Last day! Corona Remedies IPO closes today; subscription rises 50x, GMP 25%

Corona Remedies IPO Day 3 subscription status: With the subscription window set to close today, the initial public offering (IPO) of pharmaceutical company Corona Remedies continues to attract solid demand. The public issue has been subscribed over 50 times so far, led by robust participation from non-institutional investors (NIIs).

 

As per NSE data, the Corona Remedies IPO received bids for 229.5 million shares against 4.57 million shares on offer as of 02:00 PM on December 10. This translates into an overall subscription of 50.22 times.

 

NIIs were most aggressive, oversubscribing their quota by 14.83 times, followed by qualified institutional buyers (QIBs) at 32.15 times. The subscription from retail investors and employees stood at 19.89 times and 10.21 times, respectively. 

Corona Remedies IPO GMP today

The upbeat market mood was also mirrored in the grey market. Corona Remedies’ unlisted shares were trading at₹1,332, signalling a grey market premium (GMP) of ₹270 or 25.5 per cent over the upper price band on the final day of bidding.

Corona Remedies IPO details

The ₹921.8-crore IPO comprises an offer for sale (OFS) of 6.2 million equity shares. The public issue is priced in the ₹1,008–₹1,062 per share range with a lot size of 14 shares. A retail investor needs a minimum of ₹14,868 to apply for one lot and ₹1,93,284 for the maximum 13 lots.

 

According to the red herring prospectus (RHP), the company will not receive any fresh funds from the issue, and existing shareholders will sell their stake through the offer.

 

Bigshare Services is the registrar for the issue. JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company are the book-running lead managers. 

Corona Remedies IPO timeline

With the subscription closing today, the basis of allotment is expected to be finalised on Thursday, December 11.

Successful bidders may receive shares in their demat accounts by December 12. Corona Remedies is scheduled to list on the BSE and NSE on Monday, December 15, marking its debut on Dalal Street.