Corona Remedies made a healthy stock market debut to list at more than 38 percent premium over its initial public offering (IPO) price on the National Stock Exchange (NSE), following a massive subscription of 137.04 times between December 8-10 in the primary market.
Shares of Corona Remedies were listed at Rs 1,470 per share on the NSE, a decent premium of 38.42 percent. The Rs 655.37-crore issue had a price band of Rs 1,008-1,062 per share.
On the BSE, the shares of the company were listed at Rs 1,452 per share, a premium of 36.72 percent. The company's market capitalization post listing of shares stood at Rs 8,880.44 crore.
Corona Remedies IPO share market debut was better than the expectations in the grey market, which had expected a 32 percent listing gains. Earleir, the issue mobilised Rs 195 crore from anchor investors.
Shivani Nyati, Head of Wealth at Swastika Investmart, suggested short-term investors may consider booking partial profits, while long-term investors could hold the remainder given the company’s steady performance and presence in chronic therapy segments.
Headquartered in Ahmedabad, Corona Remedies is a pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women's healthcare, cardio-diabeto, pain management, urology and other therapeutic areas.
Its diversified product portfolio comprises 67 brands catering to a range of therapeutic areas as of December 2024.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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