Bengaluru-based Wakefit Innovations Ltd will launch its initial public offering on December 8, aiming to raise around ₹1,400 crore through a mix of fresh shares and an offer for sale by existing investors. The IPO opens for subscription on Monday, December 8, and closes on Wednesday, December 10, with anchor investor bidding on December 5. Allotment finalises on December 11, refunds initiate December 12, shares credit to demat accounts that day, and listing on BSE and NSE occurs December 15.
The issue includes a fresh issuance of equity shares worth up to ₹377.1 crore and an offer for sale of 4.67 crore shares by promoters Ankit Garg, Chaitanya Ramalingegowda, and investors like Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, and Paramark KB Fund I. Face value stands at ₹1 per share, with allocation reserving not less than 75% for qualified institutional buyers, not more than 15% for non-institutional investors, and 10% for retail.
Funds Fuel Store Expansion and Marketing Push:
Wakefit will invest ₹31 crore in 117 new company-owned COCO-Regular locations to boost its omnichannel footprint. The company invests an additional ₹15.4 crore in new equipment and machinery to increase manufacturing capacity at its five locations in Bengaluru, Hosur, and Sonipat, including robotic arms and roller belts. Marketing and advertising get ₹108.4 crore to improve brand presence on digital and offline platforms. The remaining revenues go toward general company purposes.
Wakefit raised ₹56 crore through a pre-IPO deal, issuing 28,71,794 shares at ₹195 per share to DSP India Fund and 360 ONE Equity Opportunities Fund. Book-running lead managers include Axis Capital, IIFL Capital Services, and Nomura Financial Advisory and Securities (India).
Rapid Growth from Sleep Solutions to Home Furnishings:
Wakefit, founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, began as a sleep solutions company supplying mattresses and has since expanded into a one-stop home furnishings destination. The company sells through its website, COCO stores, e-commerce platforms, and multi-brand outlets, generating over ₹1,000 crore in total income by March 31, 2024, making it one of the fastest-growing organized domestic companies. Automation streamlines production, reducing waste and increasing output.
Financials show strength, with revenue from operations at ₹724 crore and profit of ₹35.5 crore for the six months ended September 30, 2025. Earlier periods reflect assets growing from ₹791.80 crore (FY23) to ₹1,050.75 crore (FY25), total income from ₹820.01 crore to ₹1,305.43 crore. Promoter holding pre-IPO sits at 43.01%.
Founders’ Grit Powers Wakefit from Startup to IPO:
Ankit Garg and Chaitanya Ramalingegowda launched Wakefit in 2016 after meeting at Akosha, where Garg’s mattress industry knowledge paired with Ramalingegowda’s digital marketing skills. Garg, a chemical engineering IIT Roorkee graduate, tested the waters by selling sourced mattresses on Amazon in 2015, netting Rs 60 lakh profit before quitting to build in-house manufacturing with Rs 3 lakh investment using frugal jugaad machinery. Early struggles included slow sales of seven units in the first month, but focus on quality foams at lower prices by cutting middlemen drove exponential growth.
From mattresses, customer feedback expanded the range to pillows, bedsheets, beds, sofas, and home decor, evolving into a full home solutions brand with five automated factories in Bengaluru, Hosur, and Sonipat. Bootstrapped initially to profitability, Wakefit raised funds from Peak XV Partners and others, hitting over Rs 1,000 crore income by FY24 while emphasising artisan empowerment nationwide.
Peak XV, Others Exit via OFS Amid D2C Boom:
Wakefit’s OFS, which is backed by Peak XV Partners (previously Sequoia Capital India), Elevation Capital, and Investcorp, allows early investors to partially exit after driving its D2C development in the competitive home decor space. The IPO follows SEBI clearance of its draft papers in October, following filing in June, and will tap public markets for expansion funding.
Retail investors are looking at minimum lot sizes once price bands are announced, with the UPI mandate ending at 5 p.m. on December 10. Wakefit’s listing marks the turning point of its path from bootstrapped startup to IPO-ready firm, pitting it against Pepperfry and Urban Company in the home solutions space.
