Wakefit shares slide after stock market debut, paring paper gains of founders and early investors

With mattress and furniture maker Wakefit’s shares sliding after its tepid stock market debut on Monday, the company’s founders and early investors suffered a drop in their notional paper gains compared with levels implied when the IPO price band was announced.

Wakefit’s IPO price band was fixed between Rs 185-195. The stock opened at Rs 195 on the National Stock Exchange and slipped to Rs 177 within the first few hours of trading.

Cofounders Ankit Garg and Chaitanya Ramalingegowda hold 28.7% and 8.06% stakes in the company following the listing,…