors could continue to hold the stock, supported by the company's stable performance and strong presence in chronic therapy segments.
Corona Remedies raised ₹655.37 crore through the IPO, which was entirely an offer for sale. A total of 61.71 lakh shares were sold by promoters and existing shareholders.
Selling shareholders included Sepia Investments, Anchor Partners and Sage Investment Trust. Since the issue comprised only an OFS, the company will not receive any proceeds from the IPO.
Corona Remedies is an India-focused branded pharmaceutical formulations company engaged in the development, manufacturing and marketing of products across women's healthcare, cardio-diabeto, pain management, urology and other therapeutic areas.
According to a CRISIL Intelligence report, the company was the second fastest-growing player among the top 30 companies in the Indian Pharmaceutical Market in terms of domestic sales between MAT June 2022 and MAT June 2025.
During this period, its domestic sales grew at a CAGR of 16.77%, significantly outpacing the IPM growth of 9.21%.
JM Financial, IIFL Capital and Kotak Capital were the book-running lead managers to the issue, while Bigshare Services acted as the registrar.
The company's shares listed at ₹1,470 apiece, reflecting a premium of ₹408 per share, or 38.42%, over the issue price of ₹1,062.
In the unlisted market , Corona Remedies shares were quoting at a premium of around 30%. Grey market premiums, however, are only indicative of sentiment in the unlisted space and are prone to sharp fluctuations.
Mahesh M Ojha, Vice President, Research and Business Development at Kantilal Chhaganlal Securities, said that while Corona Remedies is relatively smaller in size, it has been scaling up rapidly across key therapeutic segments and steadily strengthening its prescription base.
He advised investors to consider booking a part of the listing gains while holding the remaining stake for long-term opportunities, citing that the company is valued at a price-to-earnings multiple of 43.4 times based on FY25 earnings.
Shivani Nyati of Swastika Investmart said the stock is likely to debut at a premium of 25-27%, implying a listing range of ₹1,330-1,350.
She added that short-term investors may look at partial profit booking, while long-term investors could continue to hold the stock, supported by the company's stable performance and strong presence in chronic therapy segments.
Corona Remedies raised ₹655.37 crore through the IPO, which was entirely an offer for sale. A total of 61.71 lakh shares were sold by promoters and existing shareholders.
Selling shareholders included Sepia Investments, Anchor Partners and Sage Investment Trust. Since the issue comprised only an OFS, the company will not receive any proceeds from the IPO.
Corona Remedies is an India-focused branded pharmaceutical formulations company engaged in the development, manufacturing and marketing of products across women's healthcare, cardio-diabeto, pain management, urology and other therapeutic areas.
According to a CRISIL Intelligence report, the company was the second fastest-growing player among the top 30 companies in the Indian Pharmaceutical Market in terms of domestic sales between MAT June 2022 and MAT June 2025.
During this period, its domestic sales grew at a CAGR of 16.77%, significantly outpacing the IPM growth of 9.21%.
JM Financial, IIFL Capital and Kotak Capital were the book-running lead managers to the issue, while Bigshare Services acted as the registrar.
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