Corona Remedies Files Draft Papers With SEBI For Rs 800 Crore IPO

Pharma firm Corona Remedies on Wednesday filed preliminary papers with markets regulator Sebi seeking its nod to float a Rs 800-crore initial public offering (IPO).

The IPO is entirely an offer for sale (OFS) by promoters and existing investors with no fresh issue component, according to the draft red herring prospectus (DRHP).

Existing investors --Sepia Investments, Anchor Partners and Sage Investment Trust --plan to offload shares under the OFS route. Since it's an OFS, the company will not receive any proceeds from the public issue.

Corona Remedies is a pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women's healthcare, cardio-diabeto, pain management, urology and other therapeutic areas.

Its diversified product portfolio comprises 67 brands catering to a range of therapeutic areas such as women's healthcare, cardio-diabeto, pain management and urology, among others, as of December 31, 2024.

JM Financial, IIFL Capital Services and Kotak Mahindra Capital Company are the book-running lead managers to the issue.