Corona Remedies Ltd IPOCORONA

The IPO opens on 08 Dec 2025 & closes on 10 Dec 2025.

Corona Remedies Limited was originally incorporated as CORONA Remedies Private Limited', a private limited company, dated August 27, 2004, issued by the Assistant Registrar of Companies, Gujarat at Dadra and Nagar Haveli. Thereafter, Company converted into a public limited and Company name has changed to CORONA Remedies Limited'. A fresh certificate of incorporation, is issued by the Registrar of Companies, Central Processing Centre, Manesar, Haryana on December 16, 2024. The manufacturing facilities of the Company are located at Solan (Himachal Pradesh) and at Bhayla (Ahmedabad, Gujarat). The Company is engaged in manufacturing, trading and marketing of Pharmaceutical products in women's healthcare, cardio-diabeto, pain management, urology and other therapeutic areas. In 2004, Company launched the first division, and later named it as Pioneer' division in year 2010; launched Xemx (multispeciality) division in 2005. The production of first manufacturing plant was commissioned at Solan, Himachal Pradesh in 2007. The Company launched Gynaecology division in 2008; further launched Cardioloy division in 2013; launched Cardiovascular disease (CVD) and Solis division in 2016. Later, the production at Ahmedabad Plant commissioned in Gujarat in 2021. Radiance and Solaris Divisions launched in 2022; followed by Urology division in 2023. The Company acquired the Myoril brand from Sanofi Healthcare India Private Limited in strengthening the pain management portfolio in 2024. Company issued 6,174,051 equity shares of face value of Rs 10, by raising Rs 655.37 crore through offer for sale on December 10, 2025. In addition to urology, Company focus on marketing to infertility specialists, IVF-focused chain hospitals and increased medical representative coverage to grow the market share within the therapeutic area.

Corona Remedies Ltd IPO will close on 10 Dec 2025.

<ul><li>Second fastest growing company within the top 30 pharmaceutical companies in the Indian pharmaceutical market by domestic sales between MAT June 2022 and MAT June 2025.</li><li>Demonstrated capabilities of building a diversified portfolio, including "engine" brands, in our targeted therapy areas.</li><li>Pan-India sales network and marketing strategy focused on the "middle of the pyramid" target market.</li><li>Quality and current Good Manufacturing Practices-focused manufacturing facilities, with strong research and development capabilities driving a portfolio of differentiated pharmaceutical products.</li><li>Qualified, experienced and entrepreneurial management team supported by marquee investors.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Kirtikumar Laxmidas Mehta</td> <td>13452500</td> <td>22</td> <td>12229892</td> <td>20</td> </tr> <tr> <td>2</td> <td>Niravkumar Kirtikumar Mehta</td> <td>13458000</td> <td>22</td> <td>13458000</td> <td>22</td> </tr> <tr> <td>3</td> <td>Ankur Kirtikumar Mehta</td> <td>13458000</td> <td>22</td> <td>13458000</td> <td>22</td> </tr> <tr> <td>4</td> <td>Minaxi Kirtikumar Mehta</td> <td>1330258</td> <td>2.18</td> <td>608911</td> <td>0.99</td> </tr> <tr> <td>5</td> <td>Dipabahen Niravkumar Mehta</td> <td>1319900</td> <td>2.16</td> <td>1222094</td> <td>1.99</td> </tr> <tr> <td>6</td> <td>Brinda Ankur Mehta</td> <td>1319900</td> <td>2.16</td> <td>1222094</td> <td>1.99</td> </tr> </tbody> </table>

<ul><li>The therapeutic areas of women's healthcare, cardio-diabeto and pain management contributed to an aggregate of Rs.2,257.26 million (or 65.14%) and Rs.7,465.54 million (or 62.40%) of our revenue from operations for the three months ended June 30, 2025 and the Financial Year 2025, respectively. If our products in these or other therapeutic areas which contribute significantly to our revenue from operations do not perform as expected or if competing products become available and gain wider market acceptance, our business, results of operations, financial condition and cash flows may be adversely affected.</li><li>Our 27 "engine" brands (and in particular, our B-29 and Myoril brands) accounted for 72.34% of our domestic sales during the MAT June 2025 period, and any adverse developments affecting the sales of our "engine" brands could have an adverse effect on our business, results of operations, financial condition and cash flows.</li><li>The company derive a significant majority of its revenue from the company operations within India (constituting 96.34% and 96.33% of the company revenue from operations during the three months ended June 30, 2025 and the Financial Year 2025, respectively). In the event of a fall in demand for the company products in India, or if its fail to successfully expand into international markets, the company business, results of operations, financial conditions and cash flows may be adversely affected.</li><li>A significant portion of the company domestic sales are concentrated in the states of Gujarat, Maharashtra, Chhattisgarh, Goa and Madhya Pradesh (accounting for 47.30% of the company domestic sales for MAT June 2025). Any adverse developments affecting its sales in these regions could has an adverse effect on the company business, results of operations, financial condition and cash flows.</li><li>70.10% of Its domestic sales for MAT June 2025 were derived from chronic and sub-chronic therapeutic segments, which are subject to risks and uncertainties that could adversely affect the company business, results of operations, financial condition and cash flows.</li><li>Its depend on third-party suppliers to procure the company raw materials and finished goods, with whom the company does not has long term contracts, with the company total purchases aggregating to 19.87% and 27.96% of its total expenses for the three months ended June 30, 2025 and the Financial Year 2025, respectively. Further, the company rely on La Chandra Pharmalab Private Limited, its Associate and Group Company, for the supply of certain active pharmaceutical ingredients in the comapny women's healthcare therapeutic area. its cannot assure you that the company will be in a position to fully control or direct the operations of such suppliers to ensure an uninterrupted supply of raw materials and APIs.</li><li>As of June 30, 2025, with a portfolio of 71 brands, its held 194 registered trademarks, with 29 pending trademark applications and 67 opposed/ objected/ refused / abandoned trademarks under certain classes of trademarks. If its unable to obtain trademarks for the company products and brands or protect other proprietary information, the company business, results of operations, financial condition and cash flows may be adversely affected.</li><li>The company required to obtain, maintain or renew its statutory and regulatory licenses, permits and approvals required to operate the company operations. If its fail to obtain, maintain or renew the required licenses, permits and approvals, it may adversely affect the company business, results of operations, financial condition and cash flows.</li><li>Proceeds from the Offer will not be available to it.</li><li>As of June 30, 2025, its engaged 22 carrying and forwarding agents for the sale of the company products across the regions in which the company market its products, with the company five largest C&F agents contributing to 43.30% and 44.35% of Its revenue from operations for the three months ended June 30, 2025 and the Financial Year 2025. The loss of the company C&F agents, the deterioration of their financial condition or prospects, a reduction in their demand for the company products or its inability to maintain and increase the number of the company arrangements for the distribution of its products could adversely affect the company business, results of operations, financial conditions and cash flows.</li><li>Any slowdown, breakdown or shutdown in the company manufacturing operations may adversely affect its business, results of operations, financial condition and cash flows.</li><li>The company manufacturing units are subject to periodic inspections and audits by regulatory authorities and any future non-compliance with manufacturing and quality control requirements may subject it to regulatory action, which may adversely affect the company reputation, business, results of operations, financial condition and cash flows.</li><li>The company success depends on its ability to develop and commercialize products in a timely manner. If the company research and development efforts (with R&D costs constituting 1.76% and 1.23% of its total expenses for the three months ended June 30, 2025 and the Financial Year 2025, respectively) does not succeed or the products the company commercialize does not perform as expected, this may affect the company business and the introduction of new products, and may adversely affect the company business, results of operations, financial condition and cash flows.</li><li>For the three months ended June 30, 2025 and the Financial Year 2025, the company capacity utilization for tablets and capsules at its Bhayla Manufacturing Facility was 92.30% and 93.58%, respectively, while the company capacity utilization for dry powder (sachets) at such facility was 56.00% and 94.60%, respectively. Similarly, during such periods, its capacity utilization for tablets and capsules at the company Solan Manufacturing Facility was 113.36% and 96.05%, respectively, and capacity utilization for liquid (bottles) at such facility was 35.20% and 74.50%, respectively. An inability to maintain or improve the company capacity utilization levels at its manufacturing facilities could has an adverse effect on its business, results of operations, financial condition and cash flows.</li><li>The industry the company operate in is highly competitive and if its does not respond adequately to the increased competition the company expect to face, its may lose market share and the company profits may decline, which may adversely affect the company business, financial condition and results of operations.</li><li>The company does not maintain product liability insurance and may be subject to product liability claims and other adverse developments with respect to the company molecules, which could adversely affect the company business, results of operations, financial condition and cash flows.</li><li>There are outstanding legal proceedings involving the Company, its Directors, the company Key Managerial Personnel and Senior Management, and its Promoters. Any failure to successfully defend these proceedings may subject it to damages or remedies which may has an adverse effect on the company business, reputation, results of operations, financial condition and cash flows.</li><li>Its rely on third party manufacturers for some of the company finished products, which accounted for 37.25% and 35.99% of its total revenue from operations for the three months ended June 30, 2025 and the Financial Year 2025, respectively. Any adverse developments affecting such manufacturers could adversely affect its business, results of operations, financial condition and cash flows.</li><li>Its exposed to government price controls which could negatively affect the company results of operations.</li><li>This Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, CRISIL Intelligence, a division of CRISIL Limited, which the company commissioned and paid for to confirm its understanding of the company industry exclusively in connection with the Offer and reliance on such information for making an investment decision in the Offer is subject to inherent risks.</li><li>The company Bhayla Manufacturing Facility and research and development centre co-housed within such facility are located in Ahmedabad, Gujarat (with such facility contributing to 34.29% and 34.93% of its revenue from operations for the three months ended June 30, 2025 and the Financial Year 2025, respectively) and the company exposed to risks originating from economic, regulatory, political and other changes in this region, including natural disasters and unforeseen circumstances, which could adversely affect the company business, results of operations, financial condition and cash flows.</li><li>The company business has grown significantly in the past, with revenue from operations growing at a compounded annual growth rate of 16.33% over the past three Financial Years and its Covered Market ranking within the Indian pharmaceutical market improving from 20 during MAT June 2022 to 17 during MAT June 2025. the company inability to successfully implement its business plan and strategies may has an adverse effect on its business, results of operations, financial condition and cash flows.</li><li>The company dependent on third-party service providers for certain operations, such as transportation of raw materials, delivery of the company finished products and hazardous waste management. An increase in prices by these third-party service providers or any disruption in their services may adversely affect the company business, results of operations, financial condition and cash flows.</li><li>The company has significant capital expenditure requirements. If its experience insufficient cash flows to fund the company capital requirements or if its not able to procure additional capital on acceptable terms, the company business, results of operations, financial condition and cash flows may be adversely affected.</li><li>The company has in the past entered into related-party transactions and may continue to does so in the future.</li><li>Its depend on opportunistic acquisitions of businesses and brands for the growth of the company business and the unsuccessful integration of any businesses or brands its acquire may result in operating difficulties or costly divestment, which may adversely affect the company business, results of operations, financial condition and cash flows.</li><li>The company has been certain instances of delays in payment of statutory dues and filing of GST returns by the Company. Any further delays in payment of statutory dues may attract financial penalties and may adversely affect the company business, financial condition, cash flows and results of operations.</li><li>Its rely on the company field force of 2,671 medical representatives (as of June 30, 2025) to market and distribute its products in India, and any failure to retain, train, motivate or manage them effectively could adversely affect the company business, results of operations, financial condition and cash flows.</li><li>The company has incurred losses in the past due to a change in the company distribution model and the recurrence of losses in future periods could has an adverse effect on its business, results of operations, financial condition, cash flows and the trading price of the company Equity Shares.</li><li>Its rely on doctors to prescribe the company products to patients, and any loss of their confidence, preference, or loyalty could adversely affect its sales and market share.</li><li>Its may be subject to impairment of goodwill and other intangible assets, including brands acquired by it, which could increase the company amortization costs and adversely affect its financial condition.</li><li>Its subject to extensive government regulation in India and failure to comply with such regulations may result in penalties, criminal sanctions, suspension of the company business license, among others, and its business, results of operations, financial condition and cash flows may be adversely affected.</li><li>The company inventories as a percentage of its total current assets as of June 30, 2025 and as of March 31, 2025, 2024 and 2023 were 29.08%, 38.21%, 33.92% and 36.16%, respectively. the company inability to accurately forecast demand for the company products and manage its inventory may has an adverse effect on its business, financial condition, results of operations and cash flows.</li><li>The company exposed to counter party credit risk and any delay in receiving payments or non-receipt of payments, which may adversely affect the company business, results of operations, financial condition and cash flows.</li><li>Its may encounter delays in the ope-rationalization of the company hormone manufacturing facility in Ahmadabad, Gujarat.</li><li>The company lease its Registered and Corporate Office in Ahmadabad, Gujarat and the company manufacturing facility situated in Solan, Himachal Pradesh and are subject to risks arising the company of non-ownership of such property.</li><li>As of June 30, 2025, the company total borrowings (current and non-current) aggregated to ?1,066.48 million. its may need additional capital for future growth of the company business but may not be able to obtain such on favorable terms or at all.</li><li>If the company products are found to be infringing on the intellectual property rights of a third-party, its may be required to cease the sale of such the infringing products, causing loss of future sales revenue from such products and may also face liabilities for infringement of intellectual property rights, which may adversely affect the company business, results of operations, cash flows and financial condition.</li><li>The company does not own certain brands that its promote and distribute under in-licensing arrangements. Any inability to commercialize these licensed brands or any disruptions or termination of the company licensing agreements could adversely affect its business, results of operations, financial condition and cash flows.</li><li>If third parties on whom its rely for clinical trials and bio equivalence studies does not perform their obligations as contractually required or as its expect, and does not comply with applicable regulations, its may not be able to obtain regulatory approval for or commercialize the company products.</li><li>The availability of counterfeit drugs, such as drugs passed off by others as the company products, could adversely affect its goodwill, thereby affecting the company business, results of operations and financial condition.</li><li>The company business, results of operations and financial condition may be adversely affected if its unable to enhance or maintain the reputation and image of the company brands.</li><li>The company success depends on its ability to retain and attract qualified senior management and other key personnel and medical representatives and if the company not able to retain them or recruit additional qualified personnel, its may be unable to successfully develop our business.</li><li>Its inability to meet the company obligations, including financial and other covenants under the company debt financing arrangements could adversely affect Its business, financial condition, cash flows and results of operations.</li><li>Non-compliance with and changes in environmental, health and safety, and labor laws and other applicable regulations may adversely affect its business, financial condition, results of operations and cash flows.</li><li>If any of the company products cause, or are perceived to cause, severe side effects, its business, financial condition, cash flows and results of operations could be adversely affected.</li><li>Its unable to trace some of the company historical records including forms filed with the RoC and there has been certain discrepancies in its filings with the RoC.</li><li>Its subject to the risk of loss due to fire, accidents and other hazards as the company R&D and manufacturing processes, raw materials and finished goods are highly flammable and hazardous. the company also subject to the risk of other natural calamities or general disruptions affecting its manufacturing facilities and C&F agent locations.</li><li>The company operations are labour intensive, and Its may be subject to strikes, work stoppages or increased wage demands by the company employees, which could adversely affect its business, results of operations and financial condition.</li><li>Delay or failure in the performance of the company contracts or purchase orders with its customers for supply of the company products, whether on its part or on the part of C&F agents, may adversely affect the company business, financial condition and results of operations.</li><li>The company international operations expose it to complex management, legal, tax and economic risks, which may adversely affect the company business, financial condition and results of operations.</li><li>its may not be able to detect or prevent fraud or other misconduct committed by the company medical representatives, employees or third parties.</li><li>Its currently rely extensively on the company systems including information technology systems and products processing/quality assurance systems and their failure could adversely affect the company business operations.</li><li>The company insurance coverage may not be sufficient or adequate to cover its losses or liabilities. As of June 30, 2025, the company has an insurance coverage as a percentage of total tangible assets of 155.11% of its total tangible assets. If the company suffer a large uninsured loss or if its suffer an insured loss that significantly exceeds the company insurance coverage, its financial condition and results of operations may be adversely affected.</li><li>The company appoint contract labour for carrying its certain of the company operations and its may be held responsible for paying the wages of such workers if the independent contractors through whom such workers are hired default on their obligations, and such obligations could has an adverse effect on the company financial condition, results of operations and cash flows.</li><li>The company Promoters and the members of its Promoter Group will be able to exercise significant influence and control over it after the Offer and may has interests that are different from or conflict with those of the company other shareholders.</li><li>Its Promoters, certain of the company Directors, Key Managerial Personnel and Senior Management may be interested in the Company other than in terms of remuneration and reimbursement of expenses.</li><li>The company currently entitled to certain tax incentives and export promotion schemes. Any decrease in or discontinuation in policies relating to tax, duties or other such levies applicable to it may affect the company results of operations.</li><li>Its may face risks on account of not meeting its export obligation for the company Indian operations. its failure to fulfill the company export obligations in full may make it liable to pay duty proportionate to unfulfilled obligation along with interest.</li><li>Introduction of stricter norms regulating marketing practices by pharmaceutical companies could affect its ability to effectively market the company products, which may has an adverse effect on its business, results of operations and financial condition.</li><li>Certain Non-GAAP financial measures and other statistical information relating to the comapny operations and financial performance has been included in this Red Herring Prospectus. These Non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable with those presented by other companies.</li><li>Information relating to the installed manufacturing capacity, actual production and capacity utilization of the company manufacturing facilities included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.</li><li>Its ability to pay dividends in the future will depend on the company earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company financing arrangements.</li><li>Its exposed to the risk associated with engaging with government institutions as part of the company overseas business.</li><li>There may be decline in the value of Its investment made in the company Associate.</li></ul>

The Issue type of Corona Remedies Ltd is Book Building.

The minimum application for shares of Corona Remedies Ltd is 14.

The total shares issue of Corona Remedies Ltd is 6171102.

Initial public offering of 6,174,051 equity shares of face value of Rs.10/- each ("equity shares") of Corona Remedies Limited ("company") for cash at a price of Rs.1,062/- per equity share ("offer price") aggregating to Rs.655.37 crores ("offer"), comprising an offer for sale of 1,223,193 equity shares of face value of Rs.10/- each aggregating to Rs.129.84 crores by Kirtikumar Laxmidas Mehta ("promoter selling sharheolder"), 721,691 equity shares of face value of Rs.10/- each aggregating to Rs.76.61 crores by Minaxi Kirtikumar Mehta, 97,853 equity shares of face value of Rs.10/- each aggregating to Rs.10.39 crores by Dipabahen Niravkumar Mehta, 97,853 equity shares of face value of Rs.10/- each aggregating to Rs.10.39 crores by Brinda Ankur Mehta ("promoter group selling shareholders"), 3,811,613 equity shares of face value of Rs.10/- each aggregating to Rs.404.60 crores by Sepia Investments Limited, 142,488 equity shares of face value of Rs.10/- each aggregating to Rs.15.13 crores by Anchor Partners and 79,360 equity shares of face value of Rs.10/- each aggregating to Rs.8.42 crores by Sage Investment Trust ("investor selling shareholders", and along with the promoter selling shareholder and promoter group selling shareholders, the "selling shareholders") ("offer for sale", and such equity shares offered in the offer for sale, the "offered shares").