Corona Remedies and Wakefit Innovations experienced contrasting levels of investor interest as their respective IPOs approached the close of bidding on Wednesday.
As of 12:27 PM, Corona Remedies reported significant demand, achieving an overall subscription rate of 31.59 times. In contrast, Wakefit’s offering lagged, with a subscription rate of just 0.60 times.
Corona Remedies: Strong Momentum Across Categories
Corona Remedies’ IPO generated substantial traction, particularly among non-institutional investors. By midday, Qualified Institutional Buyers (QIBs) had subscribed 5.37 times, Non-Institutional Investors (NIIs) surged to 106.39 times, while retail investors subscribed at 15.16 times. The employee quota reached 8.34 times.
The IPO, valued at ₹655.37 crores, is solely an offer for sale, with no fresh issue component. Priced between ₹1,008 and ₹1,062 per share, with a minimum bid of 14 shares, the company has already allotted shares to anchor investors at the upper end of the price band, raising approximately ₹195 crores. All proceeds from the IPO will accrue to selling shareholders.
Market sentiment surrounding the potential listing has grown optimistic, reflecting confidence in the company’s branded formulations business and future growth prospects.
Wakefit Innovations: Retail Drives Subscription, Institutions Hold Back
In contrast, Wakefit Innovations’ IPO reflected a different scenario at midday. The overall subscription rate reached only 0.60 times, marked by uneven investor participation. QIBs subscribed at just 0.07 times, NIIs at 0.45 times, while retail investors exhibited stronger interest with a subscription rate of 2.41 times.
Wakefit’s IPO, valued at ₹1,289 crores, features a price band of ₹185 to ₹195 per share, with a minimum lot size of 76 shares. The offering includes a fresh issue of ₹377.18 crores and an offer for sale (OFS) of 4.67 crore shares worth approximately ₹912 crores. The funds raised will be allocated toward expanding its omni-channel presence, enhancing manufacturing capabilities, launching new company-owned and company-operated (COCO) stores, including a jumbo-format outlet, and supporting brand-building and corporate initiatives.
Despite raising around ₹580 crores from institutional buyers, the muted QIB subscription by midday tempered expectations for a significant listing pop unless demand accelerates leading up to the close.
Both IPOs are set to close today, with market observers suggesting that Corona Remedies is on track for a robust oversubscription, which may support a favorable listing. In contrast, Wakefit may require a late surge of institutional interest to shift market sentiment significantly. Retail demand remains strong, but institutional participation is typically crucial for determining the strength of the listing on the first day of trading.
Both shares are scheduled to list on the stock exchanges on December 15, 2025.
