Wakefit Innovations IPO: ₹468.22 Cr Fresh Issue + 5.84 Cr OFS; SEBI Nod Secured, Terms Awaited

Offer snapshot

• Structure: Book‑built IPO with fresh issue of ₹468.22 crore and OFS of up to 5,83,99,085 shares from promoters Ankit Garg and Chaitanya Ramalingegowda and investors including Peak XV, Verlinvest, Investcorp, Paramark, SAI Global, and Redwood.​
• Status: DRHP filed June 26–30, 2025; observation letter received Oct 3–6, 2025; opening/closing dates to be confirmed based on market windows.​
• Managers and registrar: Axis Capital, IIFL Securities, and Nomura as BRLMs; MUFG Intime India (Link Intime) as registrar per filings and trackers.​
• Listing: Proposed on NSE and BSE.​

Business snapshot

Founded in 2016, Wakefit is a D2C leader in mattresses and home furniture, scaling from online mattresses to a wider portfolio including beds, sofas, wardrobes, tables, and home decor, with a growing offline COCO store network and pan‑India logistics. The brand emphasizes in‑house manufacturing and direct distribution to keep price‑to‑value strong for middle‑income households.​

Financial highlights

• Revenue: ₹637.0 crore (FY22), ₹820.0 crore (FY23), ₹1,017.3 crore (FY24), and ₹994.4 crore for 9M FY25, indicating rapid growth with minor FY25 seasonality.​
• Profitability: PAT losses narrowed from ₹-145.7 crore (FY23) to ₹-15.1 crore (FY24) and ₹-8.8 crore for 9M FY25; EBITDA turned positive with margin near 6.7% in 9M FY25.​
• Net worth and debt: Net worth ~₹544–₹547 crore; borrowings modest at ₹4–₹7 crore, reflecting light leverage.​

Use of proceeds

Fresh issue will fund 117 new COCO regular stores plus 1 jumbo store, lease rentals for existing stores, equipment and machinery purchases, and brand/marketing; any remainder to general corporate purposes per DRHP/addendum.​

What to watch next

• Price band and valuation: To be set in the RHP; watch peer comps in D2C home, listed furniture, and e‑commerce adjacents for P/S and EV/EBITDA markers.​
• Anchor book quality: Long‑only and consumer specialists’ participation can shape listing tone.​
• Path to sustained profitability: Store economics, CAC trends, and supply‑chain efficiencies will be key to margin uplift post‑listing.​

FAQs

• What is the IPO size? Fresh ₹468.22 crore plus OFS up to 5.84 crore shares by promoters/investors.​
• Is the price band announced? Not yet; will be disclosed in the RHP with bidding dates.​
• Where will it list? Proposed on NSE and BSE.​
• Who are the BRLMs? Axis Capital, IIFL Securities, and Nomura; registrar MUFG Intime India.