Corona Remedies IPO: Blockbuster Listing, Strong Demand, Valuation Check
Team Sahi
Corona Remedies Ltd, a pharmaceutical formulations company, made a strong stock market debut on Monday, 15 December 2025, listing at ₹1,470 per share; a premium of around 40% over its issue price.The IPO is set to take place on both the NSE & BSE stock markets. The ₹655.37 crore IPO, which is entirely an Offer for Sale, is open for subscription from 8th to 10th December 2025. The stock offered is set within a price band of ₹1,008 to ₹1,062, and the grey market Premium is still consistent at 28% to 29%, which indicates that there are potential listing gains for the subscribers.
Subscription Snapshot
| Investor Category | Times Subscribed (Final) |
|---|---|
| Qualified Institutional Buyers (QIBs) | ~293.80× |
| Non-Institutional Investors (NIIs) | ~220.18× |
| Retail Individual Investors (RIIs) | ~30.39× |
| Overall Subscription | ~144.54× |
Subscription numbers indicate an incredible spurt on Day 3, particularly in the institutional-tier slots, which reflects robust demand. Allocation has been locked in on 11th December 2025, and share credits/refunds are being processed. On the other hand, the GMP has been relatively strong, ranging from ₹290 to ₹305, indicating that people believe there is potential for listing, although this will be subject to market conditions on 15th December.
About the Company
Corona Remedies Ltd is a differentiated leader in the pharmaceutical industry in India, with a focus on the development of franchises in the following therapeutic areas: Women’s healthcare, Cardio-diabetes, Pain management, Urology. It is a significant player with a strong product franchise, which comprises a total of 71+ brands with 27 “key engine brands” that contribute to over 70% of the domestic business, with a number of them occupying a #1 position in their respective markets. The strengths of this business are a robust distribution network, with thousands of medical representatives in 22 states of India, as well as a strong association with a supporting business (La Chandra Pharmalab), which is EU-GMP and WHO-GMP certified for hormone API production.
Corona Remedies Financial Snapshot
The Corona Remedies IPO is an entirely "Offer for Sale" issue, which means that the company itself won't raise any money from this issue. In this IPO, existing shareholders, including promoters and private individuals, sold 61.71 lakh shares of the company through the IPO.
| Financial Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue* | 884.05† | 1,014.47† | 1,196.41† |
| PAT* | 84.93† | 90.50† | 149.43† |
Competitor Analysis
Corona Remedies has to compete with established pharma formulation giants such as Cipla Ltd, Dr. Reddy’s Laboratories Ltd, and Lupin Ltd, who have a diverse product range with a strong presence globally. For a domestic-market-focused, branded formulation company such as Corona Remedies, these competitors make apt approximates in terms of benchmarks for performance:
| Company (Listed Peer) | Revenue (₹ crore) | Net Profit (₹ crore) | Market Capitalisation* |
|---|---|---|---|
| Sun Pharmaceutical Industries | ~49,000 | ~8,300 | ₹4.8 lakh crore |
| Cipla Ltd | ~26,000 | ~4,200 | ₹1.2 lakh crore |
| Dr. Reddy’s Laboratories | ~28,000 | ~6,500 | ₹1.1 lakh crore |
| Lupin Ltd | ~20,000 | ~3,000 | ₹1.0 lakh crore |
Corona Remedies IPO Review
The Corona Remedies IPO is a highly attractive branded pharma story with a strong domestic growth base and an optimizing profitability position, as per analysts. The overall growth trajectory, with increasing profitability, tight brand focus on high-growth segments, makes it stand apart from most other listed mid-cap pharma stocks. However, dependence on a strong brand franchise and familiarity with the domestic market might become a challenge, especially with increased competitive or pricing pressure. The forward multiples (about 43 times Forward '25 earnings), combined with a high GMP, are a positive indication, but the sustainability of valuations, especially in the aftermath of listing, is paramount.
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