Nephrocare Health Services IPO...
04 Dec, 2025
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.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Corona Remedies IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Corona Remedies IPO Details
| Detail | Description |
|---|---|
| IPO Date | December 8, 2025 to December 10, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹1008 to ₹1062 per share |
| Lot Size | 14 Shares |
| Sale Type | Offer For Sale |
| Total Issue Size | 61,71,101 shares (aggregating up to ₹655.37 Cr) |
| Employee Discount | ₹54.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 6,11,60,088 shares |
| Share Holding Post Issue | 6,11,60,088 shares |
Corona Remedies IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Mon, Dec 8, 2025 |
| IPO Close Date | Wed, Dec 10, 2025 |
| Tentative Allotment | Thu, Dec 11, 2025 |
| Initiation of Refunds | Fri, Dec 12, 2025 |
| Credit of Shares to Demat | Fri, Dec 12, 2025 |
| Tentative Listing Date | Mon, Dec 15, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wed, Dec 10, 2025 |
Corona Remedies IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 14 | ₹14,868 |
| Individual investors (Retail) (Max) | 13 | 182.00 | ₹1,93,284 |
| S-HNI (Min) | 14 | 196 | ₹2,08,152 |
| S-HNI (Max) | 67 | 938 | ₹9,96,156 |
| B-HNI (Min) | 68 | 952 | ₹10,11,024 |
Corona Remedies IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 72.50% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- Key strengths of Corona Remedies IPO include robust growth (revenue +18%, PAT +65% in FY2025), high ROE of 27.50%, ROCE of 41.32%, low debt/equity at 0.10 and a diversified portfolio in high-margin chronic segments. Strong pan-India distribution and manufacturing expansions position it for IPM outperformance. Certifications like EU-GMP and leadership in women’s health enhance credibility.
Corona Remedies IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 1,012.38 | 348.56 | 46.2 | 607.02 | 106.65 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 929.86 | 1,202.35 | 149.43 | 606.34 | 62.7 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 830.58 | 1,020.93 | 90.5 | 480.41 | 134.14 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 595.02 | 891.1 | 84.93 | 408.52 | 2.33 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 27.50% |
| ROCE | 41.32% |
| Debt/Equity | 0.1 |
| RoNW | 24.65% |
| PAT Margin | 12.49% |
| EBITDA Margin | 20.55% |
| Price to Book Value | 10.71 |
| Market Capitalization | ₹6,495.20 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 24.43 | 30.21 |
| P/E (x) | 43.47 | 35.15 |
IPO Objectives
The Corona Remedies IPO proceeds will go to the selling shareholders (No fresh capital will be raised by the company as this is a 100% OFS issue), including promoters and investors. The object of the listing is to improve the visibility and brand image, and provide liquidity to its existing and new investors in the shares on BSE & NSE. The money remains with the sellers, such as the Mehta family and associates of ChrysCapital.
Conclusion
Corona Remedies IPO is a fundamentally sound company with a strong healthcare sector driven by its chronic therapy market leadership and cost-efficient business model. With strong financials and a growth trajectory, it offers investors an opportunity for exposure to a rapidly growing IPM player.
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Frequently asked Questions (FAQs )
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Q1: How big is the Corona Remedies IPO?
The IPO size is ₹655.37 crore, entirely OFS of 61,71,101 shares.
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Q2: Who are the promoters of Corona Remedies?
Dr. Kirtikumar Laxmidas Mehta, Niravkumar Kirtikumar Mehta and family members are key promoters.
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Q3: What is the goal of the Corona Remedies IPO?
Pure OFS for shareholder liquidity and listing benefits, like enhanced visibility.
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Q4: Where are Corona Remedies manufacturing plants?
Facilities in Gujarat (Bavla/Bhayla) and Himachal Pradesh (Solan).
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Q5: Which products are sold by Corona Remedies?
71 brands in women’s healthcare, cardio-diabeto, pain, urology and multispecialty formulations.
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Q6: What is the financial performance of the Corona Remedies IPO?
FY2025 revenue ₹1,202 crore (+18% YoY), PAT ₹149 crore (+65% YoY), EBITDA margin 20.55%.
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