Wakefit’s Rs 1,288-crore IPO opens on December 8; company sets price band at Rs 185–195 per share

Bengaluru-based Wakefit Innovations has set the price band for its upcoming initial public offering (IPO) at Rs 185 to Rs 195 per equity share.

The Rs 1,288 crore issue includes a fresh issue of Rs 377.18 crore and an offer for sale of Rs 911.7 crore at the upper end of the band.

The IPO will open for subscription on December 8 and close on December 10, with the company’s shares proposed to be listed on both the NSE and BSE. Anchor bidding is scheduled for December 5. At the top end of the price band, Wakefit is valued at about Rs 6,373 crore.

The offer for sale comprises up to 4.67 crore shares. Promoters Ankit Garg and Chaitanya Ramalingegowda will sell 77.29 lakh shares and 44.52 lakh shares respectively. Other participating shareholders include Peak XV Partners, Nitika Goel, Redwood Trust, Verlinvest S.A., SAI Global India Fund I, and Paramark KB Fund I.

The proceeds from the fresh issue will be used to expand Wakefit’s retail footprint and strengthen its operations. The company plans to set up 117 new stores, invest in equipment and machinery, pay licence fees for existing stores, and increase marketing and advertising spends. Wakefit recently completed a private placement of 28.7 lakh shares at Rs 195 each, totalling Rs 56 crore.

The price band reflects a price-to-earnings ratio of 160.87x at the lower end and 169.57x at the upper end, based on diluted FY25 earnings. Investors can bid for a minimum of 76 shares and in multiples thereafter. The weighted average return on net worth over the past three financial years stands at 9.09%.

Founded in 2016 by Garg and Ramalingegowda, Wakefit sells mattresses, pillows, bed frames, protectors, furniture, and soft furnishings through an omnichannel model. The company has an SKU count of more than 3,000 and works with platforms such as Amazon and Flipkart to deepen its online reach. It aims to operate close to 220 stores by FY28 as part of its expansion cycle.

For the six months ended September 30, 2025, Wakefit reported operating revenue of Rs 724 crore and a net profit of Rs 35.6 crore. Mattresses contributed Rs 439 crore, furniture Rs 211.86 crore, and furnishings Rs 73.06 crore. In FY25, revenue rose 29 percent year-on-year to Rs 1,273.7 crore, while the company’s net loss widened to Rs 35 crore from Rs 15 crore a year earlier.

The basis of allotment is expected to be finalised on December 11. Refunds and unblocking of ASBA accounts will start on December 12, with shares credited to demat accounts the same day. Wakefit is set to list on or around December 15.

Axis Capital, IIFL Capital, and Nomura are the book-running lead managers, and MUFG Intime India is the registrar.