Wakefit vs Corona Remedies vs Nephrocare vs Park Medi: Check subscriptions & GMP of 4 IPOs

Four mainboard IPOs- Wakefit Innovations, Corona Remedies, Park Medi World and Nephrocare Health Services- are open for bidding for the investors. The former two shall close for bidding today, while the latter duo has kicked-off their bidding process on Wednesday, December 10 itself.

All the four companies are cumulatively raising more than Rs 3,735 crore from investors and saw a mixed response from the investors. Interestingly, all the four issues are commanding varied premiums in the grey market even as a few conclude for bidding today.
 

Corona Remedies IPO: Day 3 bidding status and GMP

The IPO of Corona Remedies was overall subscribed 120.58 times as of the 3.30 pm on Wednesday, December 10. The issue attracted bids for 55,12,61,060 equity shares against the net offered issue size of 45,71,882 equity shares. However, the issue was overall booked 67 per cent on the first day of bidding and ended day two with nearly 10 times subscription.

The portion for retail bidders was booked 24.95 times, while the allocation for non-institutional investors saw 202.70 times bids. However, qualified institutional bidders took a back seat as the portion fetched a subscription of a whopping 244.37 and allocation for employees was booked 12.99 times.

Ahmedabad-based pharma player, Corona Remedies, is selling its shares for Rs 1,008-1,062 apiece in the multiples of 14 shares to raise a total of Rs 655.37 crore, which entirely an offer-for-sale (OFS) of up to 61,71,101 equity shares worth Rs 251.81 crore. Its GMP has inched up to 320-330 to Rs 290 apeice, hinting at nearly 30-31 per cent gains for the investors.

"We believe that the company has market leading brands, healthy financial performance, expanding in new geographies, capex for a new manufacturing facility, and is fairly priced compared to its peers. We recommend a 'subscribe' rating for the issue," said GEPL Capital.
 

Wakefit Innovations IPO: Day 3 bidding status and GMP

According to data from BSE, the IPO of Wakefit Innovations was booked 2.12 times as of the given time on Wednesday, December 10. Investors had made bids for 8,92,09,560 equity shares against the overall net offering of 3,63,53,276 equity shares for the investors. The issue was overall booked only 16 per cent on day one and ended day two with 40 per cent bids.

On an individual basis, the retail portion was booked 2.92 times, while quota for non-institutional bidders was subscribed only 97 per cent. Allocation for qualified institutional bidders (QIBs) was subscribed 3.04 per cent as of the same time. There is no employee allocation in this IPO.

Wakefit Innovations is selling its shares in the range of Rs 185-195 apiece with a lot size of 76 equity shares. The company is looking to raise a total of Rs 1,288.89 crore via its IPO. Last heard, the company was commanding no grey market premium amid the weak bidding for the issue.

Positively for Wakefit growth is visible on back of improving housing demand, increasing discretionary spending and successful expansion of its COCO stores. We are cautious due to higher relative valuations versus Sheela Foams, dominance of unorganized players, and supply side risk pertaining to RM imports. We assign a 'subscribe for long-term' rating," said Indsec Research.
 

Park Medi World IPO: Day 1 bidding status and GMP

The IPO of Park Medi World was overall subscribed 32 per cent as of 3.35 pm on Wednesday, December 10. The issue attracted bids for 1,75,50,748 equity shares against the net offered issue size of 4,18,18,182 equity shares. The portion for retail bidders was booked 49 per cent, while the allocation for non-institutional investors and QIBs were subscribed 45 per cent and 26 per cent, respectively.

New Delhi-based healthcare chain, Park Medi World, is selling its shares for Rs 154-162 apiece in the multiples of 92 shares to raise a total of Rs 920 crore, which includes a fresh share sale of Rs 770 crore and an offer-for-sale (OFS) of up to 92,59,259 equity shares worth Rs 150 crore. It's GMP has inched up to 25-26 apeice, hinting at nearly 15-16 per cent gains for the investors.

Working capital remains stretched, but strong operating cash flows comfortably support both receivables and future acquisitions—creating an entry barrier for new players, said Canara Bank Securities. "We recommend for long-term only given its scale, consistent record, and robust expansion pipeline, though monitoring of the cash cycle and growth momentum is essential."
 

Nephrocare Health Services IPO: Day 1 bidding status and GMP

The IPO of Nephrocare Health Services was subscribed only 11 per cent as of the given time. Investors had made bids for 14,11,424 equity shares against the overall net offering of 1,33,87,854 equity shares. Retail portion was booked 18 per cent, while NII quota was subscribed 11 per cent. The QIB portion was not even off the mark.

Nephrocare Health Services is selling its shares in the range of Rs 438-460 apiece with a lot size of 32 equity shares. The company is looking to raise a total of Rs 871.05 crore via its IPO. Last heard, the company was commanding no grey market premium amid mixed bidding for the issue.

Nephrocare is valued at FY25 EV/Ebita ratio of 29 times, which appears reasonably priced compared to peers. It is focusing on expanding its dialysis network across India, particularly in tier-II and tier-III cities, through a mix of greenfield and brownfield projects, said Geojit Investments. It has 'subscribe for long-term' rating.