Pharmaceutical company Corona Remedies is taking a significant step toward the public market by filing preliminary documents with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) valued at ₹800 crore. This offering will be structured entirely as an offer for sale (OFS), meaning existing shares will be sold by current investors and promoters rather than issuing new ones.
Details of the IPO
According to the draft red herring prospectus (DRHP), the IPO will feature several stakeholders, including the promoter group led by Dr. Kirtikumar Laxmidas Mehta and current investors like ChrysCapital and its affiliates—Sepia Investments, Anchor Partners, and Sage Investment Trust. Notably, ChrysCapital holds a 27.5% stake in Corona Remedies, indicating strong backing for this public offering.
Management of the IPO
The IPO process is being overseen by prominent financial institutions, including JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company, which are serving as the lead book-running managers. This strategic partnership aims to ensure a smooth transition into the public market.
Company Overview
Founded and headquartered in Ahmedabad, Corona Remedies specializes in the development, manufacturing, and marketing of a diverse range of pharmaceutical products. The company operates across various therapeutic areas, such as:
- Women’s health
- Cardiovascular care
- Diabetes management
- Pain relief
- Urology
A recent report by CRISIL highlighted Corona Remedies as the second fastest-growing company among the top 30 firms in the Indian Pharmaceutical Market (IPM), based on domestic sales from December 2021 to December 2024. By the end of FY24, the company is projected to have a robust portfolio of 67 brands, generating revenues of approximately ₹1,014.5 crore.
Conclusion
With its diverse product range and strong market positioning, Corona Remedies is poised for a promising future in the pharmaceutical sector. As the IPO approaches, investors are keenly watching for updates, particularly regarding share allocations and market performance. For those interested in the IPO landscape, it’s worth noting the recent success of other companies, like Ather Energy, which is also making headlines with its IPO activities.
For more insights on the dynamic world of pharmaceutical IPOs, stay tuned to our latest updates.
