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Sources told CNBC-TV18 that the institutional share sale has received strong demand and has been fully subscribed.
Wonderla had launched the QIP with a floor price of ₹829.74 per share, which was at par with the price at which the stock had closed on Tuesday.
Wonderla’s board had approved raising funds to the tune of ₹800 crore through various methods and was supposed to execute the same in one or more tranches.
“This looks interesting. The stock has had a decent run from its lows. I would suggest the stock could consolidate for some time here, but going ahead for the next two to three years, the outlook for amusement parks in the country looks better,” Parthiv Shah of TRACOM Stock Brokers had told CNBC-TV18 in an interaction on November 27.
“It has a good support, and it’s just bouncing from the ₹800 mark. So if one has to hold, the risk reward ratio is quite favorable, because ₹800 becomes your support. There’s a possibility that the stock will consolidate for a month or so, but it can move. The moment it crosses ₹870 or so, you can see it heading higher towards ₹950-980 and that could happen in the next three months or so. So it would be wise to just hold with the ₹800 stop loss,” Soni Patnaik of JM Financial told CNBC-TV18.
Shares of Wonderla Holidays are trading 8% higher at ₹893. The stock is down 15% from its recent peak of ₹1,051.
