Corona Remedies Ltd.

Corona Remedies Ltd is an Indian pharma company with focus on women’s health, cardio-diabetes, pain management, and urology. It has a portfolio of over 71 brands. The company focuses on the mid-client segment with nearly 76% of its market comprising of specialists and super-specialists.  Nearly 70% of their sales comes from chronic and sub-chronic therapies. Women’s healthcare is their single largest segment with 28.6% of total sales, followed by cardio-diabetes at 23.6%, and pain management at 11.8%. Corona Remedies Ltd operates 2 plants located at; Bhayla in Gujarat and Solan in Himachal Pradesh. 

The IPO will entirely be an offer for sale by the early investors and promoters. The promoters of the company are Dr Kirtikumar Laxmidas Mehta, Nirav Kumar Kartikumar Mehta, and Ankur Kartikumar Mehta. The OFS offering is by the promoter shareholders of the company; and early investors like Sepia Investments, Anchor Partners, and Sage Investment Trust. The issue is being lead-managed by JM Financial, IIFL Capital, and Kotak Mahindra Capital; while Bigshare Services Private Ltd will be registrars to the IPO.  

Highlights of the IPO Issue

Here are the key highlights of the public issue of Corona Remedies Ltd. 

1. The IPO of will be open from December 08th, 2025 to December 10th, 2025. It has a face value of ₹10 per share and IPO price band is set in range of ₹1,008 to ₹1,062 per share.
2. The IPO of Corona Remedies Ltd will entirely be an offer for sale of shares by the promoters and early investors with no fresh issue component.
3. The OFS of the IPO comprises the sale of 61,71,101 shares (61.71 lakh shares), which at the upper price band of ₹1,062 per share translates into ₹655.37 crore.
4. The overall IPO will also comprise of the sale of 61,71,101 shares (61.71 lakh shares), which at the upper price band of ₹1,062 per share translates into ₹655.37 crore. 

The IPO of Corona Remedies Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation will happen a day ahead of IPO opening. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Corona Remedies Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Corona Remedies Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 14 shares) 

Financial Highlights

The table captures the key financials of Corona Remedies Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company, Corona Remedies Ltd, has been profitable over the last 3 years, with the PAT margins improving from 9.6% to 12.5% over the last 2 years. This is strong PAT margins in this industry segment. ROE and ROA have shown good traction in the latest fiscal year of FY25 at 24.7% and 16.1% respectively. Also, asset turnover which is consistently above 1, has given signals of good churn of assets. 

Valuation Metrics

At the IPO price of ₹1062, the latest EPS of ₹24.43 shows a P/E discounting of 43.5 times. This is fair valuation for the business, although traction could build up further in the coming quarters. Its focus on key therapy areas like women’s health, cardio diabetes, pain management and urology. In this specific segment, it is the second fastest growing pharma company in India, with demonstrated capability of building such engine brands. 

More importantly, it has a pan-India distribution presence with a specific focus on the middle of the pyramid segment like specialists and super specialists. This ensures that the competition in this space is limited. PE investors are getting interested in the fast-growing Indian pharma space, which is evident from the Chrys Capital investment in the company. The strong ROE of the company will also help sustain premium valuations in the long run. The low debt levels also make the company an attractive proposition. Investors can look at this IPO from a long-term investment perspective. 

A Brief on the Anchor Allocation

The anchor issue of Corona Remedies Ltd saw a relatively robust response on 05th December 2025 with 28.64% of the IPO size absorbed by anchors. Out of 64,06,686 shares (64.07 lakh shares) on offer in the IPO, anchors picked up 18,34,804 shares (18.35 lakh shares) accounting for 28.64% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹1,062 per share. This includes the face value of ₹10 per share plus a share premium of ₹1,052 per share. The anchor bidding process opened and closed on 05th December 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Corona Remedies Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 05th December 2025, Corona Remedies Ltd allotted 18,34,804 shares to 17 anchor investors. The allocation was done at the upper IPO price band of ₹1,062 per share which resulted in overall anchor allocation of ₹194.86 crore. The anchors have already absorbed 28.64% of the total issue size of ₹680.39 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹132.75 crores, or, 68.12% of the overall anchor allocation of shares, one day ahead of the IPO of Corona Remedies Ltd. The anchor bidding opened and closed on December 05, 2025. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251205-62&attachedId=bf281ca0-d21d-45c4-86f6-1e33cecb657e 

Out of the 18,34,804 shares allocated to the anchors in the IPO, there were a total of 13,59,582 shares allocated to mutual funds registered with SEBI. The allocation was made to 13 mutual fund schemes across 11 AMCs. Mutual funds accounted for 74.10% of the total anchor allocation of the IPO. AIFs, Insurance Companies and P-Notes were the most active in participating in the anchor allocation of Corona Remedies Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 10th December 2025, the basis of allotment will be finalized on 11th December 2025 and the refunds will be initiated on 12th December 2025. In addition, the demat credits are expected to also happen on 12th December 2025 and the stock will list on 15th December 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 12th December 2025 under ISIN (INE02ZQ01018). 

IPO Subscription Status On Day-1

As of 5.15 pm on 08th December 2025, out of the 45.72 lakh shares on offer in the IPO (excluding anchor portion), Corona Remedies Ltd saw bids for 28.17 lakh shares. This implies an overall subscription of 0.62X at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Corona Remedies Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had relatively robust anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to December 10, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.15 pm on 09th December 2025, out of the 45.72 lakh shares on offer in the IPO (excluding anchor portion), Corona Remedies Ltd saw bids for 426.67 lakh shares. This implies an overall subscription of 9.33X at a macro level. The granular break-up of subscriptions at close of Day-2 of the IPO of Corona Remedies Ltd was as under: 

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had relatively robust anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to December 10, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.15 pm on 10th December 2025, out of the 45.72 lakh shares on offer in the IPO (excluding anchor portion), Corona Remedies Ltd saw bids for 6,265.41 lakh shares. This implies an overall subscription of 137.04X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Corona Remedies Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had relatively robust anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of Corona Remedies Ltd was open up to December 10, 2025, and has closed for subscription as of the close of trading hours on December 10, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total IPO interest as of close (including anchors) stood at ₹66,734 crore.