Grey Market Buzz: Corona Remedies IPO Trades At 24% Premium On Day 1 Subscription

Corona Remedies Ltd. launched its initial public offering (IPO) on Monday, December 8. The Ahmedabad-based pharmaceutical company develops, manufactures and markets products across multiple therapeutic segments, including women’s health, cardiology, pain management and urology.

The grey market premium for the IPO was topping the 'Business and Finance' trending charts today, indicating favorable interest among the investors.

On Day 1 of subscription, the grey market premium for the IPO has declined by up to 28% from a high of Rs 365 which was recorded on December 4. The IPO was booked 0.49 times so far on Monday.

With the three-day bidding in process, here’s all you need to know about the Corona Remedies IPO, including its latest grey market premium (GMP), offer size, price band and other key details.

The last grey market premium (GMP) for the Corona Remedies IPO stood at Rs 260 on December 8. Considering the upper end of the price band of Rs 1,062, the latest GMP indicates an estimated listing price of Rs 1,322 per share, implying a premium of 24.48% per share.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.

The Corona Remedies IPO is a book-built issue worth Rs 655.37 crore. The IPO is entirely an offer-for-sale (OFS) of 62 lakh shares.

The IPO price band has been fixed at Rs 1,008 to Rs 1,062 per share. The minimum application lot size is 14 shares. Retail investors can participate in the subscription by applying for at least a single lot size, amounting to a minimum investment of Rs 14,868 per application.

The bidding window for Corona Remedies IPO will close on Wednesday, December 10. The allotment of shares is expected to be finalised on Thursday, December 11. The company is scheduled to initiate refunds on Friday, December 12. On the same day, shares will also be credited to the Demat accounts of successful bidders.

Shares of Corona Remedies Ltd. are tentatively scheduled to be listed on the BSE and NSE on Monday, December 15.

JM Financial Ltd. is the book-running lead manager for the issue. Bigshare Services Pvt. Ltd. is serving as the registrar.

As this is an offer-for-sale (OFS), the company will not receive any proceeds from the IPO. The entire amount will go to the selling shareholders.

Corona Remedies Ltd. was incorporated in August 2004. The company offers a diverse portfolio of 71 brands across therapeutic areas such as women’s healthcare, cardio-diabetes, pain management, urology, and multispecialty pharmaceuticals, including vitamins, minerals, nutrition, gastrointestinal, and respiratory products. The company operates two manufacturing facilities, both located in Gujarat.

Financials

Corona Remedies Ltd. reported total income of Rs 1,202.35 crore for the financial year ended March 31, 2025, up 18% year-on-year from Rs 1,020.93 crore in the preceding fiscal. The company’s profit after tax (PAT) rose sharply by 65% to Rs 149.43 crore in FY 2024-25 from Rs 90.5 crore in the previous financial year.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.