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Wakefit IPO makes flat debut

EntrackrEntrackr · 2d ago
Wakefit IPO makes flat debut
Medial

Bengaluru-based home and sleep solutions company Wakefit Innovations Ltd made a muted debut on the stock exchanges on Monday, with its shares listing flat to marginally below the IPO issue price, reflecting a lukewarm investor response. On the National Stock Exchange (NSE), Wakefit shares debuted at Rs 195 apiece, exactly at the upper end of the IPO price band. Meanwhile, on the Bombay Stock Exchange (BSE), the stock opened at Rs 194.10, a discount of around 0.5% to the issue price. The company witnessed a moderate response to its IPO, which was subscribed to 2.52 times overall. Both Qualified Institutional Buyers (QIBs) and retail investors subscribed to their respective portions more than three times. According to exchange data, the retail segment led demand with a 3.17x subscription, followed by QIBs at 3.04x, while the Non-Institutional Investors (NIIs) portion was subscribed 1.05 times. The IPO was open for subscription from December 8 to December 10, with a price band of Rs 185–195 per share. The issue had a lot size of 76 shares, translating into a minimum investment of Rs 14,175. It comprised a fresh issue of Rs 377.18 crore and an offer for sale (OFS) worth Rs 911.71 crore by existing shareholders, including early investors and promoters. Ahead of the public issue, Wakefit raised nearly Rs 580 crore from anchor investors. The anchor book included institutional names such as HDFC Life Insurance, Bajaj Allianz Life, Prudential Hong Kong, and Amundi, among others, indicating institutional interest going into the IPO. Despite a reasonable subscription during the bidding period, the lack of a listing premium suggests investors remained cautious amid broader market volatility and a selective approach toward consumer internet listings. In terms of financials, Wakefit reported operating revenue of Rs 724 crore and a net profit of Rs 35.57 crore in the first half of FY26. For FY25, its operating revenue grew nearly 30% year-on-year to Rs 1,274 crore from Rs 986 crore in FY24, although the company ended the year with a net loss of Rs 35 crore. The flat listing highlights a growing trend where strong brand recall and anchor backing do not necessarily translate into listing gains in a valuation-sensitive market.

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Exclusive: Wakefit to convert into public company; appoints independent directors

EntrackrEntrackr · 6m ago
Exclusive: Wakefit to convert into public company; appoints independent directors
Medial

Wakefit, a home and sleep solutions brand, is all set to convert into a public company, marking a key milestone ahead of its planned initial public offering (IPO). According to regulatory filings, the company’s board approved a resolution to change its name from Wakefit Innovations Private Limited to Wakefit Innovations Limited. The conversion aligns with its plans to debut on Indian stock exchanges soon. As per media reports, Wakefit is preparing to file its draft red herring prospectus (DRHP) in the coming months and is eyeing to raise Rs 1,500–2,000 crore (approximately $200 million) through the public issue. In line with regulatory requirements, the company has also appointed Sudeep Nagar, Sandhya Pottigari, Aridam Paul, Gunender Kapur, and Alok Chandra Misra as independent directors to strengthen its board and governance structure as it transitions into a listed entity. Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit started as a direct-to-consumer (D2C) mattress brand and has since evolved into a broader home solutions company, offering furniture, decor, and interior design services. Its vertically integrated operations—from manufacturing to delivery—have helped it scale quickly in a highly competitive market. According to startup data intelligence platform TheKredible, Wakefit’s revenue from operations rose 21% to Rs 986.4 crore in FY24 from Rs 812.6 crore in FY23. The company also significantly narrowed its losses by nearly 90% to Rs 15 crore in FY24 from Rs 145 crore a year earlier. Wakefit has raised over $100 million (around Rs 850 crore) to date from investors such as Peak XV Partners, Verlinvest, and South Korea-based Paramark Ventures. Some of these investors are expected to partially exit through the IPO. The company competes with a mix of traditional and new-age players in India’s furniture and sleep products market, including IKEA, Pepperfry, Duroflex, SleepyCat, and WoodenStreet.

Wakefit targets to raise Rs 1,500-2,000 Cr from IPO: Report

EntrackrEntrackr · 8m ago
Wakefit targets to raise Rs 1,500-2,000 Cr from IPO: Report
Medial

Wakefit targets to raise Rs 1,500-2,000 Cr from IPO: Report Home furniture and sleep solutions company Wakefit has selected three investment banks to help with its plans to go public. According to a Moneycontrol report, the company has chosen Axis Capital, IIFL Capital Services, and Nomura to guide its initial public offering (IPO). Wakefit is expected to file draft papers for the IPO in the coming months. As per the report, the company aims to raise between Rs 1,500 crore and Rs 2,000 crore ($200 million). It has not yet decided how much will be raised through new shares and how much will be sold by current investors. So far, Wakefit has raised more than $100 million (around Rs 850 crore) from investors such as Peak XV Partners, Paramark Ventures from South Korea, and Verlinvest from Europe. Some of these early investors may sell their shares in the IPO. Wakefit started as a mattress company but later began selling other furniture like beds, tables, and chairs. As per TheKredible, Wakefit’s revenue from operations increased by 21% to Rs 986.4 crore in FY24, as compared to Rs 812.6 crore in the previous fiscal year. The firm managed to control its losses by 90% to Rs 15 crore from Rs 145 crore in FY23. Wakefit competes with companies like SleepyCat, Duroflex, Pepperfry, IKEA, and Woodenstreet in India’s furniture and sleep product market.

Wakefit secures SEBI nod for IPO

EntrackrEntrackr · 2m ago
Wakefit secures SEBI nod for IPO
Medial

Wakefit secures SEBI nod for IPO Home and sleep solutions startup Wakefit Innovations has received regulatory approval from SEBI to proceed with its initial public offering (IPO). The IPO comprises a fresh equity issue of Rs 468.2 crore and an offer for sale (OFS) 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 offload part of their holdings. Ahead of the IPO, the co-founders were allotted around 2.6 million shares through a rights issue. Elevation Capital also acquired about 2.03 lakh shares from employees at Rs 1,600 per share but is not participating in the OFS. Wakefit plans to list on NSE and BSE, with Axis Capital, IIFL Capital, and Nomura as lead managers. The company will use the fresh issue proceeds to open new stores, purchase equipment, fund marketing, leases, and meet general corporate requirements. Founded in 2016, Wakefit operates as a direct-to-consumer (D2C) brand focused on sleep and home solutions. Its product portfolio spans mattresses, pillows, furniture, and other home improvement goods, sold through its website, offline stores, and third-party marketplaces. In the first nine months of FY25, Wakefit reported Rs 971 crore in revenue and a net loss of about Rs 9 crore. SEBI has also approved Lenskart’s IPO alongside Wakefit. The two join a growing list of companies that recently received the regulator’s nod to go public, including boAt, Capillary Technologies, Groww, and Pine Labs.

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