Mumbai: Shares of Corona Remedies, a well-known pharmaceutical company, made an impressive entry into the stock market on Monday, December 15. The stock was listed on the National Stock Exchange (NSE) at Rs 1,470 per share, which is 38.42 percent higher than its IPO issue price of Rs 1,062. On the Bombay Stock Exchange (BSE), the shares opened at Rs 1,452, marking a gain of 36.72 percent over the issue price.
This strong listing reflects the high demand and positive sentiment around the company ahead of its market debut.
Big Gains for IPO Investors
Investors who were allotted shares in the Corona Remedies IPO made solid gains on listing day. Each lot in the IPO consisted of 14 shares. Based on the NSE listing price, investors earned a profit of around Rs 20,580 per lot. This made the IPO a rewarding one for those who managed to get an allotment.
Details of the IPO
The initial public offering aimed to raise Rs 655.68 crore and was entirely an offer for sale (OFS). This means no new shares were issued, and the money went to existing shareholders. The sellers included company promoters such as Dr Kirtikumar Laxmidas Mehta and other family members, along with investors like Anchor Partners, Sepia Investments and Sage Investment Trust.
The company stated in its red herring prospectus that listing would improve brand visibility and provide liquidity to existing shareholders.
Massive Investor Interest
The IPO received an overwhelming response, getting subscribed 137.04 times. Investors placed bids for over 62.65 crore shares against just 45.71 lakh shares available. Before the IPO opened, Corona Remedies also raised Rs 195 crore from anchor investors, including several top mutual funds and insurance companies.
About Corona Remedies
Based in Ahmedabad, Corona Remedies is a pharmaceutical formulation company. It develops and sells medicines across key areas such as women’s healthcare, pain management, heart and diabetes care, urology and other treatments.
