Wakefit secures SEBI nod for IPO

Home and sleep solutions startup Wakefit Innovations has received regulatory approval from SEBI to proceed with its initial public offering (IPO).

The IPO comprises a fresh equity issue of Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore shares by promoters and existing investors. Promoters Ankit Garg and Chaitanya Ramalingegowda, along with investors such as Peak XV, Verlinvest, Investcorp, Redwood Trust, SAI Global, and Paramark, are expected to offload part of their holdings.

Ahead of the IPO, the co-founders were allotted around 2.6 million shares through a rights issue. Elevation Capital also acquired about 2.03 lakh shares from employees at Rs 1,600 per share but is not participating in the OFS.

Wakefit plans to list on NSE and BSE, with Axis Capital, IIFL Capital, and Nomura as lead managers. The company will use the fresh issue proceeds to open new stores, purchase equipment, fund marketing, leases, and meet general corporate requirements.

Founded in 2016, Wakefit operates as a direct-to-consumer (D2C) brand focused on sleep and home solutions. Its product portfolio spans mattresses, pillows, furniture, and other home improvement goods, sold through its website, offline stores, and third-party marketplaces.

In the first nine months of FY25, Wakefit reported Rs 971 crore in revenue and a net loss of about Rs 9 crore.

SEBI has also approved Lenskart’s IPO alongside Wakefit. The two join a growing list of companies that recently received the regulator’s nod to go public,  including boAt, Capillary Technologies, Groww, and Pine Labs.