The initial public offering (IPO) of Ahmedabad-based pharmaceutical firm Corona Remedies Limited witnessed robust investor interest on Tuesday, the second day of the bidding process. As of December 9, 2025, the issue has been subscribed 9.33 times, driven primarily by aggressive bidding from Non-Institutional Investors (NIIs).
The Rs 655.37-crore public offer, which is entirely an Offer for Sale (OFS), will close for subscription tomorrow, Wednesday, December 10.
Subscription Status: Day 2 Highlights
According to the data available from the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), the IPO received bids for shares significantly exceeding the offer size on the second day.
- Non-Institutional Investors (NIIs): This category saw the highest demand, with the portion subscribed approximately 26.80 times. High Net-worth Individuals (HNIs) have shown immense confidence in the company’s business model and growth trajectory.
- Retail Individual Investors (RIIs): The retail portion also saw healthy participation, booked around 6.37 times the allotted quota.
- Qualified Institutional Buyers (QIBs): Institutional participation, which typically surges on the final day, stood at 1.67 times so far.
- Employee Quota: The portion reserved for employees was subscribed 4.03 times, indicating strong internal confidence.
GMP and Market Sentiment
Market observers report that the Grey Market Premium (GMP) for Corona Remedies is currently hovering around Rs 262 per share. Considering the upper price band of Rs 1,062, this suggests a potential listing price of approximately Rs 1,324, translating to a listing gain of roughly 24.67%.
While the GMP has seen a slight adjustment from the highs of Rs 290 earlier in the week, it remains stable, reflecting positive sentiment towards the company’s fundamentals.
IPO Details and Financials
- Price Band: Rs 1,008 to Rs 1,062 per equity share.
- Lot Size: Investors can bid for a minimum of 14 shares and in multiples thereof.
- Issue Structure: The IPO is a complete Offer for Sale (OFS) of 0.62 crore equity shares by promoters and existing shareholders. The company will not receive any proceeds from the issue.
Corona Remedies has demonstrated strong financial performance, reporting a profit after tax (PAT) of Rs 149.43 crore for FY25, up significantly from previous years. The company’s revenue from operations stood at Rs 1,196 crore for the same period. Known for its focus on women’s healthcare, cardio-diabetic, and pain management therapies, the company operates two manufacturing facilities in Gujarat and Himachal Pradesh.
Upcoming Timeline
- Subscription Closes: Wednesday, December 10, 2025.
- Allotment Finalisation: Thursday, December 11, 2025 (Tentative).
- Refund Initiation/Demat Credit: Friday, December 12, 2025.
- Listing Date: The shares are expected to list on BSE and NSE on Monday, December 15, 2025.
Brokerage firms have largely recommended “Subscribe for Long Term,” citing the company’s strong brand recall, high margins in chronic therapies, and consistent growth, despite valuations appearing fully priced compared to peers.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors are advised to consult with certified financial experts before making investment decisions.
