The initial public offering (IPO) of pharmaceutical company Corona Remedies Limited concluded. On December 10 at 5 PM, witnessing an exceptional response from investors. On its final day of bidding, the IPO was oversubscribed by an impressive 50. 22 times, reflecting solid market confidence in the company's prospects. According to the latest data from NSE, the IPO received bids for 229. 5 million shares against an offer of 4, while 57 million shares. This significant oversubscription highlights the strong investor appetite for the pharmaceutical sector and Corona Remedies in particular.
Category-wise Subscription Breakdown
The demand for Corona Remedies shares was broad-based, with all investor categories showing substantial interest. Qualified Institutional Buyers (QIBs) led the charge, subscribing their portion by 32. 15 times. Non-Institutional Investors (NIIs) also demonstrated strong participation, with their segment being oversubscribed by 14. 83 times. Retail Individual Investors (RIIs) showed considerable enthusiasm, with their portion subscribed 19. 89 times. Also, the employee reservation portion received bids for 10. 21 times the shares on offer, indicating internal confidence in the company's future.
Key IPO Details and Timeline
The Corona Remedies IPO opened for subscription on December 8 and closed on December 10, while the company had set the price band for its shares between ₹1,008 and ₹1,062 per share. The total issue size for the IPO was ₹921. 8 crore. For retail investors, the minimum investment required was ₹14,868, which corresponded to one lot of 14 shares. These details were crucial for investors planning their participation in the offering.
Allotment and Listing Dates
Following the closure of the bidding process, the allotment of shares is scheduled to take place on December 11. This is a critical date for investors to check the status of their applications, while subsequently, Corona Remedies Limited shares are slated to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on December 15. The listing day will be a significant event, determining the initial market performance of the company's stock.
Grey Market Premium (GMP) and Listing Expectations
The unlisted market has shown a strong positive trend for Corona Remedies shares, indicating high investor excitement, while according to unlisted market tracking websites, the Grey Market Premium (GMP) for Corona Remedies IPO shares is currently ₹270 per share. This GMP suggests a potential listing premium of approximately 25, while 5% over the upper end of the price band, which was ₹1,062. Based on this premium, the shares are anticipated to list around ₹1,352, potentially offering significant gains to early investors, while the solid GMP reflects market sentiment and expectations of a strong debut for Corona Remedies on the stock exchanges.
