Corona Remedies IPO Opens Dec 8 with Strong 34% Listing Gain Forecast
Corona Remedies IPO is creating massive buzz in the pharma sector as it prepares to launch on December 8, 2025. The Ahmedabad-based pharmaceutical company is offering shares worth Rs 655.37 crore through a complete Offer for Sale.
Investors are showing strong interest as the grey market premium indicates a potential 34% listing gain. The price band is set between Rs 1,008 to Rs 1,062 per share with a minimum lot size of 14 shares. This means retail investors need to invest Rs 14,868 at the upper price band to participate.
The subscription window will remain open until December 10, 2025, giving investors three days to apply. With impressive financial growth and strong market positioning, this IPO has become one of the most awaited pharma listings in December 2025.
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Corona Remedies Limited has established itself as a significant player in the Indian pharmaceutical market. The company focuses on developing and marketing branded generic medicines across multiple therapeutic areas.
Their product portfolio includes 71 brands serving women’s healthcare, cardiology, diabetes management, pain relief and urology segments. The company generates 96% of its revenue from the Indian domestic market.
Gujarat and Maharashtra contribute nearly 47% of total domestic sales. They operate two manufacturing facilities in Gujarat with a combined production capacity of 1,285 million units annually.
The company’s financial numbers reveal consistent growth over the past three years. Revenue from operations increased from Rs 891 crore in FY23 to Rs 1,021 crore in FY24 and further to Rs 1,202 crore in FY25.
This represents a compound annual growth rate of 16.77%, which is significantly higher than the industry average of 9.21%. Profit after tax grew from Rs 84.9 crore in FY23 to Rs 149.4 crore in FY25, showing a remarkable 65% jump in the last fiscal year.
The company maintains healthy margins with EBITDA margin at 20.55% and PAT margin at 12.49% in FY25.
This IPO is completely an Offer for Sale, which means no fresh capital will be raised by the company. The existing shareholders including promoters and private equity investors like ChrysCapital will be selling their stakes.
The issue comprises 61.71 lakh equity shares of Rs 10 face value each. Retail investors get a 35% quota while qualified institutional buyers have been allocated 50% and non-institutional investors get 15% of the issue. Investors can apply for up to 13 lots, which amounts to 182 shares worth Rs 1,93,284 at the upper price band.
The grey market premium for Corona Remedies shares has been hovering around Rs 365, indicating approximately 34% premium over the upper price band. This suggests strong investor sentiment and potential listing gains.
However, grey market premiums are unofficial indicators and can change based on overall market conditions. Recent pharma IPOs like Sudeep Pharma saw 94 times oversubscription and delivered 18-21% listing gains. Market experts believe Corona Remedies could follow a similar trajectory given the strong fundamentals and sector tailwinds.
Corona Remedies ranks as the second-fastest growing company among the top 30 Indian pharmaceutical firms by domestic sales. The company’s 27 engine brands contribute to 72% of domestic sales, showing strong brand equity.
They invest 1-2% of revenue in research and development with a dedicated team of 103 staff members. The company holds a return on capital employed of 41.32% and return on equity of 27.50% in FY25. These metrics are significantly better than many established pharma companies.
At the upper price band of Rs 1,062, the company will have a market capitalization of approximately Rs 6,495 crore post-listing.
The issue is valued at a price-to-earnings ratio of 43.5 times based on FY25 earnings. On a trailing twelve months basis, the PE ratio stands at 35.1 times. While these valuations appear premium compared to some peers, investors are willing to pay extra for the strong growth trajectory. Post-IPO, promoter holding will reduce from 72.5% to 69%, ensuring adequate public float.
Anchor investor bidding took place on December 5, 2025, with major institutional investors participating. The basis of allotment is scheduled for December 11, 2025. Successful applicants will receive shares in their demat accounts on December 12, 2025.
The company’s shares are expected to list on both BSE and NSE on December 15, 2025. Lead managers for this issue include JM Financial, IIFL Securities and Kotak Mahindra Capital Company. Bigshare Services Private Limited is handling the registrar responsibilities.
Corona Remedies presents a compelling investment opportunity for investors seeking exposure to the growing pharma sector. The company has demonstrated consistent revenue growth, improving profitability margins and strong return ratios. The 16.77% revenue CAGR outpaces the industry significantly.
However, investors should note that this is an OFS issue, meaning promoters are exiting partially. The valuation at 43.5 times earnings is on the higher side. Those looking for short-term listing gains based on GMP trends may consider applying. Long-term investors should evaluate the sustainability of growth and competitive advantages before making decisions.
Tags: Corona Remedies IPO, pharma IPO 2025, IPO December 2025, grey market premium, branded generics, Indian pharmaceutical stocks, new IPO listings
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