Wakefit Innovations Shares Recovery
Shares of Wakefit Innovations, a home and furnishing company, recovered sharply from their intraday lows and were trading over 10 percent higher on Monday. This comes after a muted listing on the stock market.
Stock Performance
The stock hit a low of Rs 177.25 per share on the National Stock Exchange (NSE) before bouncing back to Rs 195.81 per share, up 0.5 percent, at around 2 pm.
On the Bombay Stock Exchange (BSE), the stock listed at Rs 194.10, down 0.46 percent from the issue price, and later fell 9.10 percent to Rs 177.25.
Initial Public Offering (IPO)
Wakefit Innovations' Rs 1,289-crore IPO was subscribed over two times on the final day of bidding. The IPO included a fresh issue of equity shares worth up to Rs 377.18 crore and an offer for sale of 4,67,54,405 shares valued at around Rs 912 crore.
The company plans to use the proceeds from the fresh issue to:
- Set up 117 new COCO-Regular stores
- Purchase new equipment and machinery
- Pay lease and sub-lease rent and licence fees for existing stores
- Cover marketing and advertising expenses
- Fund general corporate purposes
Market Valuation
Wakefit Innovations' market valuation stands at Rs 6,146.01 crore. The company had fixed a price band of Rs 185-195 per share for the public issue.