Corona Remedies Sets ?1,008–1,062 IPO Price Band for OFS

Pharma company Corona Remedies, supported by private equity firm ChrysCapital, has set a price range of Rs 1,008-1,062 per share for its forthcoming Initial Public Offering (IPO), which values the firm at approximately Rs 6,500 crore.

The company's initial public offering, amounting to Rs 655.37 crore, is entirely an Offer For Sale (OFS) by its promoters and existing investors, and is scheduled to open for public subscription on December 8 and close on December 10, as stated in its public announcement.

Also Read: Cipla Steps Into Regenerative Medicine With Ciplostem Knee OA TherapyThe allocation of shares to anchor investors will take place on December 5, as mentioned. According to the red herring prospectus, the company has adjusted its IPO size to Rs 655.37 crore, a reduction from the Rs 800 crore initially proposed when the draft papers were submitted in late April.Through the OFS mechanism, existing investors -- Sepia Investments, Anchor Partners, and Sage Investment Trust -- along with the promoters, intend to sell shares. Since this is an OFS, the company will not receive any funds from the public offering, and all proceeds will go to the selling shareholders. Corona Remedies is set to make its stock market debut on December 15.Based in Ahmedabad, Corona Remedies is a pharmaceutical formulations company that focuses on the development, manufacturing, and marketing of products in women's healthcare, cardio-diabetes, pain management, urology, and other therapeutic fields. As of December 2024, its diverse product portfolio includes 67 brands that address various therapeutic areas.