Corona Remedies IPO Day 2: Issue subscribed over 60% on opening day; check latest GMP here

The initial share sale of Corona Remedies, which opened for subscription on December 8, was subscribed 62% on the first day. The pharma company's maiden issue will remain open for bidding until December 10.

The IPO received bids for 28.17 lakh shares against the offer size of 45.72 lakh shares, according to NSE data. Retail investors have taken up 87% of their quota, while non institutional investors have subscribed 79% of their portion. Qualified institutional buyers are yet to make any meaningful bid.

In the unlisted market, Corona Remedies shares

were trading at a premium of 25% to the IPO price. However, grey market premiums only indicate sentiment in the unofficial market and tend to fluctuate sharply.

The company has set a price band of ₹1,008 to ₹1,062 per share. Retail investors can apply for a minimum of one lot of 14 shares, which requires an investment of ₹14,868 at the upper end. Applications can be made in multiples of 14 shares.

At the top end of the price band, the company is expected to command a market capitalisation of around ₹6,495 crore.

Of the total issue size, 35% is earmarked for retail investors, 50% for qualified institutional buyers and 15% for non institutional investors.

For small HNIs, the minimum application size is 196 shares worth ₹2,08,152, while big HNIs must bid for at least 952 shares, amounting to nearly ₹10 lakh.

The company aims to raise ₹655.37 crore through a complete offer for sale of 61.71 lakh shares. Existing shareholders including Sepia Investments, Anchor Partners and Sage Investment Trust will offload part of their stake.

Since the issue is a pure OFS, the company will not receive any proceeds.

Ahead of the IPO launch, Corona Remedies raised ₹194.85 crore from 15 institutional investors via the anchor book. Participants included SBI Mutual Fund, ICICI Prudential MF, Kotak Mahindra AMC and Axis MF.

Corona Remedies is an India-focused branded formulations company with presence in women's healthcare, cardio diabeto, pain management, urology and several other therapeutic areas.

According to CRISIL Intelligence, the company was the second fastest growing player among the top 30 companies in the Indian Pharmaceutical Market between MAT June 2022 and MAT June 2025, with domestic sales growing at a CAGR of 16.77%, well ahead of the IPM growth of 9.21%.

JM Financial, IIFL Capital and Kotak Capital are the book running lead managers, while Bigshare Services is the registrar.

The IPO allotment is expected to be announced on December 11, with the stock set to list on December 15 on both the BSE and NSE.