Wakefit Innovations shares make muted market debut; end over 1 pc lower

New Delhi, Dec 15 (PTI) Shares of home and furnishing company Wakefit Innovations Ltd on Monday made a muted market debut and ended over 1 per cent lower against the issue price of Rs 195.

The stock started trading at Rs 194.10, down 0.46 per cent from the issue price on the BSE. During the day, it declined 9.10 per cent to Rs 177.25. Shares of the firm finally ended at Rs 192.30, down 1.38 per cent.

At the NSE, the stock got listed at par with the issue price of Rs 195. Shares of the firm ended at Rs 192.29, down 1.38 per cent.

The company's market valuation stood at Rs 6,284.92 crore.

In traded volume terms, 59.19 lakh shares of the firm traded at the BSE and 477.55 lakh shares at the NSE during the day.

The initial share sale of Wakefit Innovations Ltd got subscribed more than 2 times on the final day of the share sale on Wednesday last week.

The Rs 1,289-crore IPO had a fresh issue of equity shares worth up to Rs 377.18 crore and an offer for sale (OFS) of 4,67,54,405 shares, valued around Rs 912 crore.

Wakefit proposes to utilise the proceeds from the fresh issue worth Rs 31 crore for setting up 117 new COCO-Regular Stores; Rs 15.4 crore towards purchase of new equipment and machinery, Rs 161.4 crore for expenditure for lease and sub-lease rent and licence fee payments for existing stores.

Additionally, Rs 108.4 crore will be used for marketing and advertising expenses to enhance the brand's awareness and visibility, and the remaining amount will be used for general corporate purposes.

The company had fixed a price band of Rs 185-195 per share for its IPO. PTI SUM TRB