Wakefit boosts IPO to ₹1,400cr, plans ₹200cr pre-IPO round
What's the story
Bengaluru-based home-furnishing start-up Wakefit is gearing up for a public listing worth ₹1,400 crore in early December. The company has also planned a pre-IPO round to raise an additional ₹200 crore from foreign and domestic institutional investors. The IPO will include both primary and secondary share sales.
Market entry
Wakefit's IPO journey and market position
Wakefit had initially filed draft papers with the regulator in June, seeking to raise ₹468.2 crore in primary money. The company planned to use these funds to more than double its store count. However, the total issue size has now increased to ₹1,400 crore after including secondary transactions. The company has appointed Axis Capital, IIFL Securities, and Nomura as advisors for this issue.
Sale details
Wakefit's offer-for-sale and investor participation
The IPO will also feature an offer-for-sale (OFS) in which current owners like founders Ankit Garg and Chaitanya Ramalingegowda, along with major private equity investors, will sell a total of about 58.4 million shares. The company has raised multiple funding rounds from marquee investors such as Peak XV, Investcorp, Verlinvest, Paramark KB and SAI Global India Fund between 2018 and 2023.
Business growth
Wakefit's financial performance and market strategy
Wakefit, which was founded in 2016, sells mattresses, beds, sofas and home furnishings. The company has expanded sales through a combination of e-commerce platforms, experience centers and company-owned stores. In the first nine months of FY25, Wakefit reported an income of ₹994.3 crore with a net loss of ₹8.8 crore, according to its draft prospectus.