Corona Remedies IPO Day 2: Issue Subscribed Over 4x; Strong GMP and Analyst Calls Boost Sentiment

The initial public offering (IPO) of Corona Remedies Ltd entered its second day of bidding on Tuesday, December 9, 2025, witnessing a sharp surge in investor participation after a relatively muted opening day. The pharmaceutical company, known for its portfolio in women’s health, cardiology, urology, and pain management, aims to raise ₹655.37 crore through a complete offer for sale (OFS) of 61.71 lakh equity shares.

Subscription Status So Far

According to NSE data at 2:00 PM on Day 2, the IPO has been subscribed 4.71 times, driven primarily by robust demand from retail and non-institutional investors.

Retail Investors: 4.28x

Non-Institutional Investors (NII): 11.99x

Qualified Institutional Buyers (QIB): 0.10x

On Day 1, the issue was subscribed 62%, led mostly by retail participation.

IPO Details

Price Band: ₹1,008–₹1,062 per share

Issue Size: ₹655.37 crore (OFS)

Lot Size: 14 shares (minimum investment ₹14,868)

Subscription Window: December 8–10

Allotment Date: December 11

Listing Date: December 15 on BSE & NSE

Book Running Lead Manager: JM Financial

Registrar: Bigshare Services Pvt. Ltd.

Since the offering is an OFS, the company will not receive any proceeds; all gains will go to the selling shareholders after taxes and expenses.

Strong Grey Market Premium (GMP)

The IPO continues to trade at a strong premium in the unlisted market.

GMP Today: ₹290

Estimated Listing Price: Around ₹1,352 (27.31% above upper price band)

A steady GMP indicates positive listing expectations among grey market participants.

Financial Performance & Brokerage Views

Corona Remedies has delivered impressive financial growth between FY23 and FY25:

Revenue CAGR: 16%

EBITDA CAGR: 37%

PAT CAGR: 33%

FY25 ROE / ROCE: 24.6% / 30.1%

Brokerages remain bullish:

BP Equities: Subscribe — citing strong performance, leadership in high-value therapies, and long-term growth potential.

Nirmal Bang: Subscribe — considers valuations attractive compared to industry peers, with sustained margins and healthy return ratios.

At the upper price band of ₹1,062, the IPO is valued at 43.5x FY25 P/E, in line with pharma sector valuations.

Should You Apply?

Analysts broadly recommend subscribing, citing:

Strong financials and earnings momentum

Dominance in chronic therapies

High GMP and healthy oversubscription

Attractive valuation relative to competitors

The IPO is expected to see increasing traction as it approaches closing day on December 10.