Wakefit seeks Rs 468 crore in IPO, major backers plan partial exit
Promoters Ankit Garg and Chaitanya Ramalingegowda will offload a portion of their holdings in the OFS, along with several institutional backers including Peak XV Partners, Verlinvest, Investcorp, and Paramark KB Fund. Peak XV plans to sell up to 2.5 crore shares, while Verlinvest and Investcorp funds will offload a combined 61 lakh shares. Other participating investors in the OFS include SAI Global, Redwood Trust, and Nitika Goel, chief marketing officer at Zinnov.
The company may consider a pre-IPO placement of up to Rs 93.6 crore. If undertaken, the size of the fresh issue will be reduced accordingly. According to the DRHP, Wakefit intends to use the net proceeds from the fresh issue to fund capital expenditure, marketing and brand-building activities, and general corporate purposes.
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Founded in 2016, Wakefit began as a direct-to-consumer mattress company and has since expanded into a broader home solutions brand, offering furniture and home decor through its online and offline distribution network.
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It operates five manufacturing facilities across Karnataka, Haryana, and Tamil Nadu.
For the nine-month period ended December 2024, Wakefit reported operating revenue of Rs 636 crore and a loss of Rs 18.4 crore. In the last financial year, the company posted Rs 813 crore in revenue and a net loss of Rs 7.3 crore, compared to a loss of Rs 49.6 crore in the 2022-23 financial year.
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