By Admin 
Corona Remedies Listing: Shares of leading pharma company Corona Remedies made a strong entry in the stock market on Monday, 15 December. Its share started at Rs 1,470 with a rise of 38.42 per cent over the issue price of Rs 1,062 on NSE, while on BSE also the stock started its first trading session at a premium of 36.72 per cent over the issue price i.e. Rs 1,452.
Accordingly, retail investors who got one lot of 14 equity shares made a profit of Rs 5,712 on their investment in the IPO. At the same time, HNI investors got a profit of Rs 79,968 on their investment of Rs 2,08,152. He got 14 lots of 196 equity shares.
Listing gain was expected from GMP
However, the listing of Corona Remedies was as per expectations because before its debut in the stock market, Corona Remedies shares were seen trading at Gray Market Premium (GMP) at Rs 340-350 per share, due to which a listing gain of 32-33 percent was being estimated for the investors. GMP was around Rs 300 during bidding.
The IPO of Corona Remedies was open between December 8 and December 10. The price band for the IPO was kept at Rs 1,008-1,062 per share. The company raised a total of Rs 655.37 crore through this IPO, which was entirely an offer-for-sale (OFS) of 61,71,101 equity shares.
What was the subscription status?
During the subscription, a tremendous interest was seen among the investors regarding the IPO of Corona Remedies. This issue was subscribed 137.04 times. Bids worth more than Rs 66,500 crore were received for a total of more than 41.87 lakh shares for the IPO. Qualified institutional bidders (QIBs) subscribed 278.52 times, while non-institutional investors (NIIs) subscribed 208.88 times. Whereas, allotments for retail investors and employees were subscribed 28.73 times and 14.72 times respectively.
What does the company do?
Established in August 2004, Ahmedabad-based Corona Remedies is a pharmaceutical company with a portfolio spanning women’s healthcare, cardiology, pain management, urology and many other treatment segments. Along with developing related products, the company also does manufacturing and marketing. It has a large portfolio of 71 brands and 2,671 medical representatives across 22 states.
Brokerage firms were quite positive about this issue and were advising to subscribe to it. JM Financial, IIFL Capital Services and Kotak Mahindra Capital Company were the book running lead managers to the Corona Remedies IPO and BigShare Services acted as the registrar to the issue.
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