WI
Wakefit Innovations
Book Building issueMainboardNSE₹1,289 Cr issue
0.00%
Listing gain over issue price
Issue size
₹1,289 Cr
1 lot at cut-off
₹14,820
Lot size
76shares
Open
08 Dec 2025
Close
10 Dec 2025
Allotment
11 Dec 2025
Listing
15 Dec 2025
Listing performance
Issue price
₹195
Listed at
₹195
Listing-day close
₹192.30
Latest price
₹126.79
Listing gain
0.00%
Return since listing
-34.98%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹4
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 15 Dec 2025 | ₹4 | +2.05% | ₹200 | ₹199 | ₹304 |
| 14 Dec 2025 | ₹4 | +2.05% | ₹200 | ₹199 | ₹304 |
| 13 Dec 2025 | ₹7 | +3.59% | ₹400 | ₹202 | ₹532 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 08 Dec 2025 – 10 Dec 2025
- Listing date
- 15 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹195 per share
- Lot size
- 76 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,289 Cr
- Market cap at offer price
- ₹6,373 Cr
- Promoter holding
- 43.01% → 36.83% pre-issue → post-issue
- ISIN
- INE0E7301029
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Umiya Emporium, 97-99, 2 nd and 4th Floor, Adugodi, Tavarekere, Opp.Forum Mall, Hosur Road, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,97,43,590 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 76 shares per lot, in multiples, at ₹195
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 76 | ₹14,820 |
| Retail (max) | 13 | 988 | ₹1,92,660 |
| S-HNI (min) | 14 | 1,064 | ₹2,07,480 |
| S-HNI (max) | 67 | 5,092 | ₹9,92,940 |
| B-HNI (min) | 68 | 5,168 | ₹10,07,760 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
2,97,43,590
Anchor portion
₹580 Cr
at ₹195 per share
Valuation and performance
Valuation at offer price
₹195 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −1.14 | 2.18 |
| P/E (×) | — | 89.45 |
| Price to book (×) | 11.50 | — |
| Market cap | — | ₹6,373 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- −6.72%
- ROCE
- −0.68%
- Debt / equity
- 0.53
- PAT margin
- −2.75%
- EBITDA margin
- 7.13%
- NAV per share
- ₹16.96
- Price to book
- 11.50
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Wakefit Innovations
Wakefit Innovations Limited is a home and furnishings company incorporated in Bengaluru, Karnataka in March 2016 and converted to a public limited company in June 2025. The company is a full-stack vertically integrated player controlling every aspect from product conceptualization, design, and engineering to manufacturing, distribution, and customer engagement. It offers a wide range of products across three categories: mattresses (60.65% of revenue in H1 FY2025), furniture (29.26%), and furnishings including décor (10.09%). The company generates revenue through two channels: own channels comprising its website and COCO (Company-Owned, Company-Operated) Stores which contributed 64.91% of revenue in H1 FY2025, and external channels including major e-commerce platforms and multi-branded outlets contributing 35.09%. As of September 30, 2025, the company operated 125 COCO Regular Stores.
Company Analysis
from RHPWakefit Innovations Limited is a vertically integrated home and furnishings company in India offering mattresses, furniture, and furnishings through omnichannel presence (direct-to-consumer website and company-owned stores, plus marketplace and multi-branded outlets).
Wakefit Innovations Limited is a home and furnishings company incorporated in Bengaluru, Karnataka in March 2016 and converted to a public limited company in June 2025. The company is a full-stack vertically integrated player controlling every aspect from product conceptualization, design, and engineering to manufacturing, distribution, and customer engagement. It offers a wide range of products across three categories: mattresses (60.65% of revenue in H1 FY2025), furniture (29.26%), and furnishings including décor (10.09%). The company generates revenue through two channels: own channels comprising its website and COCO (Company-Owned, Company-Operated) Stores which contributed 64.91% of revenue in H1 FY2025, and external channels including major e-commerce platforms and multi-branded outlets contributing 35.09%. As of September 30, 2025, the company operated 125 COCO Regular Stores.
home and furnishingsmattressesfurniturefurnishings and décore-commerceretail
Objects of the Issue
- Capital expenditure for setting up 117 new COCO – Regular Stores ₹308.42 million p.18
- Expenditure for lease, sub-lease rent and license fee payments for existing COCO – Regular Stores ₹1,614.69 million p.19
- Capital expenditure for purchase of new equipment and machinery ₹154.08 million p.19
- Marketing and advertisement expenses towards enhancing brand awareness and visibility ₹1,084.04 million p.19
- General corporate purposes p.19
- Capital expenditure for setting up 117 new COCO – Regular Stores in India p.52
- Expenditure for lease, sub-lease rent and license fee payments for existing COCO – Regular Stores p.56
- Capital expenditure for purchase of new equipment and machinery p.56
- Marketing and advertisement expenses towards enhancing brand awareness and visibility p.56
- General corporate purposes p.56
- Capital expenditure to be incurred by our Company for setting up of 117 new COCO – Regular Stores ₹308.42 million p.125
- Expenditure for lease, sub-lease rent and license fee payments for our existing COCO – Regular Stores ₹1,614.69 million p.127
- Capital expenditure to be incurred by our Company for purchase of new equipment and machinery ₹154.08 million p.128
- Marketing and advertisement expenses towards enhancing the awareness and visibility of our brand ₹1,084.04 million p.130
- General corporate purposes p.130
- Capital expenditure to be incurred by the Company for setting up of 117 new COCO – Regular Stores p.194
- Capital expenditure to be incurred by the Company for purchase of new equipment and machinery p.195
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹1 each aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹1 each aggregating up to ₹3,771.78 million
- Offer for Sale
- Up to 46,754,405 Equity Shares of face value of ₹1 each aggregating up to ₹[●] million
- Price Band
- [●] per Equity Share (Floor Price: ₹[●]; Cap Price: ₹[●])
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹1 each
Business Model
The company earns revenue through direct-to-consumer sales via its website and COCO Stores, and indirect sales through marketplaces (e-commerce and quick commerce platforms) and multi-branded outlets operated by third parties. It manufactures products across five operational facilities and distributes through its own channels and third-party logistics providers.
Business Segments
Manufacture and sale of mattress products under the Wakefit brand
Manufacture and sale of furniture products under the Wakefit brand
Manufacture and sale of furnishings and décor products under the Wakefit brand
Mattress manufacturing and sales; produced at Manufacturing Facility I in Sonipat, Haryana, and Manufacturing Facility V in Hosur, Tamil Nadu; generates significant share of revenue
Production and sale of sofas, chairs, solid wood furniture, engineered wood furniture, and home decor products across five manufacturing facilities
Sale of products through e-commerce platforms including Pepperfry Limited and quick commerce platforms
Design, manufacture and sale of mattresses through omnichannel presence
Design, manufacture and sale of furniture through omnichannel presence
Design, manufacture and sale of furnishings and décor products through omnichannel presence
Offers a diverse range of mattresses including memory foam, latex, grid, high resilience foam models such as dual comfort, spring, plus, rollup, and foldable options with advanced sleep technology features like temperature regulation and sleep pattern tracking through Zense range products (Regul8 and Track8)
Offers beds (engineered wood, natural wood and metal beds), sofas and recliners, wardrobes, dining tables, chairs and seating (office chairs, gaming chairs, ottomans), cabinets, tables (coffee tables, computer tables, bedside tables), shelves, and kids' furniture designed for different styles and needs with both comfort and durability
Includes pillows and cushions, home essentials such as towels, mats, rugs and carpets, yoga mats, runners, curtains, bathrobes, bean bags, deck tiles, dinner-ware, kitchen-ware, service-ware, mattress protectors, table linen, mirrors, ladders and home décor including table décor, lights and lamps, garden décor and wall décor
Design and manufacture of foam, spring, and hybrid mattresses using proprietary manufacturing processes including AI-driven safety systems, roll-packing technology, and water-based adhesives. Mattresses are sold through direct-to-consumer channels, marketplaces, and retail stores with a 100-day return policy.
Design and manufacture of solid wood and engineered wood furniture including sofas, chairs, dining tables, beds, and storage units. Products use advanced machinery, polyurethane-based coatings, flat-pack designs for efficient logistics, and are sold through direct-to-consumer, marketplace, and retail channels with replacement parts service.
Supply of bedsheets, blankets, curtains, cushions, pillows, comforters, carpets, runners, and other home décor items sold through direct-to-consumer, marketplace, and retail channels.
The Company operates as a single reportable operating segment focused on the manufacture and sale of mattress, furniture and accessories through a D2C model.
Manufacturing and sale of mattresses
Manufacturing and sale of furniture
Manufacturing and sale of furnishings and decor items
SWOT Analysis
Strengths
- • Vertically integrated full-stack model enabling control of entire value chain(p.18)
- • Strong brand recognition with established market presence(p.37)
- • Omnichannel distribution strategy across own channels and external marketplaces(p.18)
- • Significant expansion of retail footprint with COCO stores(p.40)
- • Profitability achieved in recent period after prior losses(p.40)
- • Established trademark portfolio and IP filings across multiple jurisdictions(p.43)
- • Diversified product category portfolio across mattresses, furniture, and furnishings(p.44)
- • Revenue growth over past three fiscal years(p.45)
- • Multi-channel distribution including online marketplace presence(p.45)
- • Positive cash generation from operations(p.76)
- • Largest D2C home and furnishings company in India by revenue(p.134)
- • Only D2C company scaled across all three product categories with >₹1,000M revenue each(p.134)
- • Full-stack vertically integrated operations with control across value chain(p.134)
- • Omnichannel presence blending own and external channels(p.134)
- • Strong revenue growth track record(p.134)
- • Rapid COCO store expansion from 23 to 125 stores in 2.5 years(p.125)
- • Largest D2C home and furnishings company by revenue with fastest homegrown growth trajectory(p.180)
- • Only D2C player scaled across all three product categories with each generating over ₹1,000 million revenue(p.180)
- • Full-stack vertically integrated operations with complete control over design, manufacturing, and distribution(p.180)
- • Strong direct-to-consumer channel generation with 64.91% of revenue from own website and stores(p.180)
- • Top three player in organized mattress market with highest online mattress revenue among organized peers(p.181)
- • Significant revenue growth exceeding organized peer average by 1.64x(p.180)
- • Innovative product development with 3,070 new SKUs launched in Fiscal 2025 and advanced sleep technology(p.187)
- • Strong customer retention with repeat customers contributing 35.45% of revenue in H1 FY2025(p.193)
- • Pioneer in roll-packing technology for mattresses in India(p.213)
- • Advanced automation and AI-driven safety systems in manufacturing(p.211)
- • Diversified product portfolio and omnichannel presence(p.214)
- • ISO certifications for quality and information security(p.215)
- • Strong in-house technology stack for operational efficiency(p.216)
- • Multiple suppliers for key raw materials ensure supply stability(p.210)
- • Comprehensive distribution network across India(p.213)
- • Direct-to-consumer (D2C) business model with manufacturing capability(p.266)
- • Strong promoter shareholding and control(p.300)
- • Significant institutional investor backing(p.300)
- • Revenue growth and improved profitability(p.309)
- • No material strengths explicitly stated in this document section(p.N/A)
Weaknesses
- • Significant concentration in mattress category revenue(p.21)
- • Heavy dependence on own channels creating operational complexity(p.21)
- • History of losses in multiple fiscal years(p.21)
- • Ongoing litigation and regulatory proceedings involving company and management(p.21)
- • Significant dependence on third-party logistics creating vulnerability(p.21)
- • High employee attrition rates across workforce categories(p.47)
- • Lack of long-term fixed-price supply contracts with raw material suppliers(p.44)
- • High inventory as percentage of current assets(p.48)
- • Past non-compliance with internal audit requirements(p.46)
- • Delays in statutory dues payments(p.51)
- • Accounting software deficiencies noted in statutory audit reports(p.46)
- • High dependence on two mattress manufacturing facilities(p.49)
- • Litigation and IP infringement issues pending(p.43)
- • Negative profitability in recent years until H1 FY26(p.137)
- • Store closure rate indicating operational challenges(p.125)
- • Dependence on pre-IPO placement investors and specific shareholder concentration(p.109)
- • High capital intensity of store expansion model with variable unit economics(p.125)
- • Negative return on net worth until recent period(p.137)
- • Dependence on few large customers and marketplace concentration risk(p.181)
- • Limited scale in comparison to global furniture players with lower revenue base(p.177)
- • Recent profitability with negative PAT in Fiscal 2023 and 2024 showing limited operating leverage history(p.185)
- • High reliance on owned channel expansion through capital-intensive COCO stores(p.194)
- • Significant SKU complexity across product categories requiring inventory management and forecasting(p.195)
- • High dependence on three key raw materials (chemicals, fabrics, particle boards)(p.211)
- • Increasing import dependence for raw materials(p.210)
- • High attrition rates among employees(p.217)
- • Significant return and refund ratio for mattresses(p.214)
- • High capital intensity with leased manufacturing facilities(p.219)
- • Substantial losses in prior years(p.261)
- • Accumulated losses and negative retained earnings(p.302)
- • Heavy reliance on lease obligations(p.303)
- • Significant inventory holdings and slow-moving inventory provisions(p.293)
- • Contingent liabilities from tax disputes(p.317)
- • Accounting software lacks audit trail (edit log) facility for general ledger and revenue(p.329)
- • Back-up of revenue accounting software not taken on daily basis in India server(p.329)
- • Significant GST-related outstanding dues and disputes(p.331)
- • Accumulated loss carry-forward exceeds ₹2,300 million(p.322)
- • High employee attrition rate of 46.79%(p.321)
Opportunities
- • Large and growing home and furnishings market in India(p.18)
- • Expansion of COCO store network planned as core growth strategy(p.18)
- • Growth driven by rising disposable income and urbanization(p.18)
- • Brand awareness enhancement through marketing investments(p.19)
- • Expansion of COCO-Regular Store network(p.45)
- • Launch of new large-format COCO-Jumbo Stores(p.54)
- • Strategic acquisition and inorganic growth opportunities(p.55)
- • Brand expansion into international markets(p.43)
- • Expansion into smaller cities and underserved market segments(p.55)
- • Technology-driven customer experience enhancements and advanced sleep tech products(p.50)
- • Furniture industry growth at 9-11% CAGR with B2C segment projected at 12-14% CAGR(p.128)
- • Expansion of 117 new COCO stores planned for FY27-FY28(p.125)
- • Capacity expansion in furniture manufacturing with engineered wood line at 96.87% utilization(p.128)
- • Multi-category revenue growth opportunity across mattresses, furniture and furnishings(p.128)
- • Strategic marketing initiatives to enhance brand visibility and customer acquisition(p.130)
- • Lease payment optimization for existing 125 stores and upcoming expansions(p.127)
- • India's home and furnishings market projected to grow 11-13% CAGR to ₹5.2-5.9 trillion by CY2030(p.185)
- • Significant penetration opportunity with organized market at only 29-36% share, unorganized at 71%(p.169)
- • Online penetration in home furnishings projected to grow from 9% in CY2024 to 13% by CY2030(p.171)
- • D2C market growth opportunity with ₹900-1,100 billion market growing to ₹3,400-4,200 billion by CY2030(p.155)
- • Premiumization and lifestyle shift driving demand for branded, design-led home solutions(p.169)
- • Rising urbanization creating demand in Tier-2+ cities with lower market penetration(p.165)
- • Cross-selling opportunity with significant addressable market expansion from mattresses alone to complete home solutions(p.174)
- • Interior design market growing 15%+ CAGR with consumers viewing homes as lifestyle expression(p.157)
- • Early-stage international expansion through pilot projects(p.214)
- • Growing organized home and furnishings market(p.215)
- • Value creation through flat-pack furniture design optimization(p.213)
- • Expansion of retail presence and brand experience(p.219)
- • Growth in e-commerce and direct-to-consumer channels(p.214)
- • IPO conversion to public limited company(p.266)
- • Equity capital raising through IPO and bonus/rights issuances(p.297)
- • Expansion of geographic reach beyond India(p.307)
- • Return to profitability trajectory(p.302)
- • Growing revenue from furniture and furnishings diversification(p.337)
- • Increasing revenue from own channels (direct-to-consumer)(p.338)
- • Improved EBITDA margins and profitability(p.355)
Threats
- • Dependency on brand value vulnerable to reputation damage(p.21)
- • Vulnerability to shifts in consumer preferences and competition in mattress category(p.21)
- • Risk of website disruption and cyber-attacks(p.21)
- • Exposure to negative operating cash flows(p.21)
- • Regulatory approval and licensing risks(p.21)
- • Vulnerability to raw material cost increases and supply shortages(p.21)
- • Intellectual property protection risks(p.21)
- • Volatility in raw material costs and supply chain disruptions(p.44)
- • Import restrictions and anti-dumping duties on imported raw materials(p.44)
- • Dependence on online marketplace platforms and their policy changes(p.45)
- • Intense competition in fragmented and largely unorganised home and furnishings industry(p.49)
- • Seasonality affecting sales and operational cash flows(p.51)
- • Regulatory and approval delays affecting manufacturing operations(p.43)
- • Manufacturing facility disruption risks including industrial accidents(p.49)
- • Economic downturn and reduced consumer discretionary spending(p.65)
- • Inflation eroding margins if pricing cannot be passed to consumers(p.66)
- • Foreign exchange rate fluctuations affecting import costs(p.55)
- • Changes in tax laws and regulatory framework(p.63)
- • Furniture industry cyclicality and market volatility affecting demand(p.128)
- • Competition from established peer Sheela Foam with 2.7x revenue and superior profitability(p.136)
- • Lease rental escalation requirements for COCO stores(p.127)
- • Inflation impact on capital expenditure per store and operating costs(p.127)
- • Discretionary management control over net proceeds utilization(p.130)
- • Economic sensitivity with furniture and mattresses vulnerable to discretionary spending cuts during slowdowns(p.178)
- • Raw material cost inflation impacting margins, particularly for foam, wood, fabrics and metals(p.161)
- • Price-sensitive consumers with weak brand loyalty limiting premiumization potential(p.160)
- • Supply chain and logistics challenges from bulky furniture driving high transportation and last-mile costs(p.178)
- • Intense competition with aggressive price wars from organized and D2C players(p.178)
- • Regulatory compliance burden on environmental sourcing, waste management and chemical usage(p.178)
- • Long product replacement cycles limiting repeat purchase frequency and customer retention sustainability(p.178)
- • Highly competitive home and furnishings industry(p.215)
- • New Furniture Quality Control Order compliance requirements(p.220)
- • Volatility in raw material prices and currency fluctuations(p.210)
- • Labor cost inflation and minimum wage increases(p.217)
- • E-commerce regulations and compliance complexities(p.220)
- • Cyber security and IT infrastructure risks(p.216)
- • GST litigation exposure from indirect tax disputes(p.317)
- • Foreign exchange volatility exposure(p.316)
- • Customer concentration risk and B2C market dependency(p.307)
- • Warranty and product liability obligations(p.306)
- • Quarterly financial statement discrepancies requiring subsequent rectification(p.326)
- • Operating losses in prior years offset by carry-forward losses(p.360)
- • Raw material cost volatility impacts margins(p.339)
- • Regulatory compliance issues in Legal Metrology(p.371)
- • Pending criminal proceedings relating to employee misconduct(p.372)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ankit Garg | Promoter Selling Shareholder | 33.03% (103,190,136 equity shares on a fully diluted basis) | — |
| Chaitanya Ramalingegowda | Promoter Selling Shareholder | 9.98% (31,180,908 equity shares on a fully diluted basis) | — |
| Ankit Garg | Promoter/Executive Director | 33.03% | — |
| Chaitanya Ramalingegowda | Promoter/Executive Director | 9.98% | — |
| Ankit Garg | Promoter | 33.03% | — |
| Chaitanya Ramalingegowda | Promoter | 9.98% | — |
| — | Promoter | — | — |
| Ankit Garg | Promoter | 33.03% | — |
| Chaitanya Ramalingegowda | Promoter | 9.98% | — |
| Ankit Garg | Promoter | 63.50% | 63.50% |
| Chaitanya Ramalingegowda | Promoter | 18.16% | 19.79% |
| Ankit Garg | Promoter Selling Shareholder | — | — |
| Chaitanya Ramalingegowda | Promoter Selling Shareholder | — | — |
| Nitika Goel | Selling Shareholder | — | — |
Leadership
Ankit Garg · Chairman/Promoter
Chaitanya Ramalingegowda · Promoter
Surbhi Sharma · Company Secretary and Compliance Officer
Navesh Gupta · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.