Corona Remedies Limited Makes Exceptional Debut with 36.72% Premium, Lists at ₹1,452.00 Against Outstanding Subscription

Corona Remedies Limited, incorporated in 2004 as pharmaceutical company developing, manufacturing, and marketing products in women's healthcare, cardiology, pain management, urology, and other therapeutic areas with diverse portfolio of 71 brands across women's healthcare, cardio-diabeto, pain management, urology, and multispecialty pharmaceuticals including vitamins, minerals, nutrition, gastrointestinal, and respiratory products served through pan-India marketing and distribution network with 2,671 medical representatives in 22 states, made an exceptional debut on BSE and NSE on December 15, 2025. After closing its IPO bidding between December 8-10, 2025, the company commenced trading with a premium of 36.72% opening at ₹1,452.00 and touched ₹1,499.00 (up 41.15%).

Corona Remedies Limited Listing Details

Corona Remedies launched its IPO at ₹1,062 per share with minimum investment of 14 shares costing ₹14,868. The IPO received outstanding response with subscription of 144.54 times - retail investors at 30.39 times, QIB at 293.80 times, NII at 220.18 times.

First-Day Trading Performance

Listing Price: Corona Remedies opened at ₹1,452.00 representing premium of 36.72% from issue price of ₹1,062.00, touched high of ₹1,499.00 (up 41.15%) and low of ₹1,430.10 (up 34.65%), with VWAP at ₹1,462.41, reflecting exceptional market enthusiasm with strong listing gains supported by outstanding subscription of 144.54 times despite 100% offer for sale structure and analyst view of fully priced valuation.

Growth Drivers and Challenges

Growth Drivers:

Market Leadership: Second fastest growing company in top 30 Indian pharmaceutical companies by domestic sales from MAT June 2022 to MAT June 2025, well-positioned to seize opportunities in the Indian pharmaceutical market with strong growth momentum.

Strong Growth Trajectory: Revenue increased 18% and PAT surged 65% between FY24 and FY25, exceptional ROE of 27.50%, robust ROCE of 41.32%, RoNW of 24.65%, healthy PAT margin of 12.49%, strong EBITDA margin of 20.55%, minimal debt-to-equity of 0.10 demonstrating operational excellence.

Challenges:

Valuation Concerns: Issue appears fully priced according to analyst review despite strong recommendation, post-issue P/E of 35.15x appears elevated for pharmaceutical sector, price-to-book of 10.71x indicating premium valuation.

Competitive Market: Operating in competitive pharmaceutical sector with established players, dependence on medical representative network requiring ongoing investment, regulatory risks inherent in pharmaceutical manufacturing and marketing, borrowings increased from ₹62.70 crore in FY25 to ₹106.65 crore in Q1-FY26 indicating working capital pressures despite strong margins.

Utilisation of IPO Proceeds

Offer for Sale: Entire ₹655.37 crore proceeds go to selling shareholders with zero fresh issue component, company receives no funds for capacity expansion, debt repayment, working capital, or growth initiatives, creating questions about future growth capital requirements and potential dilution down the line.

Financial Performance

Revenue: ₹1,202.35 crore for FY25, growth of 18% from ₹1,020.93 crore in FY24, reflecting expanding sales of 71 brands across women's healthcare, cardio-diabeto, pain management, urology, and multispecialty pharmaceuticals through pan-India network.

Net Profit: ₹149.43 crore in FY25, impressive growth of 65% from ₹90.50 crore in FY24, demonstrating strong operational leverage through specialized chronic pharma products carrying high margins and efficient marketing network.

Financial Metrics: Exceptional ROE of 27.50%, robust ROCE of 41.32%, minimal debt-to-equity of 0.10, RoNW of 24.65%, healthy PAT margin of 12.49%, strong EBITDA margin of 20.55%, price-to-book of 10.71x, post-issue EPS of ₹30.21, P/E of 35.15x, net worth of ₹606.34 crore, total borrowings of ₹62.70 crore increasing to ₹106.65 crore in Q1-FY26, and market capitalisation of ₹9,009.49 crore representing second fastest growing company in top 30 Indian pharmaceutical companies with exceptional listing premium of 36.72%.