Corona Remedies IPO Day 3: Issue subscribed 15.70x so far. Here's GMP, subscription status - apply or not?

Corona Remedies IPO will remain open for bidding today, December 10. The mainboard IPO had opened for bidding on Monday, December 8. The issue was subscribed over 9.96 times by the end of the second day of bidding.
Corona Remedies, based in Gujarat, is a pharmaceutical company with products spanning women’s health, cardio-diabetes, pain management, urology, and various other therapeutic segments. It operates two manufacturing plants — one in Gujarat and the other in Himachal Pradesh.
According to the RHP, the company reported a net profit of ₹46.19 crore in Q1 FY26, following a profit of ₹149.43 crore for the full FY25. Its core operating revenue for Q2 FY26 came in at ₹346.54 crore, while total revenue for FY25 was ₹1,196.41 crore.
Corona Remedies IPO subscription status
On the last day of bidding, the Corona Remedies IPO had garnered robust interest, recording an overall subscription of 15.70 times.
Retail investors subscribed 9.05 times, while the NII category saw a strong 50.50x response. The employee quota was subscribed 5.14 times, and the QIB segment had received 1.76x bids at that point.
Overall, the company received bids for 7,17,74,514 shares against the 43.36 lakh shares available.
Corona Remedies IPO GMP today
Investor sentiment seems strong, with the grey market premium (GMP) at ₹270 as of December 10. This suggests a possible listing price near ₹1,332 — about 25.42% higher than the IPO’s upper price band of ₹1,062. The GMP indicates how much extra buyers are willing to pay above the official issue price.
Corona Remedies IPO Review
Brokerage firm Anand Rathi has given a ‘subscribe for long-term’ rating to the Corona Remedies IPO, saying that the company is seeking a P/E of 35.3 times, and a post-issue market capitalisation of approximately ₹64,952 million, making the issue appear 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 only rating for the issue,” the brokerage firm said.
Meanwhile, SBI Securities has recommended ‘subscribe’, saying that Corona Remedies is a domestic-focused branded formulations company that manufactures and markets 71 brands, including market-leading brands like Trazer, COR, Myoril, etc. At the upper price band of ₹1,062, the stock trades at a FY25 P/E multiple of 43.5x based on post-issue capital.
Between FY23-FY25, the company has demonstrated strong financial resilience, delivering Revenue/EBITDA/PAT CAGR of 16.3%/ 36.9%/32.6% respectively. Corona’s plans to expand its field force to deepen geographical presence and its ongoing capex for a hormone manufacturing facility (~2x of current net block), which is expected to be commissioned during FY27, will act as levers for its next leg of growth. Further, looking at healthy return ratios, lean balance sheet and valuations which are in line with peers, we recommend investors to SUBSCRIBE to the issue at the cut-off price,” the firm said in a note.
Corona Remedies IPO details
This ₹655.37 crore public offering is entirely an offer for sale (OFS) of 0.62 crore shares, with no new equity issuance. Existing shareholders — including Sepia Investments, Anchor Partners, and Sage Investment Trust — will offload part of their holdings. Since the IPO is fully an OFS, the company will not receive any funds from the issue.
The price band has been set at ₹1,008– ₹1,062 per share. For retail investors, the minimum bid is one lot of 14 shares, requiring an investment of ₹14,868 at the upper end of the range. Additional bids must also be in multiples of 14 shares.
The allotment is expected to be finalised on Thursday, December 11. Successful applicants should see shares credited to their demat accounts on Friday, December 12, with refunds to non-allottees processed the same day. The stock is scheduled to debut on the BSE and NSE on Monday, December 15.
Of the total issue, 35% is earmarked for retail investors, 50% for qualified institutional buyers (QIBs), and 15% for non-institutional investors (NIIs). JM Financial, IIFL Capital, and Kotak Capital are the book-running lead managers, while Bigshare Services is the registrar.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.