Wakefit, Corona Remedies’ GMPs jump up to 18% ahead of IPOs
The Indian stock market is abuzz with excitement as two highly anticipated Initial Public Offerings (IPOs) are set to hit the market next week. Wakefit, a home and furnishings startup, and Corona Remedies, a pharma firm, are gearing up to raise funds through their respective IPOs, and the grey market is already reflecting the enthusiasm. On Wednesday, the unlisted shares of Wakefit and Corona Remedies were trading at a premium of up to 18% in the grey market, indicating a strong demand for these stocks.
Wakefit, which has set a price band of ₹185-195 per share for its ₹1,289 crore IPO, is expected to be a highly sought-after issue. The company, which operates in the home and furnishings space, has seen significant growth in recent years, driven by the increasing demand for online furniture and home decor products. With a strong brand presence and a wide range of products, Wakefit is well-positioned to capitalize on the growing demand for home and furnishings products in India.
Corona Remedies, on the other hand, is a pharma firm that is looking to raise ₹655.37 crore through its IPO. The company, which is engaged in the manufacture and sale of pharmaceutical products, has a strong presence in the domestic market and is also exporting its products to several countries. With a focus on research and development, Corona Remedies is committed to developing new and innovative products that cater to the evolving needs of the pharmaceutical industry.
The grey market premium (GMP) is an indicator of the demand for a stock in the unofficial market, and a higher GMP indicates a stronger demand for the stock. In this case, the GMP of up to 18% for Wakefit and Corona Remedies indicates that investors are eager to get their hands on these stocks, and are willing to pay a premium to do so.
The IPO market in India has been on a roll in recent times, with several issues seeing strong demand from investors. The success of these IPOs has been driven by a combination of factors, including the growth prospects of the companies, the valuation at which the issues are priced, and the overall sentiment in the market.
For Wakefit and Corona Remedies, the IPOs are an opportunity to raise funds and list their shares on the stock exchanges. The funds raised through the IPOs will be used to support the growth plans of the companies, including expansion of their operations, investment in new products and technologies, and repayment of debt.
The IPOs of Wakefit and Corona Remedies are expected to open next week, and investors are eagerly awaiting the opportunity to subscribe to these issues. With a strong demand for these stocks in the grey market, it is likely that the IPOs will see a strong response from investors.
In conclusion, the GMPs of Wakefit and Corona Remedies jumping up to 18% ahead of their IPOs is a clear indication of the strong demand for these stocks. With a strong brand presence, growth prospects, and a focus on innovation, these companies are well-positioned to capitalize on the growing demand for their products and services. As the IPO market continues to evolve, it will be interesting to see how these issues perform and what they mean for the broader market.
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