Wakefit Innovations Secures SEBI Nod for IPO The public issue will include a fresh equity sale worth INR 468.2 crore and an offer for sale of 5.84 crore shares by promoters and existing investors.
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Home and sleep solutions company Wakefit Innovations has received approval from the Securities and Exchange Board of India to launch its initial public offering (IPO).
The public issue will include a fresh equity sale worth INR 468.2 crore and an offer for sale of 5.84 crore shares by promoters and existing investors.
Promoters Ankit Garg and Chaitanya Ramalingegowda, along with investors such as Peak XV, Verlinvest, Investcorp, Redwood Trust, SAI Global, and Paramark, are expected to divest part of their stakes.
Ahead of the listing, the co-founders received around 2.6 million shares through a rights issue. Elevation Capital purchased about 2.03 lakh shares from employees at INR 1,600 per share but will not participate in the share sale.
Wakefit aims to list its shares on the National Stock Exchange and the Bombay Stock Exchange. Axis Capital, IIFL Capital, and Nomura will act as the lead managers for the issue.
The proceeds from the fresh issue will be used to expand retail presence, acquire equipment, fund marketing activities, support lease commitments, and meet general corporate needs.
Founded in 2016, Wakefit operates as a direct-to-consumer brand offering mattresses, pillows, furniture, and other home improvement products through its website, offline outlets, and online marketplaces.
In the first nine months of FY25, the company reported revenue of INR 971 crore and a net loss of about INR 9 crore.
Wakefit's approval comes alongside that of eyewear retailer Lenskart, with both joining a growing list of firms preparing to enter the public market, including boAt, Capillary Technologies, Groww, and Pine Labs.
