Corona Remedies IPO price band has been fixed in the range of ₹1,008 to ₹1,062 per equity share of the face value of ₹10. The Corona Remedies IPO date of subscription is scheduled for Monday, December 8 and will close on Wednesday, December 10. The allocation to anchor investors for the Corona Remedies IPO is scheduled to take place on Friday, December 5.
The floor price is 100.80 times the face value bearing the equity shares and the cap price is 106. 20 times the face value of the equity shares. The Corona Remedies IPO lot size is 14 equity shares and in multiples of 14 equity shares thereafter.
Corona Remedies IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The employees portion was reserved shares aggregating up to ₹58.50 million.
Tentatively, Corona Remedies IPO basis of allotment of shares will be finalised on Thursday, December 11 and the company will initiate refunds on Friday, December 12, while the shares will be credited to the demat account of allottees on the same day following refund. Corona Remedies share price is likely to be listed on BSE and NSE on Monday, December 15.
Corona Remedies IPO details
The firm intends to generate ₹655.37 crore through its IPO, which will be conducted entirely as an Offer for Sale (OFS). Promoters and current investors will sell a total of 61.71 lakh shares.
Current shareholders, including Sepia Investments, Anchor Partners, and Sage Investment Trust, will reduce their holdings through the OFS. As the IPO is made up solely of an OFS, the company will not obtain any funds from the offering. JM Financial, IIFL Capital, and Kotak Capital are serving as the lead managers for the book-running process, while Bigshare Services is acting as the registrar.
Company details
Corona Remedies is a pharmaceutical company based in India that specializes in the development, manufacturing, and marketing of products in areas such as women’s health, cardiovascular and diabetes care, pain management, urology, and various other therapeutic segments.
As per the CRISIL Intelligence Report, Corona Remedies ranks as the second fastest-growing company among the top 30 players in the Indian Pharmaceutical Market (IPM) regarding domestic sales from MAT June 2022 to MAT June 2025. During this timeframe, its domestic sales experienced a CAGR of 16.77%, surpassing the overall IPM growth of 9.21%.
As per the red herring prospectus (RHP), the company’s listed peers are Abbott India Ltd (with a P/E of 45.17), Alkem Laboratories Ltd (with a P/E of 31.39), Eris Lifesciences Ltd (with a P/E of 61.81), GlaxoSmithKline Pharmaceuticals Ltd (with a P/E of 46.87), J.B. Chemicals & Pharmaceuticals Ltd (with a P/E of 42.60), Mankind Pharma Ltd (with a P/E of 45.77), Pfizer Ltd (with a P/E of 29.63), Sanofi India Ltd (with a P/E of 24.47), and Torrent Pharmaceuticals Ltd (with a P/E of 65.91).