IPO-bound Wakefit in expansion mode; plans to open 117 new stores in by FY28

New Delhi, Nov 10 (PTI) Home and sleep solutions brand Wakefit Innovations, which is expected to launch its initial public offering (IPO) this calendar year, has opened 32 stores in the first 10 months of 2025, taking its total count to over 130 as part of its retail expansion strategy.

Going ahead, Wakefit plans to open 117 additional company-owned, company-operated (COCO) regular stores, which comprises 67 in FY27 and 50 in FY28 across cities including Mumbai, Noida, Bengaluru, Ghaziabad, Bhubaneshwar, Lucknow, Gurgaon, Tumkur, Vizag, Kozhikode, Thanjavur, Ambala and Sonipat.

The Bengaluru-based company launched its first store in March 2022 in Lucknow and expanded to 98 stores by December 31, 2024.

As part of its strategy to strengthen presence in smaller towns and underserved pockets of metros, the company plans to open COCO regular stores of varied sizes, tailored to specific catchment areas across product categories such as mattresses, furniture and furnishings.

"We believe that there is an opportunity for growth in the markets in which we operate and in order to build on our expansion, we plan to strategically increase our presence offline," the company stated in its Draft Red Herring Prospectus (DRHP).

"Our strategy for adding new COCO --Regular Stores is data-driven, focusing on identifying locations with higher business potential. We assess market demand, population density, and demographic trends to understand where our products have the best potential. By analysing customer data, we pinpoint underserved areas that could benefit from our COCO- Regular Stores," it added.

The company, which has received approval from Sebi, is expected to launch its maiden public offering in this calendar year, people familiar with the matter said. It intends to utilise Rs 30.8 crore from the IPO proceeds during FY27 and FY28 for the opening of these 117 regular stores.

As per its website, home and sleep solutions provider opened 32 stores in the first 10 months of 2025, taking the total to over 130 as of October 2025.

The proposed IPO is a combination of a fresh issue of equity shares aggregating up to Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore equity shares by the selling shareholders.

The company operates five manufacturing facilities of which two are situated in Bengaluru, Karnataka, two at Hosur, Tamil Nadu, and one at Sonipat, Haryana. Financially, the company reported 30 per cent year-on-year growth in revenue from operations for FY25 to Rs 1,274 crore from Rs 986 crore in FY24, according to its filings with the Registrar of Companies.

As per a Redseer report, India’s home and furnishings market, estimated at Rs 2.8-3 lakh crore as of 2024, is projected to grow at a CAGR of 11-13 per cent to reach Rs 5.2-5.9 lakh crore by 2030. PTI SP SP MR