Omnichannel home & furnishing retailer Wakefit gets SEBI nod for IPO
Wakefit Innovations has received SEBI approval to launch an IPO comprising a fresh issue of Rs 468 crore and an offer for sale of 5.84 crore shares by promoters and existing investors.
Direct-to-consumer home and furnishings startup Wakefit has received regulatory approval from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO), according to an update on SEBI’s website.
The proposed IPO includes a fresh issue of equity shares worth up to Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore shares by promoters and existing investors, as outlined in the company’s draft red herring prospectus (DRHP).
Promoters Ankit Garg and Chaitanya Ramalingegowda, along with other shareholders including Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Opportunity Fund, and Paramark KB Fund I, will participate in the OFS.
As part of the offer for sale, Wakefit’s promoters will be selling a combined total of 12.18 million equity shares. Co-founder Ankit Garg is set to offload 7.73 million shares, while Co-founder and CEO Chaitanya Ramalingegowda will sell 4.45 million shares, according to the draft red herring prospectus.
Among the other selling shareholders, Peak XV Partners Investments VI is set to divest 25.06 million equity shares as part of the offer for sale, making it the largest non-promoter shareholder participating in the OFS.
The Bengaluru-based company plans to use proceeds from the fresh issue to fund capital expenditure for new stores, purchase of equipment, lease payments, marketing initiatives, and general corporate purposes.
The company operates five manufacturing facilities across Karnataka, Tamil Nadu, and Haryana and sells a range of mattresses, furniture, and furnishings through its own channels and external marketplaces.
Founded in 2016, Wakefit reported revenue from operations of Rs 986.3 crore in FY24 and Rs 971 crore for the nine months ended December 31, 2024. Axis Capital, IIFL Capital Services, and Nomura Financial Advisory and Securities are the book-running lead managers to the issue.
Edited by Jyoti Narayan