Corona Remedies Mobilizes Funds Ahead of IPO Launch

Pharma firm Corona Remedies, supported by ChrysCapital, raised Rs 195 crore from anchor investors ahead of its IPO. The offer, set between Rs 1,008-1,062 per share, values the firm at Rs 6,500 crore. The IPO, opening December 8-10, aims to sell shares via an offer for sale.

Corona Remedies, a pharmaceutical company backed by private equity firm ChrysCapital, has raised Rs 195 crore from anchor investors including major mutual funds and SBI Life Insurance. This fundraising comes just days before the company's initial public offering (IPO) opens for public subscription.

The company has allotted 18.36 lakh shares to anchor investors at Rs 1,062 each, ahead of its Rs 655.37 crore maiden public offering. Scheduled to open from December 8 to 10, the IPO is entirely an offer for sale (OFS) by promoters and existing investors, with a price band set between Rs 1,008 and Rs 1,062 per share.

The company, headquartered in Ahmedabad, specializes in pharmaceutical formulations spanning women's healthcare, cardio-diabeto, and more, with a diversified portfolio of 67 brands. Crisil Intelligence ranks it as the second-fastest growing firm among India's top 30 pharma companies, boasting a domestic sales CAGR of 16.77% from June 2022 to June 2025.

(With inputs from agencies.)