Two IPOs debuted today with completely contrasting outcomes — one at a sharp premium, the other at a discount.

Corona Remedies, as expected, had a bumper listing. Against the IPO price of Rs 1,062, it listed on the BSE at Rs 1,452, a premium of 37%.

The issue saw stellar demand, subscribed 278.5x by HNIs, 208.7x by QIBs and 287x by retail investors.

Corona Remedies is a 21-year-old Ahmedabad-based, India-focused branded formulations company with key franchises in women’s healthcare (30% of revenue), cardio-diabeto (23%), pain management (12%) and urology (5%). In its covered markets, it ranks as the 17th largest pharma company in India, 6th in the fast-growing women’s health segment and 5th in pain management. Its reach is backed by 2,671 medical representatives and over 2,000 distributors.

In our IPO Analysis, we had concluded that Corona Remedies is a fundamentally attractive small-cap pharma play and had recommended the IPO for the long term.

Wakefit’s debut was the mirror image. Versus its IPO price of Rs 195, the stock listed at Rs 194, reflecting the tepid overall subscription of just 2.5x (HNIs 1.1x, QIBs 3x, retail 3.2x).

Wakefit Innovations is a 9-year-old integrated manufacturer–retailer of home products, with about Rs 1,300 crore revenue split 60:30:10 between mattresses, furniture and furnishings. It operates five plants across Haryana, Karnataka and Tamil Nadu and sells through its own stores, its website and online marketplaces, which contribute roughly 30:30:40 to revenue.

In our IPO Analysis, we had concluded that the Wakefit IPO could be skipped, as the concerns outweighed the potential opportunity.