Wakefit IPO receives muted response on Day 1; issue subscribed 16%

The Rs 1,289 crore initial public offering (IPO) of Wakefit saw a slow start on its opening day, with the issue subscribed 16% as of Monday evening (7:54 PM), according to data from the stock exchanges.

The IPO, which opened for bidding on December 8, comprises a fresh issue of Rs 377 crore (1.93 crore shares) and an offer-for-sale (OFS) of Rs 912 crore (4.67 crore shares).

The issue will close on December 10, with allotment expected on December 11, and listing tentatively scheduled for December 15 on the BSE and NSE. The price band is set at Rs 185 to Rs 195 per equity share.

On the first day, the retail investor category saw a subscription of 0.77 times, while the non-institutional investor (NII) segment subscribed 0.07 times. Within NIIs, bNII (bids above Rs 10 lakh) stood at 0.03 times and sNII (bids below Rs 10 lakh) at 0.15 times.

The QIBs placed bids for 3,192 shares against 1,98,29,060 shares on offer. Overall, the IPO received nearly 53,493 applications.

Each retail investor can bid for a minimum of 76 shares, requiring an investment of Rs 14,820 at the upper price band. For sNII investors, the minimum application size is 1,064 shares (Rs 2.07 lakh), and for bNII investors, it is 5,168 shares (Rs 10.07 lakh).

The IPO follows a Rs 580 crore anchor round, where institutional investors participated, including HDFC Life Insurance, Bajaj Life Insurance, Prudential Hong Kong, 360 One, Steadview Capital and Amundi Funds New Silk Road.

Domestic mutual funds including HDFC MF, Axis MF, Mirae Asset MF, Nippon India MF, Tata MF, HSBC MF, Bandhan MF, Edelweiss MF and Mahindra Manulife MF also subscribed through multiple schemes.

Founded in 2016, the company has grown into one of India’s fastest home and furnishings brands to cross Rs 1,000 crore in total income by FY24. It sells mattresses, furniture and furnishings through its own website, its network of COCO stores and online marketplaces.

The company operates five manufacturing units in Bengaluru, Hosur and Sonipat, equipped with automation systems such as robotic arms and roller belts to reduce waste and speed up production. Wakefit reported Rs 724 crore in operating revenue and Rs 35.5 crore in profit for the six months ended September 30, 2025.

Axis Capital Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.