Corona Remedies sets price band for IPO

Pharma firm Corona Remedies, which is backed by private equity firm ChrysCapital, on Wednesday fixed a price band of Rs 1,008-1,062 per share for its upcoming Initial Public Offering (IPO), valuing the company at nearly Rs 6,500 crore.

The company’s Rs 655.37 crore maiden public offering, which is entirely an Offer For Sale (OFS) by promoters and existing investors, will open for public on December 8 and conclude on December 10, according to its public announcement. Anchor investors will be allocated shares on December 5, it added.

As per the red herring prospectus, the company has revised its IPO size to Rs 655.37 crore, lower than the Rs 800 crore initially planned at the time of submitting draft papers in late April. Under the OFS route, existing investors --Sepia Investments, Anchor Partners and Sage Investment Trust -- along with promoters-- plan to offload shares.

Since it’s an OFS, the company will not receive any proceeds from the public issue and the entire amount will go to selling shareholders. Corona Remedies will make its stock market debut on December 15.