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Corona Remedies Ltd
PharmaceuticalsIPO
₹1,062 - 1,062
We are an India-focused branded pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women's healthcare, cardio-diabeto, pain management, urology and other therapeutic areas. Our diversified product portfolio comprises 71 brands catering to a range of therapeutic areas such as women's healthcare, cardio-diabeto, pain management and urology, among others, as of June 30, 2025. Of our targeted therapeutic areas, our women's healthcare segment contributed to 28.56% (or Rs.4,080.26 million), cardiodiabeto (comprising cardio-vascular and anti-diabetic areas) contributed 23.38% (or Rs.3,339.96 million), pain management contributed 11.79% (or Rs.1,684.38 million) and urology contributed 4.53% (or Rs.646.65 million) to our domestic sales for MAT June 2025.
Lot14Min Invest₹14,868Face Value₹10Issue Size₹655 CrOffer for Sale₹655 CrListing Price₹1,452CMP₹2,100
Timeline
8 Dec
Bidding opens
10 Dec
Bidding closes
11 Dec
Allotment
12 Dec
Refund & demat credit
15 Dec
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹655 Cr0.62 Cr shares
Offer for Sale₹655 Cr
Face Value₹10
Lot Size14 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8681-13 lots
sNII₹2,08,152from 14 lots
bNII₹10,11,024from 68 lots
Managers & Registrar
Lead ManagerJM Financial Ltd
Co-ManagerIIFL Capital Services Ltd, Kotak Mahindra Capital Co. Ltd
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrKirtikumar Laxmidas MehtaPRMTR12,22,608129.84Minaxi Kirtikumar MehtaPRMTR7,21,34776.61Dipabahen Niravkumar MehtaPRMTR97,80610.39Brinda Ankur MehtaPRMTR97,80610.39Sepia Investments LimitedOTH38,09,793404.60Anchor PartnersOTH1,42,42015.13Sage Investment TrustOTH79,3228.42Total61,71,102655.37
Shareholding
CategoryPre IPOPost IPOPromoter Group72.5%68.97%Public27.5%31.03%
Objects of the Issue
- Listing of Shares on the Stock Exchanges
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 884 | 1,014 | 1,196 | 1,403 | 1,479 |
| Operating ProfitCr | 128 | 155 | 240 | 293 | 317 |
| OPM% | 14.5 | 15.3 | 20.1 | 20.9 | 21.4 |
| PBTCr | 111 | 118 | 199 | 240 | 260 |
| PATCr | 85 | 91 | 149 | 185 | 199 |
| EPS | 15 | 15 | 24 | 30 | 33 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 61 | 61 | 61 | 61 | - |
| ReservesCr | 347 | 419 | 545 | 686 | - |
| BorrowingsCr | 28 | 159 | 86 | 165 | - |
| Fixed AssetsCr | - | - | 396 | 580 | - |
| Total AssetsCr | 595 | 831 | 930 | 1,205 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 103 | 157 | 190 | 229 | - |
| Investing Cash FlowCr | -50 | -267 | -84 | -256 | - |
| Financing Cash FlowCr | -45 | 99 | -107 | 25 | - |
| Net Cash FlowCr | 8 | -11 | 0 | -1 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Second fastest growing company within the top 30 pharmaceutical companies in the Indian pharmaceutical market by domestic sales between MAT June 2022 and MAT June 2025.
- Demonstrated capabilities of building a diversified portfolio, including "engine" brands, in our targeted therapy areas.
- Pan-India sales network and marketing strategy focused on the "middle of the pyramid" target market.
- Quality and current Good Manufacturing Practices-focused manufacturing facilities, with strong research and development capabilities driving a portfolio of differentiated pharmaceutical products.
- Qualified, experienced and entrepreneurial management team supported by marquee investors.
Strategies · as stated in the DRHP
- Further increase our market share within the domestic Indian pharmaceutical market.
- Grow our product portfolio with a focus on long product life cycles and progression.
- Expand into other therapeutic areas with significant growth potential and deepen our presence in existing therapeutic areas.
- Execute strategic acquisitions and establish in-licensing agreements.
- Expand our sales in select overseas markets with a focused approach.
Risks · as stated in the DRHP
- The therapeutic areas of women's healthcare, cardio-diabeto and pain management contributed to an aggregate of Rs.2,257.26 million (or 65.14%) and Rs.7,465.54 million (or 62.40%) of our revenue from operations for the three months ended June 30, 2025 and the Financial Year 2025, respectively. If our products in these or other therapeutic areas which contribute significantly to our revenue from operations do not perform as expected or if competing products become available and gain wider market acceptance, our business, results of operations, financial condition and cash flows may be adversely affected.
- Our 27 "engine" brands (and in particular, our B-29 and Myoril brands) accounted for 72.34% of our domestic sales during the MAT June 2025 period, and any adverse developments affecting the sales of our "engine" brands could have an adverse effect on our business, results of operations, financial condition and cash flows.
- The company derive a significant majority of its revenue from the company operations within India (constituting 96.34% and 96.33% of the company revenue from operations during the three months ended June 30, 2025 and the Financial Year 2025, respectively). In the event of a fall in demand for the company products in India, or if its fail to successfully expand into international markets, the company business, results of operations, financial conditions and cash flows may be adversely affected.
- A significant portion of the company domestic sales are concentrated in the states of Gujarat, Maharashtra, Chhattisgarh, Goa and Madhya Pradesh (accounting for 47.30% of the company domestic sales for MAT June 2025). Any adverse developments affecting its sales in these regions could has an adverse effect on the company business, results of operations, financial condition and cash flows.
- 70.10% of Its domestic sales for MAT June 2025 were derived from chronic and sub-chronic therapeutic segments, which are subject to risks and uncertainties that could adversely affect the company business, results of operations, financial condition and cash flows.
- Its depend on third-party suppliers to procure the company raw materials and finished goods, with whom the company does not has long term contracts, with the company total purchases aggregating to 19.87% and 27.96% of its total expenses for the three months ended June 30, 2025 and the Financial Year 2025, respectively. Further, the company relies on La Chandra Pharmalab Private Limited, its Associate and Group Company, for the supply of certain active pharmaceutical ingredients in the comapny women's healthcare therapeutic area. its cannot assure you that the company will be in a position to fully control or direct the operations of such suppliers to ensure an uninterrupted supply of raw materials and APIs.