Corona Remedies files draft papers with Sebi for ₹800 crore IPO; Details here
Pharmaceutical company Corona Remedies has submitted preliminary documents to the Securities and Exchange Board of India (Sebi) to seek approval for launching an initial public offering (IPO) worth ₹ 800 crore.
The IPO will be entirely an offer for sale (OFS), meaning that no new shares will be issued. Instead, promoters and existing investors will sell their stakes, as detailed in the draft red herring prospectus (DRHP).
As per the DRHP, the promoter group headed by Dr. Kirtikumar Laxmidas Mehta, along with current investor ChrysCapital's affiliates—Sepia Investments, Anchor Partners, and Sage Investment Trust—will offload shares in the proposed offering. ChrysCapital currently owns a 27.5% stake in Corona.
The IPO is being managed by JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company as the lead book-running managers.
Ahmedabad-headquartered Corona Remedies engages in the development, manufacturing, and marketing of pharmaceutical products across various therapeutic segments, including women's health, cardiovascular and diabetes care, pain management, and urology.
A CRISIL report ranked the company as the second fastest-growing among the top 30 firms in the Indian Pharmaceutical Market (IPM) based on domestic sales from MAT December 2021 to MAT December 2024. As of December 31, 2024, the company's portfolio comprised 67 brands, and it reported revenues of ₹ 1,014.5 crore for FY24.
As of December 31, 2024, its broad product portfolio includes 67 brands that serve various therapeutic fields, including women's healthcare, cardio-diabetes, pain management, urology, and more.
The company's promoters are Dr. Kirtikumar Laxmidas Mehta, Niravkumar Kirtikumar Mehta, and Ankur Kirtikumar Mehta.
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