Corona Remedies made a strong debut on the country's two stock exchanges. Investors in this IPO saw their profit bags overflow on the very first day due to the listing at a much higher price than the IPO issue price. Corona Remedies' IPO issue price was Rs 1,062. The company's IPO was listed on the National Stock Exchange at Rs 1,461. This means the share price increased by 37.57 per cent at listing. On the Bombay Stock Exchange, this stock is listed at Rs 1,452. That is, 36.72 per cent higher than the issue price.
The grey market premium of this company's IPO had already indicated a higher listing price. There were indications of listing at Rs 342, or 32 per cent higher than the issue price. But in reality, this listing has surpassed even the GMP. It was listed 5 per cent higher than the GMP on the National Stock Exchange.
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The number of shares Corona Remedies released in the market through the IPO received applications 144 times over. This statistic shows how eager investors were to buy this share. The size of this IPO was Rs 655 crore. For this, 62 lakh shares were brought to the market through offer-for-sale. However, there was no fresh issue in this.
Corona Remedies is a pharmaceutical company. The company has manufacturing units in Himachal Pradesh and Gujarat. It manufactures various medicines in women's health, cardio-diabetic, pain management, urology, and therapeutic categories. In the last financial year, this company's net profit was Rs 149 crore 53 lakhs. In the first quarter of the current financial year, the net profit was Rs 46 crore 19 lakhs.
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