Wakefit's Rs 1,289-cr IPO to open on Dec 8; sets price band at Rs 185-195/ share

New Delhi: Home and furnishings company Wakefit Innovations Ltd is aiming to raise Rs 1,289 crore through Initial Public Offering (IPO), which opens for subscription on December 8.

In a public announcement on Tuesday, the company has fixed a price band of Rs 185-195 per share for its maiden public offering, valuing the company at nearly Rs 6,400 crore.

The IPO of the Bengaluru-based company will conclude on December 10 and anchor investors will be allocated shares on December 5.

The company's maiden public offering comprises 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. Together, this takes the total issue size to Rs 1,289 crore.

As part of the OFS, the promoters - Ankit Garg and Chaitanya Ramalingegowda and other selling shareholders - Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest SA, SAI Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Opportunity Fund and Paramark KB Fund I will be offloading shares.

Wakefit proposes to utilise the proceeds from the fresh issue worth Rs 31 crore will be used for setting up of 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 towards marketing and advertisement expenses for enhancing the awareness and visibility of the brand and the remaining amount will be used for general corporate purposes.

Earlier this month, Wakefit raised Rs 56 crore from DSP India Fund and 360 ONE Equity Opportunities Fund as part of a pre-IPO funding round.

Wakefit, which was incorporated in 2016 is one of the fastest homegrown players in the home and furnishings market in India among organised peers to achieve a total income of more than Rs 1,000 crore, as of March 31, 2024.

It has a wide range of mattresses, furniture, and furnishings which it sells through both its own channels (comprising the website and COCO-Stores) and external channels (including various marketplaces, such as major e-commerce platforms and multi-branded outlets).

It is a fullstack vertically integrated company, enabling it to control every aspect of operations, from conceptualising, designing and engineering products to manufacturing, distributing and providing customer experience and engagement.

Wakefit operates five manufacturing facilities of which two are situated at Bengaluru, Karnataka, two at Hosur, Tamil Nadu and one at Sonipat, Haryana. Its facilities are equipped with imported machinery and automation technologies, such as robotic arms and roller belts, which streamline the production process and reduce waste.

The company said that 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

Wakefit will make its stock market debut on December 15.

On the financial front, Wakefit reported revenue from operations of Rs 724 crore and profit of Rs 35.5 crore for the six-month period ended September 30, 2025.

Axis Capital, IIFL Capital Services and Nomura Financial Advisory and Securities (India) Private Ltd are the book-running lead managers to the issue.