- Corona Remedies fixed IPO price band at Rs 1,008-1,062 per share
- IPO size revised to Rs 655.37 crore, entirely an Offer For Sale (OFS)
- IPO opens on Dec 8, shares allocated to anchor investors on Dec 5
Corona Remedies Ltd. on Wednesday fixed its price band for its upcoming initial public offering. The IPO is set to open on Dec. 8, according to its public announcement.
The price band has been fixed at Rs 1,008-1,062 per share, valuing the company at nearly Rs 6,500 crore.
As per the red herring prospectus, the company has revised its IPO size to Rs 655.37 crore, lower than the Rs 800 crore initially planned at the time of submitting draft papers in late April. The company's Rs 655.37 crore maiden public offering is entirely an Offer For Sale (OFS) by promoters and existing investors.
Anchor investors will be allocated shares on Dec. 5, it added. Corona Remedies will make its stock market debut on Dec. 15.
Under the OFS route, existing investors --Sepia Investments, Anchor Partners and Sage Investment Trust -- along with promoters-- plan to offload shares. Since it's an OFS, the company will not receive any proceeds from the public issue and the entire amount will go to selling shareholders.
Headquartered in Ahmedabad, 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 as of December, 2024.
According to the Crisil Intelligence Report, Corona Remedies is the second fastest growing firm among the top 30 companies in the Indian pharmaceutical market in terms of domestic sales performance from Moving Annual Total (MAT) June 2022 to June 2025.
During the period, the company's domestic sales grew at a Compound Annual Growth Rate (CAGR) of 16.77% compared to the IPM which grew at a CAGR of 9.21%.
Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 10% for non-institutional investors.
JM Financial, IIFL Capital Services and Kotak Mahindra Capital Company are the book-running lead managers to the issue.
(With inputs from PTI)
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