Corona Remedies Ltd, an India-focused branded pharmaceutical formulation company backed by private equity firm ChrysCapital, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to Rs 800 crore through an Initial Public Offering (IPO). The entire offering will be an Offer For Sale (OFS).
According to the DRHP, the promoter group led by Dr Kirtikumar Laxmidas Mehta, along with existing investor ChrysCapital affiliates Sepia Investments, Anchor Partners and Sage Investment Trust, will sell shares in the proposed offer. ChrysCapital holds a 27.5 percent stake in Corona.
The company's shares are proposed to be listed on the BSE Ltd and the National Stock Exchange of India. JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company are the Book Running Lead Managers for the issue.
The business
The Ahmedabad-based Corona Remedies is involved in developing, manufacturing, and marketing products across therapeutic areas including women’s healthcare, cardiovascular and diabetes segments, pain management, and urology. According to a CRISIL report, the company was the second fastest-growing among the top 30 companies in the Indian Pharmaceutical Market (IPM) based on domestic sales between MAT December 2021 and MAT December 2024. As of December 31, 2024, the company had a portfolio of 67 brands. The company had revenues of Rs 1,014.5 crore in FY24.
The promoters of the company are Dr Kirtikumar Laxmidas Mehta, Niravkumar Kirtikumar Mehta, and Ankur Kirtikumar Mehta.
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