Corona Remedies GMP in focus: Pharmaceutical firm Corona Remedies, whose IPO garnered massive investor interest during its three-day bidding period, with subscription crossing over 144 times, is set to debut on the bourses on Monday, December 15.
Ahead of the listing, the shares are commanding a solid grey market premium (GMP). According to market sources, they are quoting at ₹291 per share, and taking the shares’ upper band issue price of ₹1,062 and the current GMP into account, the estimated listing price of Corona Remedies comes to ₹1,353 per share, which is 27.40% higher.
The grey market premium reflects the expected difference between an IPO’s issue price and its anticipated listing price in the unofficial market. However, analysts caution that GMP is only an early indicator and should not be the sole factor in making investment decisions.
Corona Remedies IPO subscription details
The company raised ₹655.38 crore from investors, which is entirely an offer for sale of 0.62 crore shares, offering shares in the range of ₹1,008– ₹1,062 per equity share.
The issue, which ran between December 8 and December 10, attracted bids for 62.67 crore shares against over 43.36 lakh shares on offer, resulting in a subscription rate of 144.4 times, as per exchange data.
The qualified institutional buyer (QIB) segment saw a strong spike in demand, with the quota being subscribed 293.80 times, while the non-institutional investor (NII) portion was subscribed 220 times, and the retail investor portion was subscribed 30.39 times. The employee quota was also subscribed 15.56 times.
The issue has allocated 35% of shares for retail investors, 50% for qualified institutional buyers (QIBs), and 15% for non-institutional investors (NIIs). Since the issue is an offer-for-sale (OFS), all proceeds from the IPO will go to the existing shareholders and cover the associated issue expenses.
About Corona Remedies
Corona Remedies, headquartered in Gujarat, operates as a pharmaceutical manufacturer with offerings across women’s health, cardio-diabetes, pain management, urology, and several additional therapeutic categories. The company runs two manufacturing facilities, one located in Gujarat and the other in Himachal Pradesh.
According to the RHP, the company reported a net profit of ₹46.19 crore for Q1 FY26, following a full-year net profit of ₹149.43 crore in FY25. Revenue from core operations reached ₹346.54 crore in the second quarter of FY26, while total revenue for FY25 stood at ₹1,196.41 crore.
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