Corona Remedies Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹1,062
Per ShareLot Size
14 Shares
Minimum Investment
₹14,868
Issue Size
₹655.37 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Corona Remedies Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
72.5%
Promoter Holding (Post-Issue)
69%
Issue Type
Book Building
ISIN
INE02ZQ01018
About the Company
We are an India-focused branded pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women's healthcare, cardio-diabeto, pain management, urology and other therapeutic areas. Our diversified product portfolio comprises 71 brands catering to a range of therapeutic areas such as women's healthcare, cardio-diabeto, pain management and urology, among others, as of June 30, 2025. Of our targeted therapeutic areas, our women's healthcare segment contributed to 28.56% (or Rs.4,080.26 million), cardiodiabeto (comprising cardio-vascular and anti-diabetic areas) contributed 23.38% (or Rs.3,339.96 million), pain management contributed 11.79% (or Rs.1,684.38 million) and urology contributed 4.53% (or Rs.646.65 million) to our domestic sales for MAT June 2025.
Industry Overview
As of Financial Year 2025, the Indian domestic formulation market, holding a market size of approximately Rs.2.3 trillion, accounted for approximately 2% of the overall global pharmaceutical market. India possesses an ecosystem to develop and manufacture pharmaceuticals, with companies having state-of-the-art facilities and skilled technical manpower. The domestic market (consumption) logged a healthy CAGR of 9% between Financial Years 2020 and 2025. It is expected to clock a CAGR of 8-9% to reach Rs.3.3-3.5 trillion by Financial Year 2030, aided by strong demand on account of rising incidences of chronic diseases, awareness and access to quality healthcare.
Company History
Our Company was originally incorporated as `CORONA Remedies Private Limited', a private limited company, under the Companies Act, 1956, pursuant to a certificate of incorporation dated August 27, 2004, issued by the Assistant Registrar of Companies, Gujarat at Dadra and Nagar Haveli. Thereafter, our Company was converted into a public limited company pursuant to a special resolution passed by our Shareholders on October 24, 2024, and consequently, the name of our Company was changed to `CORONA Remedies Limited'. A fresh certificate of incorporation, upon conversion of our Company to a public limited company was issued by the Registrar of Companies, Central Processing Centre, Manesar, Haryana on December 16, 2024.
Products & Services
- The Company is an India-focused branded pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women's healthcare, cardio-diabeto, pain management, urology and other therapeutic areas.
Growth Strategy
- Further increase our market share within the domestic Indian pharmaceutical market.
- Grow our product portfolio with a focus on long product life cycles and progression.
- Expand into other therapeutic areas with significant growth potential and deepen our presence in existing therapeutic areas.
- Execute strategic acquisitions and establish in-licensing agreements.
- Expand our sales in select overseas markets with a focused approach.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 6,174,051 equity shares of face value of Rs.10/- each ("equity shares") of Corona Remedies Limited ("company") for cash at a price of Rs.1,062/- per equity share ("offer price") aggregating to Rs.655.37 crores ("offer"), comprising an offer for sale of 1,223,193 equity shares of face value of Rs.10/- each aggregating to Rs.129.84 crores by Kirtikumar Laxmidas Mehta ("promoter selling sharheolder"), 721,691 equity shares of face value of Rs.10/- each aggregating to Rs.76.61 crores by Minaxi Kirtikumar Mehta, 97,853 equity shares of face value of Rs.10/- each aggregating to Rs.10.39 crores by Dipabahen Niravkumar Mehta, 97,853 equity shares of face value of Rs.10/- each aggregating to Rs.10.39 crores by Brinda Ankur Mehta ("promoter group selling shareholders"), 3,811,613 equity shares of face value of Rs.10/- each aggregating to Rs.404.60 crores by Sepia Investments Limited, 142,488 equity shares of face value of Rs.10/- each aggregating to Rs.15.13 crores by Anchor Partners and 79,360 equity shares of face value of Rs.10/- each aggregating to Rs.8.42 crores by Sage Investment Trust ("investor selling shareholders", and along with the promoter selling shareholder and promoter group selling shareholders, the "selling shareholders") ("offer for sale", and such equity shares offered in the offer for sale, the "offered shares").
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Second fastest growing company within the top 30 pharmaceutical companies in the Indian pharmaceutical market by domestic sales between MAT June 2022 and MAT June 2025.
- Demonstrated capabilities of building a diversified portfolio, including "engine" brands, in our targeted therapy areas.
- Pan-India sales network and marketing strategy focused on the "middle of the pyramid" target market.
- Quality and current Good Manufacturing Practices-focused manufacturing facilities, with strong research and development capabilities driving a portfolio of differentiated pharmaceutical products.
- Qualified, experienced and entrepreneurial management team supported by marquee investors.
- The therapeutic areas of women's healthcare, cardio-diabeto and pain management contributed to an aggregate of Rs.2,257.26 million (or 65.14%) and Rs.7,465.54 million (or 62.40%) of our revenue from operations for the three months ended June 30, 2025 and the Financial Year 2025, respectively. If our products in these or other therapeutic areas which contribute significantly to our revenue from operations do not perform as expected or if competing products become available and gain wider market acceptance, our business, results of operations, financial condition and cash flows may be adversely affected.
- Our 27 "engine" brands (and in particular, our B-29 and Myoril brands) accounted for 72.34% of our domestic sales during the MAT June 2025 period, and any adverse developments affecting the sales of our "engine" brands could have an adverse effect on our business, results of operations, financial condition and cash flows.
- The company derive a significant majority of its revenue from the company operations within India (constituting 96.34% and 96.33% of the company revenue from operations during the three months ended June 30, 2025 and the Financial Year 2025, respectively). In the event of a fall in demand for the company products in India, or if its fail to successfully expand into international markets, the company business, results of operations, financial conditions and cash flows may be adversely affected.
- A significant portion of the company domestic sales are concentrated in the states of Gujarat, Maharashtra, Chhattisgarh, Goa and Madhya Pradesh (accounting for 47.30% of the company domestic sales for MAT June 2025). Any adverse developments affecting its sales in these regions could has an adverse effect on the company business, results of operations, financial condition and cash flows.
- 70.10% of Its domestic sales for MAT June 2025 were derived from chronic and sub-chronic therapeutic segments, which are subject to risks and uncertainties that could adversely affect the company business, results of operations, financial condition and cash flows.