Wakefit Files for IPO to Raise ₹468 Cr; Peak XV, Verlinvest to Pare Stakes
Bengaluru-based home and sleep solutions brand Wakefit has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), proposing an initial public offering (IPO) comprising a fresh issue of shares worth ₹468 crore and an offer for sale (OFS) of 5.84 crore equity shares.
According to the DRHP, Peak XV (formerly Sequoia India) will offload the largest portion in the OFS with the sale of 2.5 crore shares, accounting for nearly 49% of the total OFS. Other selling shareholders include Verlinvest (1 crore shares), Investcorp Growth (54.5 lakh shares), Redwood Trust, SAI Global, Paramark Fund, and co-founders Ankit Garg and Chaitanya Ramalingegowda, who will jointly divest 1.21 crore shares.
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Peak XV currently holds a 22.7% stake in the company, making it the largest external stakeholder. Verlinvest and Investcorp own 9.89% and 9.39% respectively, while SAI Global, Elevation Capital, and Paramark Fund hold smaller stakes. Among promoters, Ankit Garg owns 33.38% and Chaitanya Ramalingegowda holds 10.09%.
The IPO will be led by Axis Capital, IIFL Capital, and Nomura as the book-running lead managers. Wakefit plans to list its shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Proceeds from the fresh issue will be used for setting up new retail stores, acquiring leases and licenses, marketing activities, and general corporate purposes.
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Wakefit reported ₹971 crore in revenue for the first nine months of FY25, but posted a net loss of ₹8.8 crore. The company derives nearly 55% of its sales through its own distribution channels, with the remainder coming from e-commerce marketplaces and multi-brand retail outlets. Mattresses continue to be its leading revenue driver, followed by furniture and home furnishings.
Disclaimer: This post is for general informational purposes only. It does not constitute financial advice. Please consult a qualified professional before making financial decisions.
