According to the DRHP, the proposed IPO of the Bengaluru-based company comprises a fresh issue of equity shares aggregating up to Rs 468.2 crore and an offer for sale (OFS) of 5.83 crore equity shares by the selling shareholders.
As part of the OFS, promoters Ankit Garg and Chaitanya Ramalingegowda, along with other selling shareholders — 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 be offloading shares.
Wakefit proposes to utilize the net proceeds from the fresh issue towards funding capital expenditure of Rs 82 crore for setting up 117 new COCO – Regular Stores and one COCO – Jumbo Store; Rs 15.4 crore for the purchase of new equipment and machinery; Rs 145 crore for lease, sub-lease rent, and license fee payments for existing stores; and Rs 108.4 crore for marketing and advertising expenses to enhance brand awareness and visibility. The remaining amount will be used for general corporate purposes.
The company, in consultation with the BRLMs, may consider a pre-IPO placement aggregating up to Rs 93.6 crore prior to the filing of the Red Herring Prospectus with the ROC. If the pre-IPO placement is undertaken, the size of the fresh issue will be reduced to the extent of such placement.
Live Events
Axis Capital Limited, IIFL Capital Services Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the issue. The equity shares of the company are proposed to be listed on both the BSE and NSE.Wakefit, incorporated in 2016, is the fastest-growing homegrown player in India’s home and furnishings market among organized peers to have achieved total income exceeding Rs 1,000 crore as of March 31, 2024.It offers a wide range of mattresses, furniture, and furnishings, sold through both its own channels (including its website and COCO stores) and external channels (such as major e-commerce platforms and multi-brand outlets). As a full-stack, vertically integrated company, Wakefit controls every aspect of its operations, from conceptualizing, designing, and engineering products to manufacturing, distributing, and providing customer experience and engagement.
The company reported revenue from operations of Rs 986.3 crore in FY24 and Rs 971 crore for the nine-month period ended December 31, 2024.
