Pharma firm Corona Remedies raises Rs 195 cr from anchor investors

New Delhi, Dec 5 (PTI) Pharma firm Corona Remedies, which is backed by private equity firm ChrysCapital, on Friday said it has mobilised Rs 195 crore from anchor investors, days before its initial share-sale opening for public subscription.

These funds have been garnered from 17 funds, including SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Kotak MF, Axis MF, Invesco MF, DSP MF, and SBI Life Insurance Company, according to a circular uploaded on the BSE website.

As per the circular, Corona Remedies has allotted 18.36 lakh shares to anchor investors at Rs 1,062 per share.

The company's Rs 655.37 crore maiden public offering, which is entirely an offer for sale (OFS) by promoters and existing investors, will open for the public on December 8 and conclude on December 10.

Corona has fixed a price band of Rs 1,008-1,062 per share for IPO, valuing the company at nearly Rs 6,500 crore.

Under the OFS route, existing investors -- Sepia Investments, Anchor Partners, and Sage Investment Trust -- along with promoters -- plan to offload shares.

Since it's an OFS, the company will not receive any proceeds from the public issue and the entire amount will go to selling shareholders.

Corona Remedies will make its stock market debut on December 15.

Headquartered in Ahmedabad, Corona Remedies is a pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women's healthcare, cardio-diabeto, pain management, urology and other therapeutic areas. Its diversified product portfolio comprises 67 brands catering to a range of therapeutic areas as of December 2024.

According to the Crisil Intelligence Report, Corona Remedies is the second-fastest growing firm among the top 30 companies in the Indian pharmaceutical market in terms of domestic sales performance from Moving Annual Total (MAT) during June 2022 to June 2025.

During the period, the company's domestic sales grew at a Compound Annual Growth Rate (CAGR) of 16.77 per cent compared to the IPM which grew at a CAGR of 9.21 per cent.

JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company are the book-running lead managers to the issue. PTI SP TRB