Corona Remedies and Wakefit Innovations to list tomorrow; GMP suggests sharp upside for pharma play

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 heavy participation across all investor categories. Qualified institutional buyers subscribed nearly 294 times their allotted portion, while non-institutional investors bid over 220 times their quota. Retail investors also showed strong interest, with subscriptions exceeding 30 times. The company had also raised Rs 194.86 crore from anchor investors ahead of the public issue.

The strong demand reflects confidence in Corona Remedies’ business fundamentals and growth trajectory. The company operates in chronic and speciality therapy areas such as women’s healthcare, cardio-diabetes, pain management and urology. It has built a diversified portfolio of 71 brands and a wide distribution network spanning 22 states, supported by more than 2,600 medical representatives.

Wakefit Innovations, on the other hand, is entering the market with a much larger issue size of Rs 1,289 crore but with a more tempered investor response. The IPO comprised a fresh issue of Rs 377 crore and an offer for sale of Rs 912 crore. The shares were priced at Rs 195 each, valuing the company at a pre-IPO market capitalisation of around Rs 6,373 crore.

The Wakefit IPO was subscribed to 2.52 times overall, with retail investors subscribing just over three times their allocation. Institutional demand was moderate, and non-institutional investor interest remained relatively subdued compared to recent blockbuster listings. The company did, however, raise Rs 580 crore from anchor investors ahead of the issue.

Wakefit is a well-known direct-to-consumer brand in the home and sleep solutions space, offering mattresses, furniture and furnishings through a mix of online channels and physical stores. Over the years, it has expanded its reach to more than 700 districts and operates over 125 stores across India.

While revenue growth has remained strong, profitability has been uneven. The company reported a net loss in FY25, although it returned to profitability in the first half of FY26, which management has cited as a turning point.

The divergence in GMPs between the two listings highlights current investor preferences. Companies with consistent profitability and clear earnings visibility are commanding higher enthusiasm, while consumer-facing, growth-oriented businesses are being approached with greater caution.