Pharma Firm Corona Remedies Files Rs. 800 Crore IPO with SEBI

The Securities and Exchange Board of India (SEBI) is to launch a Rs. 800 crore Initial Public Offering (IPO) with the Draft Red Herring Prospects (DRHP) investment in ChrysCapital for Ahmedabad - based pharmaceutical firm Corona Remedies.

The company stated in their official release that they plan to raise funds through an IPO aggregating up to Rs. 800 crore, total through OFS.

Dr. Kirtikumar Laxmidas Mehta, Minaxi Kirtikumar Mehta, Dipabahen Niravkumar Mehta, along with institutional investors Sepia Investments, Anchor Partners, and Sage Investment Trust were the shareholders participating in the OFS. Both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will be listed to the equity shares. JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company are the listed managers.

In the Indian Pharmaceutical Market, the company ranks in the top 30 firms. According to Pharmarack, it is reported of Rs. 1,376 crore in domestic sales in FY2025.

The branded Corona Remedies are a pharmaceutical formulation developed for cardio-diabetes, pain management, urology, women’s healthcare and other therapeutic sectors. Through the past decade, the company expanded its portfolio by several in-licensing deals. In particular, Obimet and Thyrocab from Abbott India, and Vitneurin, Stelbid, Dilo DX and Dilo BM from GlaxoSmithKline (GSK) are the key brands.

From a French drugmaker, Saoni, a pain management drug of Myoril secured its marketing rights in 2023 and the company is also observing global expansion; in 2024 it received the EU GMP certification for its Ahmedabad-based manufacturing facility.