Corona Remedies and Wakefit Innovations to list tomorrow; GMP suggests sharp upside for pharma play
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Shares of Corona Remedies and Wakefit Innovations are set to debut on the stock exchanges on Monday, with grey market signals pointing to a positive start for both companies, although with different levels of investor confidence. Corona Remedies, the larger of the two in terms of market buzz, is commanding a GMP of around 28%, indicating expectations of healthy listing gains. Wakefit Innovations, in contrast, is trading at a more modest GMP of about 4%, suggesting a relatively muted debut despite its strong brand recall. Corona Remedies is coming to the market entirely through an offer for sale worth Rs 655.37 crore, with no fresh capital being raised. The issue was priced at Rs 1,062 per share and values the pharma company at a pre-IPO market cap of about Rs 6,495 crore. The shares will be listed on both the BSE and NSE. Investor response to the Corona Remedies IPO was strong. The issue was subscribed to 144.5 times overall, driven by he...