Wakefit goes public on December 8; eyes Rs 1,400 crore

Home and furniture company Wakefit Innovations Ltd is gearing up to launch its initial public offering (IPO) on December 8 to raise around Rs 1,400 crore. The company’s maiden public offering is a combination of a fresh issue of shares aggregating Rs 377.1 crore and an offer for sale (OFS) of 4.67 crore shares by the selling shareholders, according to the red herring prospectus (RHP).

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 and Paramark KB Fund I – will sell shares.Market sources said the total size of the issue would be around Rs 1,400 crore.

The IPO of the Bengaluru-based company will be completed on December 10, and anchor investors will be allotted shares on December 5, the RHP said.

Wakefit proposes to use the proceeds from the new issue, worth Rs 31 crore, for setting up 117 new COCO-Regular Stores; Rs 15.4 crore for purchase of new equipment and machinery; Rs 161.4 crore towards expenditure on lease and sublease rentals and license fees for existing stores. In addition, Rs 108.4 crores will be used for marketing and advertising expenses, and the remaining amount will be used for general corporate purposes. Earlier this month, Wakefit raised Rs 56 crores from DSP India Fund and 360 ONE Equity Opportunities Fund as part of a pre-IPO funding round.

Founded in 2016, Wakefit is one of the fastest homegrown players in the home and furniture market in India among its organized peers and has achieved a total income of over Rs 1,000 crore as of March 31, 2024.

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

Wakefit operates five manufacturing facilities, two of which are located in Bengaluru, Karnataka, two in Hosur, Tamil Nadu and one in Sonipat, Haryana.

The facilities are equipped with imported machinery and automation technologies, such as robotic arms and roller conveyors, that streamline the production process and reduce waste.

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

Axis Capital, IIFL Capital Services and Nomura Financial Advisory and Securities (India) Private Ltd are the lead managers of the issue. The company’s shares are proposed to be listed on the BSE and NSE.