Corona Remedies IPO – Company Analysis
Corona Remedies IPO, a Mainboard IPO, is a book-built issue worth Rs. 655.37 Cr launched by Corona Remedies Ltd., a pharmaceutical company engaged in developing, manufacturing, and marketing medicines across various therapeutic segments such as urology, cardiology, pain management, women’s healthcare, and other specialties.
As of June 30, 2025, the company’s product portfolio consisted of 71 products across women’s healthcare, urology, cardiometabolic care, pain management, and multispecialty categories including vitamins/minerals/nutrition, gastrointestinal, and respiratory therapies.
With a network of 2,671 medical representatives spread across 22 states, the company operates a strong pan-India distribution and marketing system, helping it strengthen its market presence in therapeutic areas, expand its IPM positioning, and engage effectively with hospitals and healthcare professionals.
Corona Remedies IPO Details
- Corona Remedies IPO Open Date: December 08, 2025
- Corona Remedies IPO Close Date: December 10, 2025
- Corona Remedies IPO Allotment Date: December 11, 2025
- Refund Initiation: December 12, 2025
- The IPO is entirely an Offer for Sale (OFS) of 0.62 crore shares, aggregating up to Rs. 655.37 Cr.
- Listing Date (Tentative): Monday, December 15, 2025
- Exchanges: BSE and NSE
- Price Band: Rs. 1008 to Rs. 1062 per share
Events & Timeline
| Event | Date |
| IPO Opening Date | December 08, 2025 |
| IPO Closing Date | December 10, 2025 |
| IPO Allotment Date | December 11, 2025 (Tentative) |
| Refund Initiation | December 12, 2025 (Tentative) |
| IPO Listing Date | December 15, 2025 (Tentative) |
Industry Outlook
Company Financials (₹ in Cr)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 929.86 | 830.58 | 595.02 |
| Total Income | 1,202.35 | 1,020.93 | 891.10 |
| PAT | 149.43 | 90.50 | 84.93 |
| EBITDA | 245.91 | 161.19 | 135.03 |
| Net Worth | 606.34 | 480.41 | 408.52 |
| Reserves & Surplus | 545.18 | 419.25 | 347.36 |
| Total Borrowing | 62.70 | 134.14 | 2.33 |
Cash Flows (₹ in Mn)
| Cash Flow Type | FY25 | FY24 | FY23 |
| Operating Activities | 1,904.96 | 1,567.58 | 1,027.00 |
| Investing Activities | (838.40) | (2,666.43) | (502.45) |
| Financing Activities | (1,065.89) | 985.45 | (447.47) |
Revenue Bifurcation
(Source: RHP)
Objective of the Issue
The IPO is purely an Offer for Sale. All proceeds will go to the promoters who are selling their stake. The company will not receive any funds from the issue.
Click to check the IPO application status
Listed Peers of Corona Remedies Ltd
| Company Name | Face Value (₹) | EPS (₹) | P/E (x) |
| Abbott India Limited | 10 | 665.62 | 45.17 |
| Alkem Laboratories Limited | 2 | 181.11 | 31.39 |
| Eris Lifesciences Limited | 1 | 25.85 | 61.81 |
| GlaxoSmithKline Pharmaceuticals Ltd | 10 | 54.76 | 46.87 |
| J.B. Chemicals & Pharmaceuticals Ltd | 1 | 42.45 | 42.60 |
| Mankind Pharma Limited | 1 | 49.28 | 45.77 |
| Pfizer Limited | 10 | 167.79 | 29.63 |
| Sanofi India Limited | 10 | 179.46 | 24.47 |
| Torrent Pharmaceuticals Limited | 5 | 56.47 | 65.91 |
Valuation Metrics
| KPI | Value |
| ROE | 27.50% |
| ROCE | 41.32% |
| Debt/Equity | 0.10 |
| RoNW | 24.65% |
| PAT Margin | 12.49% |
| EBITDA Margin | 20.55% |
| PB Value | 10.71 |
P/E Ratio Evaluation
At the upper price band of Rs. 1062, the IPO corresponds to a P/E of 43.47x, based on FY25 EPS of Rs. 24.43.
IPO Strengths
- Among the top 30 Indian pharmaceutical companies by domestic sales, it recorded the second-fastest growth rate from MAT June 2022 to MAT June 2025.
- Strong track record in developing a diversified portfolio across targeted therapeutic categories, including engine brands.
- A pan-India sales network focused on the "middle of the pyramid" customer base.
- Quality-driven manufacturing facilities with strong R&D capabilities enabling the creation of distinct pharmaceutical products.
IPO Weaknesses
- The company cannot guarantee the long-term financial stability of its key raw material suppliers. Any supply disruptions may affect operations and profitability.
- Performance depends heavily on timely receivable collections. Delays can strain working capital and impact operations.
- Faces competitive risks and challenges in sustaining market positioning.
Corona Remedies IPO GMP
As of 09 December 2025, the Corona Remedies IPO GMP is ₹298.00 with a price band of Rs. 1062.
The estimated listing price is around Rs. 1223, indicating a potential gain of 15.16% per share.
Check : Live IPO GMP here
Corona Remedies Limited IPO Summary
| Particulars | Details |
| IPO Dates | Dec 08–10, 2025 |
| Face Value | Rs. 10 per share |
| Issue Price | Rs. 1008–Rs. 1062 |
| Lot Size | 14 shares |
| Issue Size | 61,71,101 shares (Rs. 655.37 Cr) |
| OFS | 61,71,101 shares (Rs. 655.37 Cr) |
| Fresh Issue | - |
| Listing | BSE, NSE |
| Issue Type | Book Built Issue |
| Registrar | Bigshare Services Pvt. Ltd. |
Corona Remedies IPO Lot Size
- Retail Investors:
- Minimum: 1 Lot (14 Shares) = Rs. 14,868
- Maximum: 13 Lots (182 Shares) = Rs. 1,93,284
- S-HNI:
- Minimum: 14 Lots (196 Shares) = Rs. 2,08,152
- Minimum: 14 Lots (196 Shares) = Rs. 2,08,152
- B-HNI:
- Minimum: 68 Lots
- Minimum: 68 Lots
Corona Remedies IPO Reservation
| Category | Allocation |
| Institutional Investors | 50% |
| Retail Investors | 35% |
| Non-Institutional Investors | 15% |
Corona Remedies IPO Allotment Status
Applicants can check the allotment status on the Registrar’s website or the BSE portal using the IPO allotment page.
Promoters & Management
- Dr. Kirtikumar Laxmidas Mehta
- Niravkumar Kirtikumar Mehta
- Ankur Kirtikumar Mehta
| Category | Shareholding |
| Pre-Issue Promoter Holding | 72.50% |
| Post-Issue Promoter Holding | - |
Lead Managers
- JM Financial Ltd.
Dividend Policy
The company declared dividends of:
- Rs. 3.70
- Rs. 2.77
Rs. 1.14
over the past three financial years.
Conclusion
The Corona Remedies IPO provides investors an opportunity to invest in a rapidly growing Indian pharmaceutical company with strong financials, healthy margins, and a diversified portfolio. However, since the IPO is entirely an OFS with no funds going to the company, investors should balance growth prospects with valuation and sector considerations.
