Corona Remedies, a pharmaceutical company headquartered in Ahmedabad, has filed draft papers with the Securities and Exchange Board of India (SEBI) for an ₹800 crore IPO. The offering will be an offer for sale (OFS), where promoters and existing investors will sell their stakes. The IPO is being managed by JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company.
Corona Remedies, a prominent pharmaceutical company based in Ahmedabad, has filed draft documents with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO) worth ₹800 crore. The company aims to list its shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) through this offering, which will be entirely an offer for sale (OFS). This means no new shares will be issued, and instead, the promoters and existing investors will sell their stakes.
As outlined in the draft red herring prospectus (DRHP), the IPO will allow the promoter group, led by Dr. Kirtikumar Laxmidas Mehta, and the current investor ChrysCapital, along with its affiliates Sepia Investments, Anchor Partners, and Sage Investment Trust, to offload their shares. ChrysCapital currently holds a 27.5% stake in the company.
The lead book-running managers for the IPO are JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company.
About Corona Remedies
Founded and headquartered in Ahmedabad, Gujarat, Corona Remedies is a leading player in the Indian pharmaceutical market. The company specializes in the development, manufacturing, and marketing of pharmaceutical products across various therapeutic segments. These include women’s health, cardiovascular and diabetes care, pain management, and urology, among others.
Corona Remedies has established itself as one of the fastest-growing companies in the Indian Pharmaceutical Market (IPM), ranking as the second fastest-growing firm among the top 30 based on domestic sales from MAT December 2021 to MAT December 2024, according to a CRISIL report. As of December 31, 2024, the company’s product portfolio includes 67 brands, and its revenue for FY24 stood at ₹1,014.5 crore.
Promoter Group
The promoters of the company include Dr. Kirtikumar Laxmidas Mehta, Niravkumar Kirtikumar Mehta, and Ankur Kirtikumar Mehta, who have been instrumental in steering the company to its current success. The company’s strategic focus on diversified therapeutic areas has contributed to its strong position in the competitive pharmaceutical sector.
This IPO marks a significant step for the company as it seeks to expand its reach and continue growing in the Indian and global pharmaceutical markets. The funds raised will be used by the selling shareholders, who are looking to capitalize on the growth of the company.
