Corona Remedies and Wakefit Innovations to mention tomorrow; GMP suggests a sharp advantage for the pharmaceutical industry

Shares of Corona Remedies and Wakefit Innovations are set to debut on the stock exchanges on Monday, with gray market signals pointing to a positive start for both companies, albeit with different levels of investor confidence.Corona Remedies, the bigger of the two in terms of market buzz, has a GMP of around 28%, indicating expectations of healthy stock market gains. Wakefit Innovations, on the other hand, trades at a more modest GMP of around 4%, indicating a relatively muted debut despite strong brand recall.

Corona Remedies is entering the market entirely through a sale offer worth Rs 655.37 crore, without raising any fresh capital. The issue was priced at Rs 1,062 per share and values ​​the pharmaceutical company at a pre-IPO market capitalization of around Rs 6,495 crore. The shares will be listed on both the BSE and NSE.The response from investors to the Corona Remedies IPO was strong. The issue was subscribed a total of 144.5 times, thanks to strong participation from all investor categories. Qualified institutional buyers bid nearly 294 times their allotted share, while non-institutional investors bid more than 220 times their quota. Private investors also showed great interest, with more than 30 registrations. The company had also raised Rs 194.86 crore from key 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 specialty therapies such as women’s health, cardiodiabetes, pain management and urology. It has built a diversified portfolio of 71 brands and a broad 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 muted response from investors. The IPO included 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 capitalization of around Rs 6,373 crore.

The Wakefit IPO was subscribed a total of 2.52 times, with retail investors subscribing just over three times their allocation. Institutional demand was subdued and interest from non-institutional investors remained relatively subdued compared to recent blockbuster listings. However, the company has raised Rs 580 crore from major investors before the issue. Wakefit is a well-known direct-to-consumer home and sleep solutions brand, offering mattresses, furniture and soft furnishings through a mix of online channels and physical stores. Over the years, it has expanded its reach to over 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 cites as a turning point.

The difference in GMPs between the two listings underlines current investor preferences. Companies with consistent profitability and clear earnings visibility enjoy greater enthusiasm, while consumer-facing, growth-oriented companies are approached with greater caution.