Corona Remedies Share Price Soars 38% Above IPO on NSE Debut
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Corona Remedies shares debuted strongly on the NSE, opening at a 38% premium. Here's a look at investor returns and the details of the IPO.
Shares of Corona Remedies made a strong debut on the National Stock Exchange (NSE), opening at ₹1,470 per share. This represents a 38.42% increase over the initial public offering (IPO) price of ₹1,062.
On the Bombay Stock Exchange (BSE), the stock began trading at ₹1,452, a 36.72% rise from the IPO price.
**Investor Returns**
With a lot size of 14 shares, investors who were allocated shares in the Corona Remedies IPO saw a profit of ₹20,580 per lot upon listing.
The IPO aimed to raise ₹655.68 crore through an offer for sale (OFS) of 0.62 crore shares. The shares were offered by promoters Dr Kirtikumar Laxmidas Mehta, Minaxi Kirtikumar Mehta, Dipabahen Niravkumar Mehta, Brinda Ankur Mehta, and existing investors Anchor Partners, Sepia Investments, and Sage Investment Trust.
The company stated in its red herring prospectus (RHP) that the listing of equity shares is expected to enhance visibility and brand recognition, provide liquidity to existing shareholders, and create a public market for its shares in India.
The IPO was heavily oversubscribed, with bids placed for 62,65,41,440 equity shares compared to the 45,71,882 shares on offer, resulting in a subscription rate of 137.04 times, according to BSE data.
Prior to the IPO, Corona Remedies secured ₹195 crore from anchor investors. These included SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Axis MF, Invesco MF, DSP MF, Kotak MF, and SBI Life Insurance Company, among others.
Headquartered in Ahmedabad, Corona Remedies is a pharmaceutical company focused on developing, manufacturing, and marketing pharmaceutical formulations in areas such as women's healthcare, pain management, cardio-diabetology, and urology.
