Wakefit sets IPO band at Rs 185-195; Peak XV eyes 10X return

Wakefit, the home and sleep solutions brand, has set a price band of Rs 185-195 per share for its upcoming IPO, pegging its valuation at around Rs 6,400 crore ($719 million). While the public issue promises blockbuster exits for a few early backers, it offers only modest returns for some late-stage investors.

According to RHP analysis, Peak XV Partners (formerly Sequoia Capital India) emerges as the biggest beneficiary of the listing. The firm is set to clock a 10X return on its decade-long bet on Wakefit. Redwood Trust is also headed for a strong outcome with returns of nearly 11X.

The picture is starkly different for investors who came in at later stages. Verlinvest, SAI Global, and Paramark KB are all staring at far slimmer outcomes, with returns capped around 2X, a reflection of the plateauing valuation momentum in the company’s most recent rounds.

As part of the offer for sale (OFS), Peak XV will encash approximately Rs 397 crore, followed by Verlinvest at Rs 199 crore and Paramark KB Fund at about Rs 50 crore, taking the upper end of the price band. Others, including SAI Global and Redwood Trust, are making only partial exits, with relatively small portions of their holdings being offered in the sale.

Wakefit filed its Red Herring Prospectus (RHP) on November 30, 2025, outlining plans to raise Rs 377.2 crore through a fresh issue in addition to the 4.68 crore equity shares earmarked for the OFS.

As per the RHP, Peak XV remains the largest external shareholder with a 22.47% stake, followed by Verlinvest (9.79%) and Investcorp (9.29%). SAI Global Investment owns 5.35%, while Elevation Capital and Paramark Fund hold 4.68% and 1.63%, respectively. Among promoters, Ankit Garg leads with a 33.03% stake, with Chaitanya Ramalingegowda holding 9.98%.

On the financial front, Wakefit reported operating revenue of Rs 724 crore in the first half of FY26, with a net profit of Rs 35.57 crore. For FY25, the company delivered nearly 30% YoY growth, with operating revenue rising to Rs 1,274 crore from Rs 986 crore in FY24. Despite the top-line growth, the company posted a net loss of Rs 35 crore for the fiscal year.