Corona Remedies IPO

The Corona Remedies IPO comprises 61,71,101 equity shares at a face value of ₹10 aggregating up to ₹655.37 crores. It is a book-built IPO and with a price band of ₹1,008 to ₹1,062 per share. The offering is scheduled to open on 8 December 2025 and close on 10 December 2025. It is anticipated that it will be enrolled on 15 December 2025.

Company Background

Corona Remedies Limited IPO is a branded pharmaceutical formulations company incorporated in August 2004, headquartered in Ahmedabad, with an operational office in Mumbai. It specializes in women’s health care, cardio-diabeto, pain management, urology and multi-specialty segments such as vitamins/minerals/nutrition, gastrointestinal and respiratory. The company has a pan-India sales and marketing network with 2,671 medical representatives promoting its 71 brands across 22 states as of June 30, 2025.

Operations And Product Range

Facility And Production

Corona Remedies operates 2 manufacturing sites, which are based in Gujarat (Bavla/Bhayla) and Himachal Pradesh (Solan), that have a combined installed capacity for formulations of 1,285.44 million units p.a., supported by 11 production lines. There is a new hormone facility in Gujarat under commissioning, which will come on stream from Q1 FY2027. The facilities have certifications such as EU-GMP and WHO-GMP, which serve both domestic and international requirements.

Brands And Market Presence

Corona Remedies ranks as the second fastest-growing among the top 30 companies in the Indian Pharmaceutical Market (IPM) with a CAGR of 13.58% from MAT June 2024 to June 2025, outperforming IPM's 7.90% growth. The top five therapeutic segments contribute around 79% of net sales, with 50-60% from chronic areas like women’s health and cardio-diabeto for revenue stability. The company leads in categories like progesterone, dydrogesterone and norethisterone in female hormones, holding 4% market share.​

Corona Remedies IPO Revenue Channels

Revenue primarily comes from branded formulations in chronic and acute therapeutic areas, with top 10 brands contributing about 47% of FY2024 net sales. FY2025 revenue reached ₹1,202.35 crore (up 18% YoY), while profit after tax (PAT) grew 65% to ₹149.43 crore, reflecting strong margins with EBITDA at 20.55% and PAT margin at 12.49%. In-house manufacturing accounts for ~64% of sales, with plans to increase to 75% via expansions.

Management And Shareholding

Promoters And Shareholding

Key promoters of Corona Remedies are Dr. Kirtikumar Laxmidas Mehta (Chairman), Niravkumar Kirtikumar Mehta (MD & CEO), Dipabahen Niravkumar Mehta, Minaxi Kirtikumar Katira and Brinda Ankur Mehta and they, along with anchor investors Sepia Investments, Anchor Partners, as well as Sage Investment Co SPC offering to sell through OFS. Pre-IPO shares are owned by affiliates of ChrysCapital. The shareholding is also the same at 6,11,60,088 shares after the IPO, as it’s a pure OFS.

Board Members

The board features Chairman Kirtikumar Laxmidas Mehta, MD Niravkumar Kirtikumar Mehta and recently appointed independent directors to strengthen governance. Other key executives include Joint MD Ankur Kirtikumar Mehta and Company Secretary Chetna Prabhatkumar Dharajiya.