NEW DELHI, Dec 15: Shares of home and furnishing company Wakefit Innovations Ltd on Monday made a muted market debut 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. Later, it declined 9.10 per cent to Rs 177.25.
At the NSE, the stock was listed at par with the issue price of Rs 195.
The company’s market valuation stood at Rs 6,146.01 crore.
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 initial public offering (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 at 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 license 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)
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