Peak XV Partners-backed Wakefit IPO opens December 8; here's what investors need to know

The initial public offering (IPO) of Wakefit Innovations, the D2C home and furnishings company backed by Peak XV Partners, Elevation Capital, and Investcorp, is set to open for subscription on December 8.

The anchor book will launch a few days earlier, on December 5, and the public offer will remain open until December 10.

According to the company’s Red Herring Prospectus, the Bengaluru-based firm’s IPO comprises a fresh equity issue of up to ₹377.1 crore and an offer for sale (OFS) of 4.67 crore shares by existing investors.

Promoters Ankit Garg and Chaitanya Ramalingegowda, along with selling shareholders including Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, and Paramark KB Fund I, will participate in the OFS.

Wakefit plans to deploy the net proceeds of the fresh issue across multiple areas: ₹30.8 crore for setting up 117 new COCO – Regular Stores, ₹15.4 crore for new equipment and machinery, ₹161.4 crore for lease, sub-lease, and license fee payments for existing stores, and ₹108.4 crore for marketing, advertising, and general corporate purposes.

Ahead of the IPO, Wakefit raised ₹56 crore in pre-IPO funding from DSP India Fund and 360 ONE Equity Opportunities Fund, as announced on November 15. The company allotted 28.71 lakh shares at ₹195 each, with DSP India Fund receiving 20.51 lakh shares worth ₹40 crore and 360 ONE Equity Opportunities Fund getting 8.2 lakh shares amounting to ₹16 crore.

Financially, Wakefit reported revenue from operations of ₹1,273 crore in FY25. For the six months ending September 30, 2025, the company posted revenue of ₹724 crore and a profit of ₹35.5 crore.

Incorporated in 2016, Wakefit has become the fastest-growing homegrown player in India’s organised home and furnishings segment to cross ₹1,000 crore in total income as of March 31, 2024.

Wakefit’s portfolio includes a wide range of mattresses, furniture, and home furnishings sold through its own channels, including its website and COCO stores, as well as external platforms such as major e-commerce marketplaces and multi-branded outlets.

As a full-stack, vertically integrated company, Wakefit manages every stage of its operations, from design and engineering to manufacturing, distribution, and customer engagement.

The company operates five manufacturing facilities: two in Bengaluru, Karnataka, two in Hosur, Tamil Nadu, and one in Sonipat, Haryana. These plants are equipped with imported machinery and automation technologies, including robotic arms and roller belts, to streamline production and minimize waste.

Axis Capital, IIFL Capital Services, and Nomura Financial Advisory and Securities (India) are the Book Running Lead Managers for the IPO. Wakefit’s equity shares are proposed to be listed on both the BSE and NSE.