Corona Remedies IPO Day 3: Subscription Nears 10x as GMP Suggests 25% Listing Gain

The Corona Remedies IPO has entered its final bidding day with strong market traction. By the end of Day 2, the public issue was subscribed 9.96 times, and investors are now watching whether institutional demand will push subscriptions into double digits.

The ₹655.37 crore IPO, priced between ₹1,008 and ₹1,062 per share, picked up momentum after a cautious start as retail and institutional buyers increased participation.

Grey Market Premium (GMP)

The IPO’s GMP is hovering around ₹265 per share, indicating a potential listing price near ₹1,327, or roughly 25% above the upper price band. Analysts, however, warn that GMP trends are unofficial and actual listing gains will depend on market sentiment and final subscription levels.

About the Company

Founded in 2004 and headquartered in Ahmedabad, Corona Remedies is a branded pharmaceutical formulations company backed by ChrysCapital’s affiliate Sepia Investment Limited. It operates 71 brands across women’s health, cardio-diabetes, pain management, urology and multi-specialty therapies.

The firm’s strong advantage lies in its low exposure to price-controlled drugs, with NLEM products contributing under 10% of revenue – below the industry average of 17%. Between FY23 and FY25, Corona Remedies delivered robust performance:

• Revenue CAGR: 16%+

• EBITDA CAGR: ~37%

• PAT CAGR: 32%+

Brokerage Recommendations

Brokerages have largely issued subscribe for long-term ratings:

• Geojit Investments cites strong sector growth, Corona’s above-industry performance, successful acquisitions, R&D focus and healthy financials.

• Choice Broking highlights its dominance in chronic therapies and rising rank in the Indian pharma market (from 37th to 29th).

• Anand Rathi says the issue is valued at ~35x annualised FY26 earnings, with a post-issue market cap of ~₹6,500 crore and sees strong long-term growth prospects.

IPO allotment will be finalised soon after bidding ends, with refunds and share credits following. The stock is expected to list next week, depending on regulatory approvals and market conditions.