Corona Remedies IPO is a book-built public issue totaling ₹655.37 crore, consisting entirely of an Offer for Sale of 0.62 crore equity shares. The IPO will open on December 8, 2025, and close on December 10, 2025, with the allotment expected on December 11, 2025. The company is proposed to list on the BSE and NSE, with a tentative listing date of December 15, 2025.
The price band for the IPO has been set between ₹1,008 and ₹1,062 per share. Investors can apply for a minimum lot of 14 shares, requiring a retail investment of ₹14,868 at the upper price band. For sNII investors, the minimum application size is 14 lots (196 shares) amounting to ₹2,08,152, while for bNII investors, it is 68 lots (952 shares) totaling ₹10,11,024.
JM Financial Ltd is acting as the Book Running Lead Manager for the issue, and Bigshare Services Pvt. Ltd will serve as the registrar. Refer to Corona Remedies IPO RHP for complete details.
Corona Remedies IPO Objectives
The purpose of the Offer is to enable the listing of the Equity Shares on the Stock Exchanges and to facilitate an Offer for Sale of Equity Shares, each with a face value of ₹10, totaling ₹6,553.71 million.
About Corona Remedies Limited
Corona Remedies Limited is an India-focused branded pharmaceutical formulation company involved in developing, manufacturing, and marketing products across women’s healthcare, cardio-diabeto, pain management, urology, and other therapeutic areas.
As of June 30, 2025, its diversified product portfolio includes 71 brands catering to various segments such as women’s healthcare, cardio-diabeto, pain management, urology, and multispecialty pharmaceuticals including vitamins, minerals, nutrition (VMN), gastrointestinal, and respiratory products.
The company offers a comprehensive portfolio across multiple stages of treatment in its key therapeutic focus areas.
- Women’s healthcare:Corona Remedies Limited provides brands that cover the entire women’s healthcare lifecycle—from adolescence to infertility, pregnancy, post-pregnancy, and pre- and post-menopause segments.
- Cardio-diabeto:The company markets products across several stages of diabetes management, including insulin resistance, pre-diabetes, diabetes, and diabetes-related complications. It also has offerings for cardiac conditions such as hypertension, dyslipidemia, and ischemic heart disease.
- Pain Management:The portfolio includes four dosage forms—tablets, capsules, sprays, and injections, used in treating musculoskeletal spasms, diabetic neuropathy, and related pain conditions. The acquisition of the “Myoril” brand from Sanofi in FY 2024 strengthened its presence in the pain management segment.
- Urology:The company has a range of brands addressing key urological disorders, including benign prostatic hyperplasia, overactive bladder, urinary tract infections, and stone management.
Through a strong focus on brand building, Corona Remedies Limited has developed one flagship brand (B-29) that generates over ₹1 billion in annual revenue. Additionally, six brands, Myoril, Tricium, Cortel, Obimet, Eema, and Rosuless, each contribute between ₹500 million and ₹1 billion in revenue. A further seven brands deliver revenue in the range of ₹300 million to ₹500 million individually.
Industry Outlook
- India’s healthcare sector is expected to expand steadily, supported by favourable demographics, rising healthcare awareness, increasing insurance penetration and supportive government policies. These structural factors are anticipated to drive sustained demand for pharmaceutical products in the coming years.
- The global pharmaceuticals market has grown at around 5% CAGR from 2019 to 2024 and continues to witness healthy momentum. Although growth moderated in 2023 after strong post-pandemic expansion, 2024 marked a return to stable growth driven by key regulated and semi-regulated markets.
- The global pharmaceutical market is projected to maintain a robust CAGR of 5.5–6.5% between 2024 and 2028, reaching $2,100–$2,200 billion by 2029. This growth is expected to be supported by rising volumes in pharmerging markets and continued new product introductions in developed economies.
How To Apply for the Corona Remedies IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Corona Remedies IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Corona Remedies IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Corona Remedies Limited
Registered office: CORONA House, C – Mondeal Business Park, Near Gurudwara S. G. Highway, Thaltej Ahmedabad 380 059, Gujarat, India.
Phone: +91 79 4023 3000
Email: complianceofficer@coronaremedies.com
Corona Remedies IPO Reservation
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII | · Employee limit: (In certain cases, employees are given discount if bidding amount is upto Rs. 2 lakhs) · If applying as RII: Upto Rs. 2 lakhs · If applying as NII: sNII > Rs. 2 lakhs and upto Rs. 10 lakhs and bNII > Rs. 10 lakhs | Yes for Employee and RII/NII |
Corona Remedies IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 1 | 14 | ₹14,868 |
| Individual investors (Retail) (Max) | 13 | 182 | ₹1,93,284 |
| HNI (Min) | 14 | 196 | ₹2,08,152 |
Corona Remedies IPO Promoter Holding
The company's promoters are Dr. Kirtikumar Laxmidas Mehta, Niravkumar Kirtikumar Mehta and Ankur Kirtikumar Mehta.
| Share Holding Pre-Issue | 72.50% |
| Share Holding Post Issue  | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Corona Remedies IPO
| KPI | Value (As of and for the three months ended June 30, 2025) |
| RoCE (%) | 11.28 |
| RoE (%) | 7.61 |
| PAT Margin (%) | 13.33 |
| EBITDA Margin (%) | 20.72 |
Corona Remedies IPO Registrar and Lead Managers
Corona Remedies IPO Lead Managers
- JM Financial Ltd
- IIFL Capital Services Ltd
- Kotak Mahindra Capital Co Ltd
Registrar for Corona Remedies IPO
Bigshare Services Pvt Ltd
- Phone: +91-22-6263 8200
- Email: ipo@bigshareonline.com
Financial Performance of Corona Remedies Limited
| Particulars (Unit) | Jun 30, 2025 | FY 2025 | FY 2024 | FY 2023 |
| Revenue from operations (₹ million) | 3,465.42 | 11,964.15 | 10,144.74 | 8,840.50 |
| Revenue – domestic (% of total) | 96.34% | 96.33% | 96.62% | 96.39% |
| Revenue – international (% of total) | 3.66% | 3.67% | 3.38% | 3.61% |
| EBITDA (₹ million) | 717.96 | 2,459.13 | 1,611.90 | 1,350.30 |
| Profit after tax (₹ million) | 461.96 | 1,494.34 | 905.03 | 849.29 |
| Net Debt / (Net Cash) (₹ million) | (179.99) | (66.40) | 621.20 | (952.47) |
Peer Comparison
| Company Name | P/E | Revenue from Operations (₹ million) | RoNW (%) |
| Corona Remedies Limited | - | 11,964.15 | 24.65% |
| Abbott India Limited | 45.17 | 64,091.50 | 33.41% |
| Alkem Laboratories Limited | 31.39 | 1,29,645.20 | 18.07% |
| Eris Lifesciences Limited | 61.81 | 28,936.40 | 12.21% |
| GlaxoSmithKline Pharmaceuticals Limited | 46.87 | 37,492.10 | 47.54% |
| J.B. Chemicals & Pharmaceuticals Limited | 42.60 | 39,179.89 | 19.21% |
| Mankind Pharma Limited | 45.77 | 1,22,074.40 | 13.89% |
| Pfizer Limited | 29.63 | 22,813.50 | 18.20% |
| Sanofi India Limited | 24.47 | 20,132.00 | 48.05% |
| Torrent Pharmaceuticals Limited | 65.91 | 1,15,160.90 | 25.18% |
Strengths and Opportunities of Corona Remedies Limited
- Corona Remedies Limited is the second fastest-growing company among the top 30 Indian pharmaceutical players by domestic sales between MAT June 2022 and MAT June 2025.
- Its India-focused branded formulation model positions it strongly to tap the expanding domestic pharmaceutical market.
- The company has built a diversified product portfolio of 71 brands across key therapy areas as of June 30, 2025.
- Core therapy segments such as women’s health, cardio-diabeto, pain management and urology contributed 68.26% of domestic sales, growing at 22.40% CAGR.
- Low exposure to the National List of Essential Medicines (NLEM) enables greater pricing flexibility and revenue stability.
- A strong set of 27 “engine” brands contributed 72.34% of domestic sales in MAT June 2025, showcasing brand-building capabilities.
- The company benefits from a pan-India sales network and a marketing strategy focused on the fast-growing “middle of the pyramid” segment.
- Its two manufacturing facilities and upcoming hormone plant, backed by strong R&D, support scalable growth and differentiated product development.
Risks and Threats of Corona Remedies Limited
- Heavy dependence on key therapeutic areas, women’s healthcare, cardio-diabeto, and pain management, makes revenues vulnerable if products underperform or face stronger competition.
- A significant share of domestic sales comes from 27 “engine” brands; any slowdown in these core brands may materially impact overall business performance.
- With over 96% of revenue generated from India, any decline in domestic demand or failure to grow international markets poses a business risk.
- Nearly half of domestic sales are concentrated in a few states, increasing exposure to region-specific disruptions or regulatory challenges.
- High dependence on chronic and sub-chronic segments exposes the company to uncertainties in long-term treatment trends and prescription behavior.
- Reliance on third-party suppliers without long-term contracts, including a key group company for APIs, raises risks of supply interruptions and cost volatility.
- Trademark gaps and pending or opposed applications may weaken brand protection and expose products to imitation risks.
- Dependence on a limited number of C&F agents for distribution increases vulnerability to agent-related disruptions, financial stress, or loss of key partners.
