Corona Remedies makes bumper D-St debut; lists at 38% premium on bourses

Corona Remedies shares opened at ₹1,470 on the NSE, a premium of ₹408 or 38 per cent from the issue price of ₹1,062

Corona Remedies listing, Corona Remedies share price: Pharmaceutical company Corona Remedies made a solid debut on the Dalal Street in an otherwise weak market. The company's shares opened at ₹1,470 on the NSE, a premium of ₹408 or 38 per cent from the issue price of ₹1,062.

 

On the BSE, Corona Remedies shares opened at ₹1,452, a premium of ₹390 or 36.7 per cent. Post-listing, the stock was trading nearly 2 per cent down from the listing price. 

 

Corona Remedies market debut was above the grey market estimates. Ahead of the listing, the company’s unlisted shares were quoted at around ₹1,404.5 in the grey market. This suggested a grey market premium (GMP) of ₹342.5, or approximately 32.23 per cent, over the issue price, according to sources tracking unofficial market activity.   ALSO READ | Wakefit Innovations shares make flat D-Street debut; misses IPO GMP estimates

Corona Remedies IPO subscription rate

According to National Stock Exchange (NSE) data, Corona Remedies IPO received an overwhelming response from investors, with overall subscription reaching 137.04 times. Investors placed bids for 626.54 million equity shares against the 4.57 million shares on offer. Qualified Institutional Buyers (QIBs) led the demand, oversubscribing their allotted quota by 278.52 times. The Non-Institutional Investors (NIIs) segment was subscribed 208.88 times, while the retail investors portion received 28.73 times bids compared to the shares reserved.

Corona Remedies IPO details

Corona Remedies successfully raised ₹655.37 crore through its initial public offering, which comprised an offer for sale (OFS) of of 6.2 million equity shares. 

 

The IPO was offered in the price band of ₹1,008 to ₹1,062 per share, with a minimum application lot of 14 shares. The issue was open for subscription from December 8 to December 10. The allotment of shares was finalised on Thursday, December 11.  ALSO READ | Applied for Park Medi World IPO? Here's how to check allotment status, GMP 

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

 

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. Kirtikumar Laxmidas Mehta, Minaxi Kirtikumar Mehta, Dipabahen Niravkumar Mehta, and Brinda Ankur Mehta are the promoter selling shareholders under the OFS, while Sepia Investments, Anchor Partners, and Sage Investment Trust are the investor selling shareholders.