Corona Remedies' Rs 655.37-Crore IPO Subscribed 1.92 Times On Day 2 — Check Details

Corona Remedies launched its initial public offering on December 08 and will conclude on Dec. 10. An India-focused branded pharmaceutical formulations company has fixed the price band at Rs 1,008 to Rs 1,062 Apeice..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..DRChoksey Report.Corona Remedies' initial public offering was subscribed 1.92 times on the second day on Tuesday.Corona Remedies launched its initial public offering on December 08 and will conclude on Dec. 10. An India-focused branded pharmaceutical formulations company has fixed the price band at Rs 1,008 to Rs 1,062 Apeice.Investors can place bids starting from a minimum of 14 shares and in multiples thereafter, meaning retail investors are required to apply for at least a single lot size, amounting to an investment of Rs 14,868 per application based on the upper end of the issue price.Corona Remedies’ IPO worth Rs 655.37 crore, is entirely an offer-for-sale of 62 lakh shares.Bigshare Services Pvt. Ltd. is the issue registrar, while JM Financial Ltd. is the book-running lead manager for the IPO. .Outlook The company has undertaken recent acquisitions like Myoril from Sanofi and Spye from Bayer. It is bolstering its gynaecology and cardiology portfolio and executed a partnership with Ferring for Solifenacin. Between FY23-25 , the revenue grew at a compounded annual growth rate (CAGR) of 18%. The company is targeting revenue CAGR of 20% in the next 2-3 years by undertaking 15-20 new launches every year. In terms of capacity, it has expanded the Bhayla hormones facility. As a long-term strategy, it will enter the exports market and increase its revenue contribution to 5% by FY28..Risk FactorsPricing pressure: which has a high impact on revenues and being mitigated by better chronic mix. Regulatory: in terms of approvals from global established associations like World Health Organization (WHO), European Union (EU), Indian pharmaceutical regulator. Competition risk: from other generic manufacturer with risk mitigation by focusing on specialists..Valuation Analysis The company has a strong brand in the women’s health category. It is also ramping up other therapies like cardiology, urology and dermatology. It has consistently outperformed the Indian Pharmaceutical Market by 1.5-2x in the last 3 years. Higher percentage of chronic portfolio provides stable revenue streams for the company. Growth in revenues will be supported by new launches every year. Operating margins is forecasted to expand by ramping up acquired brands and increasing productivity of medical representatives. Factoring in revenue traction and margin expansion, long term investors can Subscribe to the issue..Click on the attachment to read the full IPO report:.Bharat Forge: Motilal Oswal Stays 'Neutral' Citing Rich Valuation Despite Strong Defense Order Book.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Corona Remedies' Rs 655.37-Crore IPO Subscribed 1.92 Times On Day 2 — Check Details

Factoring in revenue traction and margin expansion, long term investors can Subscribe to the issue, says DRChoksey.

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