Wakefit IPO: Issue Subscribed 10% On Day 1 So Far

The IPO of D2C mattress company Wakefit got off to a steady start and was subscribed 10% till 12:10 IST on the first day of bidding. The issue received bids for 35.18 Lakh shares against 3.63 Cr shares on offer.

The portion reserved for retail investors was subscribed 47%, getting bids for 31.34 Lakh shares against 66.09 Lakh shares reserved for them. Of this, bids worth 27.49 Lakh shares were placed at cut off, while bids for 3.85 Lakh shares came at a fixed price within the price band.

Non-institutional investors’ (NIIs) category was subscribed 4%, receiving bids for 3.83 Lakh shares against 99.14 Lakh shares on offer. Within this category, investors with bidding amounts above INR 10 Lakh placed bids for 1.02 Lakh shares against 66.09 Lakh shares reserved. Meanwhile, the sub-category for bidding amounts between INR 2 Lakh and INR 10 Lakh received bids for 2.81 Lakh shares against an allocation of 33.05 Lakh shares.

Qualified institutional buyers (QIBs) didn’t place bids for any shares. The company has reserved 1.98 Cr shares for them.

Wakefit’s IPO comprises a fresh issue of shares worth up to INR 377.2 Cr and an offer for sale (OFS) of up to 4.68 Cr shares. The company has set a price band of INR 185 to INR 195 per share for the public issue. At the upper end of the price band, the IPO will value the company at INR 6,373 Cr (about $710 Mn).

The issue will close on December 10 (Wednesday), with its shares expected to list on the stock exchanges on December 15.

Ahead of the IPO, the company raised INR 580 Cr from anchor investors. As many as 33 anchor investors including HDFC Mutual Fund, Mirae Asset, Tata Mutual Fund, HSBC, Edelweiss, Bajaj Life Insurance, 360 ONE Equity, Nippon India, and Ashoka WhiteOak participated in the round.

The company plans to utilise the proceeds from the fresh issue to set up 117 new stores, pay licence fees for existing stores, purchase new equipment and machinery, and fund marketing and advertising initiatives.

Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit sells mattresses, pillows, bed frames, and mattress protectors through its online platform and offline stores.

The company has over 3,070 SKUs in its portfolio. Backed by the likes of Peak XV Partners, Investcorp, Verlinvest, and SIG, Wakefit has raised over $148 Mn in funding to date.

On the financial front, the company reported an operating revenue of INR 724 Cr in the first half (H1) of FY26, while posting a net profit of INR 35.6 Cr. For the full year FY25, Wakefit’s net loss widened 2.3X YoY to INR 35 Cr, even as revenue from operations grew 29% YoY to INR 1,273.7 Cr.