Corona Remedies IPO Delivers 38% Listing Gains on Dalal Street

Mumbai | 15 December 2025

Shares of Corona Remedies delivered a blockbuster listing on Wednesday, debuting at a sharp premium to the issue price of ₹1,062. The stock opened at ₹1,470 on the NSE and ₹1,452 on the BSE, translating into gains of up to 38.42% over the IPO price.

The strong listing came after the company’s ₹655-crore IPO, which was structured entirely as an Offer for Sale (OFS), saw overwhelming investor participation across categories. Overall subscription stood at 144.5 times, driven primarily by heavy institutional demand.

Strong Subscription Across Categories Drives Solid Market Debut
The Corona Remedies IPO witnessed broad-based demand, led by qualified institutional buyers, who subscribed their portion nearly 294 times. Non-institutional investors bid over 220 times, while retail investors subscribed their quota more than 30 times, underscoring strong confidence in the company’s business model, earnings visibility and growth outlook.

Despite being a pure OFS with no fresh capital raised, the company entered the public markets on a strong footing, supported by consistent profitability and a relatively clean balance sheet.

Valuation Snapshot at Listing

According to market reports, at the IPO price, Corona Remedies was valued at around ₹6,495 crore, implying a post-issue price-to-earnings multiple of roughly 35 times based on annualised FY26 earnings. While the valuation appears rich compared with some peers, the premium reflects investor willingness to pay for predictable growth, strong operating margins and leadership in select therapeutic segments.

The stock’s debut also exceeded grey market expectations, which had indicated listing gains of around 32 percent, pointing to stronger-than-anticipated demand at the time of listing.

Business Overview

Headquartered in Ahmedabad, Corona Remedies is a pharmaceutical formulation company focused on developing, manufacturing and marketing products across women’s healthcare, cardiology, pain management, urology and other chronic therapies.

The company manages a diversified portfolio of 67 brands as of December 2024, many positioned in the mid-market segment, enabling steady volume growth while maintaining healthy margins.

Corona Remedies is supported by a pan-India sales and distribution network, with over 2,600 medical representatives across 22 states, giving it deep reach among doctors and hospitals, particularly in non-metro markets.

Post Listing: What Investors Should Watch

Following the strong debut, market participants will watch how Corona Remedies’ share price stabilises and whether trading volumes remain healthy in the secondary market. Key factors to track include quarterly earnings performance, margin trends and execution across core therapeutic areas such as women’s healthcare, cardiology and pain management. Management commentary, product pipeline updates and expansion in non-metro markets will also remain in focus, alongside broader sector and market developments.

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