10 December 2025 Punjab Khabarnama Bureau : The Corona Remedies IPO has emerged as one of the most talked-about public issues of the month, registering exceptionally strong investor response as it entered Day 3 of bidding. With an overall subscription of 69.44 times, the pharmaceutical manufacturer has clearly captured market attention across retail, non-institutional, and institutional investor categories. The IPO’s impressive momentum, coupled with an active grey market premium (GMP), has ignited discussions on whether investors should consider applying ahead of the issue’s closure.
Massive Subscription Across All Categories
By the morning of Day 3, market data reflected subscription levels far beyond initial expectations. The breakdown of subscription across investor classes showcases the widespread enthusiasm:
- Retail Individual Investors (RII): Demand surged significantly, with retail subscriptions running several times over the allotted quota. Retail participation has remained consistent since Day 1, driven by the company’s strong fundamentals and reasonable price band.
- Non-Institutional Investors (HNI/NII): This segment displayed the most aggressive interest. High-net-worth bidders, especially those applying in large lots, pushed the NII subscription sharply upward, contributing heavily to the 69.44x overall figure.
- Qualified Institutional Buyers (QIBs): Institutional participation also remained strong, offering credibility to the broader market sentiment around the company’s prospects. QIB interest is typically seen as a marker of long-term confidence.
Such uniform enthusiasm signals optimism toward Corona Remedies’ financial performance, business model, and presence within India’s growing pharmaceutical landscape.
IPO Details and Pricing
The IPO carries a price band that analysts describe as fairly valued for a specialty pharma business with consistent revenue growth. Although the company is not offering fresh shares — the IPO is entirely an Offer for Sale (OFS) — the valuation still appeals to many because it reflects established profitability rather than a future promise of growth-funded expansion.
The company’s historical growth in branded formulations, stable EBITDA margins, and diversified therapeutic portfolio further strengthen investor confidence. Corona Remedies’ emphasis on cardio-diabetes, dermatology, and gynaecology segments has allowed it to carve out a prominent and resilient market position.
Grey Market Premium (GMP) Signals Strong Listing Expectations
The GMP — an unofficial indicator of market enthusiasm — continues to trade at a significant premium above the IPO price. As of Day 3, the GMP has strengthened steadily, implying potential listing gains if market sentiment holds up.
While GMP trends are inherently volatile and not always reliable indicators, the consistent uptick reinforces the perception that the listing could open significantly higher than the issue price. However, investors should note that the GMP fluctuates based on broader market conditions, last-hour subscription numbers, and demand from institutional buyers.
Should Investors Apply? Factors to Consider
Analysts are divided into two camps: those who strongly recommend applying and those who urge cautious optimism.
Reasons to Apply
- Strong Subscription = Strong Sentiment
A 69.44x subscription indicates high confidence from both retail and institutional players. - Healthy GMP
The active grey market suggests the potential for moderate to strong listing gains. - Robust Business Fundamentals
Corona Remedies has demonstrated steady revenue and margin growth, driven by branded formulations. - Sector Outlook
Pharma as a sector continues to remain resilient, with steady domestic demand and expanding export opportunities.
Reasons for Caution
- Entirely an Offer for Sale (OFS)
No fresh capital is being infused into the company. This means the IPO won’t directly contribute to expansion or debt reduction. - High Subscription Means Allotment Difficulty
Retail investors may face very low chances of allotment due to overwhelming demand. - Post-Listing Volatility
High GMP IPOs often see volatility after the initial pop, especially if broader markets turn weak. - Valuation Concerns
While many brokerages find the pricing fair, some analysts believe the valuation is slightly stretched compared to peers.
Analysts’ Verdict
Most market experts have issued a “Subscribe for Listing Gains” or “Subscribe for Long-Term” recommendation. They believe the company’s fundamentals justify investor interest and that the demand levels signal strong listing potential.
For risk-averse investors, analysts suggest waiting for the company to list and observing post-listing price stability before considering an entry.
Conclusion
The Corona Remedies IPO has emerged as one of the most successful offerings in terms of demand in recent months. With subscription soaring to 69.44 times, robust GMP movement, and solid business strengths backing the company, investor confidence is undeniably strong. Whether one should apply depends on investment style: those seeking listing gains may find the issue attractive, while long-term investors may view it as a stable, growth-oriented addition to a diversified portfolio.
Summary
Corona Remedies IPO sees massive 69.44x subscription, driven by strong demand across all investor categories. GMP remains positive, indicating strong listing potential. Experts suggest subscribing but caution about allotment and OFS structure.