Wakefit Innovations IPO: Matress maker Wakefit has submitted draft papers for its IPO with the Capital Market Regulator SEBI. According to the filed draft Red Herring Prospects (DRHP), new shares of Rs 468.2 crore will be issued in the IPO. Also, 5.84 crore equity shares will be offered for SAIL (OSS) from the existing shareholders.
OFS promoters Ankit Garg and Chaitanya Ramalingauda as well as Neetika Goyal, Peak XV Partners Investments VI, Redwood Trust, World SA, Sai Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Equity Fund, Investcorp Growth Equity Fund and Paramark KB Fund I also shares.
How old is the company
Home and Furnsing company Wakefit started in 2016. It sells mattress, furniture and furnishings through its channels as well as external channels. External channels include several marketplaces such as large e-commerce platforms and multi-brand outlets. The company sees everyone from concepts, design and engineering of its products to manufacturing, distributing, customer experience. 2 of Wakefit’s 5 manufacturing facilities are in Bengaluru, Karnataka, 2 in Hosur, Tamil Nadu and one in Sonipat, Haryana. Wakefit’s FY was Rs 986.3 crore from operations in the financial year 2023-24.
The company can raise 93.6 crore before IPO
Wakefit can also bring a pre-IPO placement of Rs 93.6 crore. If the company raises so much money before the IPO, then the size of the issue of new shares in the IPO will decrease. Axis Capital for IPO, IIFL Capital Services and Nomura Financial Advisory and Securities (India) Private Limited Book Running Manager. Wakefit shares will be listed on BSE and NSE.
How to use IPO money
Wakefit will use Rs 82 crore out of the money to be received by releasing new shares in its IPO to open 117 new Coco regular stores and a COCO Jumbo Store. 15.4 crore rupees will be used for the purchase of new equipment and machinery, Rs 145 crore will be used for lease and subluting rent for existing stores and cost of license fees. 108.4 crore rupees will be spent on marketing and advertising, while the rest of the amount will be spent for general corporate objectives.
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