Corona Remedies, a ChrysCapital-backed pharmaceutical formulation company headquartered in Ahmedabad, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise ₹800 crore via an initial public offering (IPO).

Corona Remedies Files DRHP With SEBI, Readies ₹800 Cr Offer-for-Sale IPO

Corona Remedies, a ChrysCapital-backed pharmaceutical formulation company headquartered in Ahmedabad, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise ₹800 crore via an initial public offering (IPO). The entire ₹800 crore issue is structured as an Offer-for-Sale, with no fresh shares being issued and all proceeds accruing to selling shareholders. Existing investors Sepia Investments, Anchor Partners and Sage Investment Trust will offload their stakes through this OFS route. The shares are proposed to list on both the BSE and the NSE, with JM Financial, IIFL Capital Services and Kotak Mahindra Capital appointed as book running lead managers.

Background and Business Profile

Founded on August 27, 2007, Corona Remedies has emerged as one of the fastest-growing players in India’s pharmaceutical formulation space. Backed by private equity firm ChrysCapital—which currently holds a 27.5 percent stake—the company has climbed to become the second fastest-growing entity among the top 30 domestic pharma firms. In the latest industry rankings, Corona Remedies stood 30th overall in the Indian pharmaceutical market and was the sixth largest in the women’s healthcare segment. In FY24, the company reported revenues of ₹1,014.5 crore and marketed 67 distinct brands across therapeutic areas such as cardiovascular and diabetes care, pain management, urology and women’s health.

IPO Details

The DRHP filing on May 1, 2025, marks a critical step toward Corona Remedies’ public listing, as SEBI reviews the document ahead of the IPO timetable. By opting exclusively for an Offer-for-Sale, the company enables its early backers to monetize their investment without injecting fresh capital into operations. Under the OFS structure, Corona Remedies itself will not receive any proceeds from the issue; all funds will flow to selling shareholders. Listing on both premier bourses is expected to boost share liquidity and broaden the company’s investor base post-listing.

Key Stakeholders

The DRHP names Dr Kirtikumar Laxmidas Mehta, Niravkumar Kirtikumar Mehta and Ankur Kirtikumar Mehta as the promoters leading the public offering process. Principal selling shareholders include PE affiliates Sepia Investments, Anchor Partners and Sage Investment Trust, each exiting via the OFS mechanism. JM Financial, IIFL Capital Services and Kotak Mahindra Capital Company have been appointed as the book running lead managers, charged with overseeing pricing, subscription and allotment activities. SEBI’s approval of the DRHP will formally trigger the IPO window, after which the company will announce the subscription dates and price band.

Market Context and Implications

The exclusive use of an OFS route reflects a broader trend among PE-backed Indian firms seeking orderly exits without diluting existing equity. Corona Remedies’ strong positioning in high-growth therapeutic segments—particularly women’s healthcare—should attract investor interest despite the absence of a fresh-issue component. Moreover, with a steady pipeline of pharma IPOs and renewed investor focus on healthcare plays, the company’s public debut is poised to find robust demand. The successful listing will also validate ChrysCapital’s investment strategy and underscore the bankability of specialty pharma franchises in India.

Conclusion

Corona Remedies’ DRHP filing for an ₹800 crore OFS-only IPO sets the stage for a landmark exit by early investors and highlights the company’s growth trajectory in India’s pharmaceutical landscape. By leveraging an OFS structure, the promoters and PE backers can realize gains while the business continues its operational focus unencumbered. As SEBI reviews the DRHP and market conditions remain favorable for pharma listings, all eyes will be on the forthcoming subscription dates and the stock’s performance upon debut. Once listed, Corona Remedies is well-positioned to harness enhanced liquidity and investor confidence to fuel its next phase of growth.

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