Pharma Firm Corona Remedies IPO Gathers Momentum

Corona Remedies' IPO, which opened on Monday, received a 62% subscription on the first day. The three-day offering will conclude on December 10. Retail investors subscribed 87%, while non-institutional investors subscribed 79%. The IPO, valued at Rs 655.37 crore, is an offer for sale by current investors.

Corona Remedies' initial public offering (IPO) gained significant traction on its debut day, with a compelling 62% subscription rate, according to NSE data.

The IPO is designed as an offer for sale (OFS) amounting to Rs 655.37 crore, featuring involvement from private equity firm ChrysCapital. Existing investors including Sepia Investments and Anchor Partners are offloading stakes, and the earned funds will proceed entirely to these shareholders.

With the guided price band set between Rs 1,008 and Rs 1,062 per share, Corona Remedies approaches its upcoming stock market debut slated for December 15. As a pharmaceutical company located in Ahmedabad, it offers a diverse product portfolio in women's healthcare, cardio-diabeto, and other therapeutic areas.

(With inputs from agencies.)