Mumbai: Corona Remedies’ IPO closed on December 10 with an overwhelming investor demand, with the issue oversubscribed 137 times, making it one of the strongest issues in the pharma sector. The pure Offer For Sale (OFS) issue received bids for 62.65 crore shares against the 45.72 lakh shares on offer.
The Retail investor quota was oversubscribed 28.73 times, and the Qualified Institutional Buyers (QIB) quota was oversubscribed 278 times. The Non Institutional Investors (NII) segment was filled 208 times.
Allottees can expect gains of 27.04% over the issue price, as per the latest GMP tracked by Investorgain. The company has been one of the leading operators in the branded generics space, where it offers a diversified portfolio of 67 brands treating urology, pain management and diabetes.
Analysts had recommended the issue for long-term gain, given its strong focus on specialised care.
“The company’s presence across chronic and acute therapies, combined with a credible brand footprint among healthcare practitioners, has helped sentiment ahead of listing. However, the valuations implied by the GMP set high expectations for post-listing performance. Investors will closely track margin delivery, portfolio expansion and operational discipline as key determinants. If market conditions remain supportive, the debut is likely to reflect robust demand, but sustained traction will depend on steady execution in a competitive sector,” Kalp Jain, Research Analyst at INVasset PMS, told Moneycontrol.
