Corona Remedies Limited is a pharmaceutical company from Gujarat that makes branded generic medicines. The company has launched its IPO today, December 8, 2025. The IPO size is ₹655.37 crore and it is fully an Offer for Sale, where up to 61,71,101 shares are being sold. The IPO will remain open until December 10, 2025. The share allotment is likely to happen on December 11, and the company’s shares are expected to list on the BSE and NSE on December 15, 2025.
The price range for the shares is fixed at ₹1,008 to ₹1,062 per share, with a face value of ₹10. Retail investors must apply for at least 14 shares, which requires a minimum investment of ₹14,868 at the highest price.
Subscription Status (Day 1, as of 12:00 PM IST)
The IPO has seen a tepid start on Day 1, with an overall subscription of 0.26x so far. Breakdown:
- Qualified Institutional Buyers (QIB): 0.00x
- Non-Institutional Investors (NII): 0.27x
- Retail Individual Investors: 0.40x
- Employee Quota: 0.01x
Early retail interest is visible, but institutional participation remains subdued at this stage. Subscription trends are expected to pick up in the coming days.
Corona Remedies IPO Grey Market Premium (GMP)
As of December 8, 2025, Corona Remedies shares are trading at a grey market premium of about ₹290. This means the shares may list around ₹1,352, which is roughly 27% higher than the upper IPO price of ₹1,062. Earlier, the GMP was ₹365 on December 6, but it has come down a bit because Day 1 IPO subscription was slow.
Company Details
Corona Remedies started in 2004 and became a public limited company in October 2024. The company is based in Ahmedabad and mainly sells branded generic medicines in India. Around 96% of its total income comes from the Indian market.
The company has two factories:
- One in Bhayla, Ahmedabad (EU-GMP approved)
- One in Solan, Himachal Pradesh (WHO-GMP approved)
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A new hormone manufacturing plant in Ahmedabad is expected to start work in FY2027. Corona Remedies also owns a 31.15% stake in La Chandra Pharmalab, which makes hormone APIs.
The promoters—Dr. Kirtikumar Mehta, Niravkumar Mehta (MD & CEO), and Ankur Mehta—together hold 66% shares before the IPO.
Corona Remedies Financial Performance
In FY2025, the company earned revenue of ₹1,202.35 crore, which is 18% higher than last year. Its profit after tax rose sharply by 65% to ₹149.43 crore.
As of June 30, 2025, the company’s net worth was ₹607 crore, and total debt stood at ₹106.6 crore. The company continued to show strong growth in the first quarter of FY2026.
Business and Brands
Corona Remedies mainly focuses on long-term treatment areas like women’s health, heart-related diseases, diabetes, and pain relief. More than 70% of its sales come from these areas.
The company makes most of its products itself and sells them through a large team of over 2,600 medical representatives.
Its major brands include Myoril, B-29, and Tricium, which together help generate a large share of revenue. The company has also grown by buying brands from big pharma companies like Sanofi, GSK, Abbott, and Bayer.
Market Position
Corona Remedies is currently ranked 29th in India’s pharmaceutical market. It is one of the fastest-growing pharma companies in the country and holds a strong position in pain relief and women’s healthcare medicines. Only a small part of its products comes under price-controlled medicines.
Risks
The IPO is fully an Offer for Sale, so the company will not receive any fresh money. Its business depends heavily on a few major brands and the Indian market. A large part of raw materials is imported from China, and some medicines are made by third-party manufacturers. The company is also facing trademark-related legal cases, and changes in medicine prices or health emergencies may affect its business.
Overall, Corona Remedies is a fast-growing pharma company with strong brands, but investors should also keep the risks in mind.