Corona Remedies IPO opens today: Should you subscribe to this issue?

The initial public offering (IPO) of Corona Remedies kicks-off for bidding on Monday, December 08. The pharma company shall be offering its shares in the range of Rs 1,008-1,065 apeice, for which investors can apply for a minimum of 14 equity shares and its multiples thereafter. The issue will close for bidding on Wednesday, December 10.

Corona Remedies is looking to raise a total of Rs 655.37 crore, which is entirely an offer-for-sale (OFS) of up to 61,71,101 equity shares by its promoters and existing shareholders. The company will not receive any proceeds from the IPO, and entire proceeds will go to the selling shareholders.

Incorporated in August 2004, Ahmedabad-based Corona Remedies is a pharmaceutical company developing, manufacturing, and marketing products in women’s healthcare, cardiology, pain management, urology, and other therapeutic areas. It has a diverse portfolio of 71 brands with 2,671 medical representatives in 22 states.

Corona Remedies raised a total of Rs 194.85 crore from 15 anchor investors as it allocated 18,34,804 shares for Rs 1,062 apeice. Its anchor book included names SBI Mutual Fund, ICICI Prudential MF, Kotak Mahindra AMC, Axis Mutual Fund, Mirae Asset, Aditya Birla Sun Life AMC, Invesco, DSP MF, Franklin India, Tata MF, SBI Life Insurance, Ashoka India, FSSA Indian Subcontinent Fund and more.

Corona Remedies reported a net profit of Rs 46.20 crore with a revenue of Rs 348.56 crore for the six months ended on September 30, 2025. It clocked a net profit of Rs 149.43 crore with a revenue of Rs 1,202.35 crore for the year 2024-25. At the current valuations, the company shall command a market capitalization of nearly 6,500 crore.

Corona Remedies has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of reservation. Retail investors will have 35 per cent of the allocation in the IPO. Last heard, Corona Remedies is commanding a grey market premium of Rs 290 apiece, suggesting over 27 per cent listing gains.

JM Financial, IIFL Capital Service and Kotak Mahindra Capital Company are the book running lead manager and Bigshare Service is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE with December 15 as the date of listing. Here's what a host of brokerage firms have to say about the IPO of Corona Remedies:
 

Anand Rathi Share & Stock Brokers

Rating: Subscribe for long-term

Corona Remedies is an India-focused branded pharmaceutical formulations company. It develops, manufactures, and markets prescription based medicines used by specialist doctors across India. It diverse portfolio includes therapeutic areas. It also has a portfolio of specialized chronic pharma products that carries high margins, said Anand Rathi Share & Stock Brokers.

"The issue appears to be fully priced. We believe the company enters the next phase of growth with high-visibility revenue drivers, differentiated capabilities, and a robust pipeline, positioning it for sustained market share gains and long-term value creation. Hence, we assign 'subscribe for long term' rating for the issue," it adds.
 

Arihant Capital Markets

Rating: Subscribe

Corona Remedies is positioned for sustained multi-year growth driven by its strong presence in high growth chronic and women’s health therapies, expanding specialist coverage and continued scaling brand portfolio, said Arihant Capital Markets.

"Its acquisitions, upcoming product launches and commissioning of its new hormone manufacturing facility are expected to enhance therapeutic depth and profitability. The issue is valued at a P/E ratio of 43.5 times, based on PAT of FY25 EPS of Rs 24.4. OFS of Rs 655.37 crore. We are recommending a 'subscribe' rating for this issue," it added.
 

Swastika Investmart

Rating: Subscribe

Corona Remedies generates 96 per cent of revenue from India, insulating the business from USFDA risks while leading in the niche women’s healthcare and pain management segments. It records a 16.8 per cent CAGR—nearly double the industry average —which justifies the premium 43 times P/E valuation, said Swastika Investmart.

"It has demonstrated exceptional M&A capability by scaling the acquired 'Myoril' brand 3 times in just two years. Long-term sustainability is backed by a vast medical representative network, backward integration, and a new dedicated hormone facility. The IPO is fundamentally strong and fairly priced, supported by healthy margins and a favorable mix of chronic therapies," it said with a 'subscribe' rating.
 

SBI Securities

Rating: Subscribe

Corona Remedies is a domestic focused branded formulations company which manufactures and markets 71 brands, including market leading brands. The stock trades at FY25 P/E multiple of 43.5 times based on post-issue capital. Between FY23-FY25, the company has demonstrated strong financial resilience, said SBI Securities.

"Corona’s plans to expand its field force to deepen geographical presence and its ongoing capex for a hormone manufacturing facility which is expected to be commissioned during FY27, will act as levers for its next leg of growth. Looking at healthy return ratios, lean balance sheet and valuations which are in-line with peers, we recommend investors to 'subscribe' to the issue," it said.
 

Canara Bank Securities

Rating: Subscribe for long-term

Corona Remedies is offering investors exposure to a business that has consistently outpaced the Indian Pharmaceutical Market (IPM). Corona Remedies has demonstrated superior growth across both chronic and acute therapies, with new product introductions further strengthening its competitive positioning, said Canara Bank Securities.

"We recommend 'subscribe for long‑term' wealth creation, suitable for investors with a medium to high-risk appetite, given the company’s superior growth momentum, competitive positioning, and scalable opportunities in the Indian pharmaceutical sector," Canara Bank added.
 

BP Equities

Rating: Subscribe

Corona's strong growth profile, leadership in high-value therapies, and alignment with sector tailwinds support a positive long term outlook, positioning it well to capture above-industry growth, said BP Equities. "The issue is valued at a P/E multiple of 43.5 times FY25 earnings. We, thus, recommend a 'subscribe' rating for this issue," it said.
 

SMIFS
Rating: Subscribe

"We recommend subscribing as a good long-term investment with healthy return ratios and significant potential from the ongoing capex, as new capacity is commissioned over the next 18–24 months, potentially resulting in a doubling of the top line, while leveraging superior market execution, a diversified brand portfolio with market-leading positions," said SMIFS.
 

Ventura Securities

Rating: Subscribe

Corona Remedies benefits from its EU-GMP certified Bhayla plant and backward integration through La Chandra Pharmalab, ensuring quality control, supply assurance, and enhanced margins, Ventura Securities said. "It also benefits from low exposure to government price controls, with less than 10 percent of domestic sales under NLEM," Ventura said with a 'subscribe' rating.
 

Marwadi Financial Services

Rating: Subscribe

"We assign 'subscribe' rating to this IPO as it is the second fastest growing company within the top 30 pharmaceutical companies in the Indian pharmaceutical market by domestic sales and it is well-positioned to capitalize on the opportunities in the Indian pharmaceutical market," said Marwadi Financial Services. "It is available at a reasonable valuation as compared to its peers."