Wakefit IPO subscribed 2.52 times on final day of bidding; retail, QIBs lead - Check GMP

Wakefit IPO sees strong subscription in primary market.

Wakefit IPO got subscribed over 2 times on the final day of bidding on Wednesday. The Rs 1,289-crore initial share sale of Wakefit Innovations Ltd got bids for 9.16 crore shares against 3.63 crore shares on offer, translating to 2.52 times overal subscription, according to the NSE data.

Category-wise, shares meant for retail individual investors (RIIs) was subscribed 3.17 times, while the quota for Non-Institutional Investors received 1.05 times subscription. The qualified institutional buyers bid for 3.04 times.

According to platforms tracking the grey market activities, the shares of Wakefit are commanding a GMP of nearly 2 percent, according to IPO Watch.

Earlier, the home and furnishings company collected Rs 580 crore from anchor investors.

Wakefit proposes to utilise the proceeds from the fresh issue worth Rs 31 crore for setting up 117 new COCO-Regular Stores; Rs 15.4 crore towards purchase of new equipment and machinery; Rs 161.4 crore for expenditure for lease and sub-lease rent and license fee payments for existing stores.

Additionally, Rs 108.4 crore will be used towards marketing and advertisement expenses for enhancing the awareness and visibility of the brand, and the remaining amount will be used for general corporate purposes.

Wakefit IPO share allotment is expected by December 11, while share listing is proposed on December 15.