Corona Remedies' IPO Success: A Record-Breaking Subscription

Pharma company Corona Remedies' initial public offering (IPO) was heavily oversubscribed at 137.04 times on its closing day. Valued at Rs 655.37 crore, the IPO saw substantial interest from various investor segments. The shares are entirely being sold by current investors and promoters under the Offer for Sale route.

Corona Remedies' initial public offering (IPO) concluded on a high note, achieving 137.04 times subscription by the closing day of the share sale on Wednesday.

The Rs 655.37-crore share sale attracted bids for 62.65 crore equity shares, significantly surpassing the 45.71 lakh shares available, according to data from the NSE.

The offering saw varied interest levels: the Qualified Institutional Buyers (QIBs) segment subscribed 278.52 times, while the Non-Institutional Investors contributed a subscription rate of 208.88 times. On the retail investor front, the response was impressive as well, with the Retail Individual Investors (RIIs) segment experiencing a 28.73 times subscription.

Just days before the IPO closure, Corona Remedies successfully mobilized Rs 195 crore from anchor investors, supplementing the public offering effort.

The price range for shares has been set between Rs 1,008 and Rs 1,062 per share for the IPO, which is entirely an Offer for Sale by existing shareholders and promoters.

Prominent existing investors include Sepia Investments, Anchor Partners, and Sage Investment Trust, who, along with the company's promoters, will be offloading their shares through the offering.

Based in Ahmedabad, Corona Remedies focuses on the development, manufacture, and marketing of pharmaceutical formulations across various sectors including women's healthcare, cardio-diabetes, pain management, and urology, among others.

As of December 2024, the company's extensive product portfolio features 67 brands spanning multiple therapeutic areas, underscoring its market diversity.

(With inputs from agencies.)