Corona Remedies share price: Stock debuts at over 38% premium on NSE; here's how much investors made

The stock listed at ₹1,470 per share on the NSE, reflecting a premium of 38.42% over the IPO issue price of ₹1,062.

On the BSE, the scrip started trading at ₹1,452, up 36.72% from the issue price.

Corona Remedies share price: Here's how much investors made per lot

A lot consisted of 14 shares. Investors who received the Corona Remedies IPO allotment made ₹20,580 per lot.

The initial public offer sought to raise ₹655.68 crore via solely an offer for sale (OFS) of 0.62 crore shares by promoters Dr Kirtikumar Laxmidas Mehta, Minaxi Kirtikumar Mehta, Dipabahen Niravkumar Mehta Brinda Ankur Mehta and existing investors Anchor Partners, Sepia Investments and Sage Investment Trust.

"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," the company said in its red herring prospectus (RHP).

The IPO was booked 137.04 times, as investors placed bids for 62,65,41,440 equity shares compared to 45,71,882 shares on offer, according to the BSE data.

Before the IPO, the company had raised ₹195 crore from anchor investors, including SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Axis MF, Invesco MF, DSP MF, Kotak MF and SBI Life Insurance Company, among others.

Corona Remedies, which is headquartered in Ahmedabad, is a pharmaceutical formulation company involved in the development, manufacturing and marketing of products in women's healthcare, pain management, cardio-diabetology, urology and other therapeutic areas.