Corona Remedies IPO opens December 8: Check price band, lot size, objectives, key dates and more

Corona Remedies IPO: Pharmaceutical company Corona Remedies' initial public offering will open for subscription on Monday, December 8. The issue, which will end on December 10, has set a price band of ₹1,008 to ₹1,062 per share. The bidding for anchor investors will occur on December 5.

The initial share sale is solely an offer for sale (OFS) of equity shares aggregating to ₹655.37 crore. There is no fresh issue component.

Those selling their shares under the OFS include promoters Dr Kirtikumar Laxmidas Mehta, Dipabahen Niravkumar Mehta, Minaxi Kirtikumar Mehta and Brinda Ankur Mehta. Additionally, investors Anchor Partners, Sepia Investments and Sage Investment will also divest their stake.

In its red herring prospectus, the firm said, "Our company expects that listing of the equity shares will enhance our visibility and brand and provide liquidity to its existing shareholders. Listing will also provide a public market for the equity shares in India."

Corona Remedies IPO: Lot size

The minimum investment for a retail investor is 14 shares. Half of the net offer has been reserved for qualified institutional buyers, 35% for retail individual investors and 15% for non-institutional investors.

Corona Remedies IPO: Timeline

JM Financial, IIFL Capital and Kotak Mahindra Capital Company are the issue's book-running lead managers, while Bigshare Services Pvt Ltd is the registrar.

About Corona Remedies

Corona Remedies is an India-focused branded pharmaceutical formulation firm involved in developing, manufacturing and marketing products in women’s healthcare, pain management, cardio-diabeto, urology and other therapeutic areas. It is the fastest-growing company among the top 30 firms in the Indian pharmaceutical market in terms of domestic sales, according to the CRISIL Intelligence Report.

With two manufacturing facilities located in Gujarat, the company's diverse portfolio includes 71 brands.