CRL Opens IPO Next Week; Strong GMP Signals High Investor Interest
Corona Remedies Unveils Price Band of ₹1,008–₹1,062 for ₹655-Crore IPO
Pharma Player Corona Remedies Set for December 8 IPO Amid Robust Growth
Top management interacts with media in Ahmedabad, outlining growth strategy and inancial strength.
100% Offer for Sale; listing scheduled for December 15 on NSE and BSE.
Corona Remedies Launches ₹655.37-Crore IPO; Management Expresses Strong Confidence in Growth Outlook
Bilkul Bazaar
Ahmedabad | 04 Dec 2025
Corona Remedies Limited (CRL), one of India’s fastest-growing domestic pharmaceutical companies, announced the opening of its ₹655.37-crore Initial Public Offering in Ahmedabad today. The IPO, which is entirely an Offer for Sale (OFS), will open for subscription on December 8 and close on December 10, 2025, with a price band of ₹1,008–₹1,062 per equity share. Anchor bidding will be held on December 5, 2025.
Senior company leadership, including Nirav Mehta (MD & CEO), Dr. K. L. Mehta (Chairman & Non-Executive Director), Viral Sitwala (Whole-Time Director), Bhavin Bhagat (CFO), Ankur K. Mehta (Joint MD), along with Harshil Shah, Associate, Kotak Mahindra Capital Company Ltd—one of the BRLMs—were present in Ahmedabad to address media queries.
Leadership Voices Confidence in CRL’s Positioning
Speaking about the IPO launch, Nirav Mehta, MD & CEO, said, “Corona Remedies has always believed in building a strong domestic presence backed by science, innovation, and a deep connect with healthcare professionals. Our growth in recent years reflects the trust doctors place in our brands. The IPO marks an important milestone as we aim to strengthen governance and unlock long-term value for all stakeholders.”
Dr. K. L. Mehta, Chairman & Non-Executive Director, added, “From our inception in 2004 to today’s IPO, our focus has remained unwavering—high-quality, patient-centric pharmaceutical products. We are proud of the team’s hard work and the robust brand portfolio we have built across women’s health, cardio-diabeto, and pain management.”
Highlighting the company’s financial discipline, Bhavin Bhagat, CFO, noted, “We have maintained strong profitability, improving EBITDA margins, and a healthy balance sheet with a low debt-equity ratio of 0.10. Our ROCE of 41.3% and ROE of 27.5% are reflective of prudent capital allocation and operational efficiency.”
Explaining market performance and the domestic-focused model, Viral Sitwala, Whole-Time Director, said:
“Our field force of 2,671 medical representatives across 22 states gives us unparalleled reach. With 71 brands and strong therapeutic focus, we remain among the fastest growing pharmaceutical companies in the Indian Pharmaceutical Market.”
Ankur K. Mehta, Joint Managing Director, shared, “We are committed to expanding our presence in core therapeutic areas. Our manufacturing footprint in Gujarat and our deep doctor connect give us a strong foundation for sustainable long-term growth.”
Representing the book running lead manager, Harshil Shah, Associate, Kotak Mahindra Capital, said:
“Corona Remedies stands out as a high-quality domestic formulations player with consistent growth, strong return ratios, and a diversified brand portfolio. The market has shown encouraging early interest in the issue.”
IPO Structure & OFS Details
The OFS includes shares sold by promoter group and investor shareholders:
Dr. Kirtikumar L. Mehta (Promoter) – ₹1,298.41 million
Minaxi K. Mehta (Promoter Group) – ₹766.07 million
Dipabahen N. Mehta (Promoter Group) – ₹103.87 million
Brinda A. Mehta (Promoter Group) – ₹103.87 million
Sepia Investments Ltd (Investor) – ₹4,046.00 million
Anchor Partners (Investor) – ₹151.25 million
Sage Investment Trust (Investor) – ₹84.24 million
Eligible employees will receive a ₹54 per share discount.
Business Strengths & CRISIL Ranking
According to the CRISIL Intelligence Report, Corona Remedies is the fastest-growing company among the top 30 players in the Indian Pharmaceutical Market (IPM) between MAT June 2024 and MAT June 2025. It was also the second fastest-growing between MAT June 2022 and MAT June 2025.
The company’s portfolio spans:
Women’s Healthcare
Cardio-Diabeto Therapies
Pain Management
Urology
Multispecialty segments (vitamins, GI, respiratory)
Two manufacturing facilities in Gujarat offer a combined capacity of 1,285.44 million units per annum.
Financial Performance & Valuation
For FY25, Corona Remedies posted:
Revenue: ₹1,202.35 crore (+18%)
PAT: ₹149.05 crore (+65%)
EBITDA Margin: 20.55%
Debt-Equity: 0.10
At the upper price band, the estimated FY26 P/E is ~35.4x, which analysts consider premium but justified by strong profitability and growth momentum.
As of December 4, 2025, the GMP of ₹307 indicates a potential 29% listing gain, signaling strong investor sentiment.
📌 IPO SNAPSHOT — CORONA REMEDIES LTD
Particulars Details
Issue Type 100% OFS – ₹655.37 crore
Price Band ₹1,008 – ₹1,062
Subscription Dates Dec 8–10, 2025
Anchor Bidding Dec 5, 2025
Lot Size 14 shares
Expected Listing Dec 15, 2025 (NSE & BSE)
Disclaimer: This news is for informational purposes only. Please refer to official offer documents and consult a financial advisor before investing.
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