Wakefit Innovations IPO Announcement

Wakefit Innovations, a startup focused on home and sleep solutions, has gained regulatory consent from SEBI to move forward with its initial public offering (IPO). The IPO consists of a new equity issuance worth Rs 468.2 crore as well as an offer for sale (OFS) involving 5.84 crore shares from promoters and existing stakeholders.

Key Stakeholders in Wakefit’s IPO

Promoters Ankit Garg and Chaitanya Ramalingegowda, along with significant investors such as Peak XV, Verlinvest, Investcorp, Redwood Trust, SAI Global, and Paramark, are anticipated to sell part of their shareholdings. Prior to the IPO, the co-founders received approximately 2.6 million shares through a rights issue. Elevation Capital has also purchased around 2.03 lakh shares from employees at Rs 1,600 per share but will not be participating in the OFS.

Listing Plans and Management

Wakefit aims to list its shares on the NSE and BSE, with Axis Capital, IIFL Capital, and Nomura as the main managers of the offering. The funds raised from the new equity issue will be allocated towards launching new stores, acquiring equipment, financing marketing efforts, meeting leasing obligations, and supporting general corporate needs.

Company Overview

Founded in 2016, Wakefit functions as a direct-to-consumer (D2C) brand that prioritises sleep and home solutions. Its diverse product range includes mattresses, pillows, furniture, and other home improvement items, available via its website, physical stores, and third-party marketplaces.

Financial Performance

In the initial nine months of FY25, Wakefit reported a revenue of Rs 971 crore, alongside a net loss of approximately Rs 9 crore. In addition to Wakefit, SEBI has also approved Lenskart’s IPO, which is part of an expanding list of companies that have recently received the regulator’s approval for public offerings, including boAt, Capillary Technologies, Groww, and Pine Labs.