By the close of Day 2, investor interest remained strong, with the IPO subscribed 9.33 times. Investors bid for 4.26 crore shares against the 45.71 lakh shares on offer.
Corona Remedies GMP today
In the grey market, the Corona Remedies IPO is trading at a premium of around Rs 270 — roughly 25% above the issue price. While this is slightly lower than the earlier 27% premium, it still indicates strong investor sentiment. Based on the current GMP, the estimated listing price is near Rs 1,332, suggesting the possibility of a robust market debut.
Corona Remedies IPO Subscription status
By the end of Day 2, the Corona Remedies IPO recorded an overall subscription of 9.33 times.
Retail Individual Investors (RIIs) displayed solid interest, applying for 6.37 times the 22.55 lakh shares allotted to them.
Non-Institutional Investors (NIIs) subscribed 26.80 times against the 9.66 lakh shares reserved for their category.Qualified Institutional Buyers (QIBs) submitted bids 1.67 times the 12.88 lakh shares set aside for them.
Corona Remedies IPO details
The Rs 655.37-crore Corona Remedies IPO is entirely an Offer for Sale (OFS) comprising 0.62 crore equity shares.
The subscription window remains open until December 10, with share allotment expected on December 11, 2025. The company plans to list on both the BSE and NSE, with a tentative listing date of December 15, 2025.
The IPO price band is set between Rs 1,008 and Rs 1,062 per share. Investors can apply in lots of 14 shares, translating to a minimum investment of Rs 14,868 for retail participants at the upper end of the price band.
On the financial front, Corona Remedies reported Rs 1,196 crore in operating revenue for FY25, along with an EBITDA of Rs 246 crore and profit after tax of Rs 149.43 crore. These numbers underscore a strong upward trajectory in both sales and profitability. At the upper price band, the company commands a valuation of roughly 43× FY25 earnings and 11× price-to-book, broadly in line with other listed pharmaceutical players.
About the company
Corona Remedies’ growth has been driven by its portfolio of 71 brands, including 27 key “engine” brands that contributed over 72% of domestic revenues in the latest MAT (Moving Annual Turnover) period. The company has a strong presence across major therapeutic categories such as women’s health, cardio-diabetes, pain management, and urology, and is known for scaling new product launches rapidly.
Backward integration through an affiliated API manufacturer gives the company greater control over critical raw materials used in select hormone therapies. This integrated approach, combined with its focused brand strategy, has enabled Corona Remedies to consistently outpace the broader Indian pharmaceutical market in both volume and value terms.
Should you subscribe?
While the company’s fundamentals appear strong, analysts highlight a few risks. Canara Bank Securities notes that a significant portion of revenue comes from a handful of top-performing brands, and nearly half of domestic sales are concentrated in the western region, exposing the company to regional demand fluctuations.
Corona Remedies also depends on third-party suppliers for several APIs and raw materials, which may create supply-chain vulnerabilities. Additionally, operating cash flow has shown intermittent volatility due to inventory buildup. Investors may need to keep an eye on these operational metrics as the company transitions into a listed entity.
Even with these considerations, Canara Bank Securities has given a “subscribe” rating for long-term investors, citing the company’s strong growth momentum, robust engine-brand performance, and scalable domestic opportunities. While regional concentration and cash-flow variability are factors to monitor, the brokerage believes Corona Remedies’ strategic positioning and growth profile make it a compelling choice for investors with a medium-to-high risk appetite.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)