Wakefit Innovations Gets Sebi Nod For IPO
Wakefit Innovations, a D2C home and furnishings company in India in terms of revenue in Fiscal 2024, received regulator’s go ahead to raise funds through an initial public offering (IPO).The proposed IPO of the Bengaluru-based company is a combination of a fresh issue of equity shares aggregating up to Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore equity shares by the selling shareholders.
As part of the OFS, the promoters, Ankit Garg and Chaitanya Ramalingegowda and other selling shareholders Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Opportunity Fund and Paramark KB Fund I will be offloading shares.
As per the draft prospectus, Wakefit proposes to utilise the net proceeds from the fresh issue towards funding of capital expenditure worth Rs 82 crore for setting up of 117 new stores.
The proceeds will also be utilised towards capex for purchase of new equipment and machinery, marketing and advertisement expenses and general corporate purposes.
On the financial front, the company reported revenue from operations of Rs 986.3 crore in FY24 and Rs 971 crore for the nine-months period ended 31 December 2024.
Axis Capital, IIFL Capital Services and Nomura Financial Advisory and Securities (India) are the book running lead managers to the issue. The equity shares of the company are proposed to be listed on BSE and NSE.
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