Wakefit, Corona Remedies IPO GMPs rise to 34% as subscriptions open on Monday

Wakefit, Corona Remedies IPO GMPs rise.

The initial public offerings of Wakefit Innovations and Corona Remedies will open for public subscription on Monday, with both issues drawing firm interest in the grey market ahead of their launch.

Platforms tracking unofficial market activity indicate that the two IPOs are commanding grey market premiums (GMPs) of up to 34 percent. While GMPs are often viewed as a gauge of investor sentiment, they are not a reliable predictor of eventual listing gains.

According to data compiled by market watchers, Corona Remedies is citing a GMP of Rs 365 per share, implying a potential listing premium of around 34.37 percent. Wakefit Innovations is quoting a GMP of about 18 percent.

Pharma company Corona Remedies, backed by private equity firm ChrysCapital, has fixed a price band of Rs 1,008–1,062 per share for its maiden share sale, which values the firm at nearly Rs 6,500 crore. The Rs 655.37 crore IPO is entirely an offer for sale by promoters and existing shareholders. The issue will open on December 8 and close on December 10, as per its public announcement.

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Home and furnishings company Wakefit Innovations Ltd aims to raise Rs 1,289 crore through its IPO, which also opens on December 8. The Bengaluru-based firm has set a price band of Rs 185–195 per share, valuing the company at about Rs 6,400 crore.

Wakefit’s issue comprises a fresh equity raise of up to Rs 377.18 crore and an offer for sale of 4,67,54,405 shares amounting to roughly Rs 912 crore. The IPO will close on December 10, while allocation to anchor investors is scheduled for December 5.

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