Corona Remedies IPO: Anchor Book Raises Rs 195 Crore, Largely From Mutual Funds

Pharmaceutical company Corona Remedies raised Rs 194.85 crore from 15 institutional investors through its anchor book, ahead of its Rs 655-crore initial public offering opening on Monday.

The IPO is entirely an offer-for-sale with no fresh issue component. The offer, priced in the range of Rs 1,008–1,062 per share, will be open for subscription from Dec. 8 to 10. The company has allotted 18.34 lakh shares to anchor investors at the upper end of the price band.

According to the company’s exchange filing, 13.59 lakh shares worth Rs 144.4 crore were allotted to 11 domestic mutual funds — including SBI Mutual Fund, ICICI Prudential MF, Kotak Mahindra AMC, Axis Mutual Fund, Mirae Asset, Aditya Birla Sun Life AMC, Invesco, DSP MF, Franklin India, and Tata MF — across a total of 13 schemes.

Other anchor investors include SBI Life Insurance, Ashoka India, FSSA Indian Subcontinent Fund, and IIFL Asset Management.

As the issue is a complete offer-for-sale, the company will not receive any proceeds, with all funds (excluding offer expenses) going to selling shareholders Dr Kirtikumar Laxmidas Mehta, Sepia Investments, Sage Investment Trust, and Anchor Partners.

The IPO share allotment will be finalised on Dec. 11, and the company is set to list on the exchanges on Dec. 15.

Corona Remedies, valued at Rs 6,495 crore at IPO launch, is a pharmaceutical formulation company with products across women’s healthcare, cardio-diabeto, pain management, urology and other therapeutic segments.

The company reported a profit of Rs 46.2 crore on revenue of Rs 346.5 crore for the quarter ended June 2025. For FY25, profit rose 65.1% to Rs 149.4 crore from Rs 90.5 crore the previous year, while revenue increased 18% to Rs 1,196.4 crore from Rs 1,014.5 crore.

JM Financial, IIFL Capital Services and Kotak Mahindra Capital Company are the merchant bankers for the IPO.