Corona Remedies IPO Subscribed 62% on Day 1

New Delhi, Dec 8 (PTI) The initial public offering (IPO) of pharma firm Corona Remedies, received 62 per cent on the first day of the share sale on Monday.

The three-day IPO received bids for 28,17,234 shares against 45,71,882 shares on offer, translating to 62 per cent subscription, as per the NSE data.

The portion for Retail Individual Investors (RIIs) received 87 per cent subscription, while the portion meant for Non-Institutional Investors subscribed 79 per cent. The Qualified Institutional Buyers (QIBs) category did not see any participation so far.

Corona Remedies, which is backed by private equity firm ChrysCapital, on Friday said it has mobilised Rs 195 crore from anchor investors.

The company's Rs 655.37 crore maiden public offering, which is entirely an offer for sale (OFS) by promoters and existing investors, will conclude on December 10.

Corona has fixed a price band of Rs 1,008-1,062 per share for IPO, valuing thecompany at nearly Rs 6,500 crore.

Under the OFS route, existing investors -- Sepia Investments, Anchor Partners, and Sage Investment Trust -- along with promoters, plan to offload shares.

Since it's an OFS, the company will not receive any proceeds from the public issue and the entire amount will go to selling shareholders.

Corona Remedies will make its stock market debut on December 15.

Headquartered in Ahmedabad, Corona Remedies is a pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women's healthcare, cardio-diabeto, pain management, urology and other therapeutic areas.

Its diversified product portfolio comprises 67 brands catering to a range of therapeutic areas as of December 2024.

JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company are the book-running lead managers to the issue.