Wakefit Files RHP, IPO To Open On December 8

D2C furniture and mattress company Wakefit has filed the red herring prospectus (RHP) for its IPO, which will comprise a fresh issue of up to INR 377.2 Cr and an offer for sale (OFS) of up to 4.68 Cr equity shares.

The IPO will open for bidding on December 8 and close on December 10. Anchor bidding will take place on December 5 (Friday). The company’s shares are expected to list on the exchanges on December 15.

Notably, the company, in its DRHP, had proposed a fresh issue of up to INR 468 Cr, while OFS component was to comprise up to 5.8 Cr shares. However, Wakefit undertook a private placement of 28.7 Lakh shares at INR 195 apiece, amounting to INR 56 Cr.

Wakefit’s promoters Ankit Garg and Chaitanya Ramalingegowda, along with investors Peak XV Partners, Nitika Goel, Redwood Trust, SAI Global India Fund I, Paramark and Verlinvest, are set to sell their shares via OFS route of the IPO.

The company plans to use the proceeds from the fresh issue for the following purposes: 

• INR 30.8 Cr has been set for expanding its retail store network by setting up 117 new stores
• INR 161.5 Cr will be used for leasing, sub-leasing and licence fee payments for its existing stores 
• INR 15.4 Cr will be used for the purchase of new equipment and machinery
• INR 108.4 Cr will be invested for marketing and advertising expenses
• The remaining amount will be used for general corporate purposes.

Founded in 2016 by Garg and Ramalingegowda, Wakefit sells products such as mattresses, pillows, bed frames and mattress protectors with an aim to give a better sleeping experience to its customers.

It operates via an omnichannel network by selling products online and through its retail stores. It has also partnered with ecommerce platforms such as Amazon and Flipkart to sell its products.

On the financial front, Wakefit’s operating revenue stood at INR 724 Cr in the first half of financial year 2025-26, while its net profit came in at INR 35.6 Cr for the period under review.

In FY25, the company’s net loss widened 2.3X to INR 35 Cr from INR 15 Cr in the previous year. Revenue from operations rose 29% YoY to INR 1,273.7 Cr.

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