Wakefit Innovations IPO: Everything You Need to Know

India’s leading home and sleep solutions brand, Wakefit Innovations Ltd., is gearing up for a highly anticipated IPO following SEBI’s approval in October 2025. Known for pioneering the D2C (direct-to-consumer) model in the furniture and mattress segment, Wakefit’s upcoming issue marks an important milestone for the startup ecosystem, taking a nine-year-old homegrown brand from mattress markets to the mainboard of Indian exchanges.

Wakefit Innovations IPO is a book-build issue of ₹1,288.89 crores. The issue is a combination of fresh issue of 1.93 crore shares aggregating to ₹377.18 crores and offer for sale of 4.68 crore shares of ₹911.71 crores.With an estimated valuation of in the ₹60001,500–₹2,000 crore range, the IPO aims to fund retail expansion, technology upgrades, and marketing activities while providing partial exits to early backers like Peak XV Partners (formerly Sequoia Capital) and Verlinvest.

This article covers everything Indian investors need to know about the Wakefit IPO, from structure, timeline, and investment details to business performance, financial overview, sector dynamics, and key factors to consider before investing.

The upcoming Wakefit IPO will feature a fresh issue worth ₹468.22 crore and an Offer for Sale (OFS) of up to 5.84 crore equity shares by existing investors. With an estimated valuation in the ₹1,500–₹2,000 crore range, the IPO aims to fund retail expansion, technology upgrades, and marketing activities while providing partial exits to early backers like Peak XV Partners (formerly Sequoia Capital) and Verlinvest.

Wakefit IPO Dates & Launch Details

• IPO opening date: 8th December 2025
• IPO closing date: 10th December 2025
• Basis of allotment: 11th December 2025
• Refund initiation: 12th December 2025
• Expected listing date: 15th December 2025

Price Band & Investment Details

• Price band: ₹185 to ₹195 per share (Face value: ₹1 per share)
• Minimum lot size: 76 Shares
• Minimum investment: ₹14,820
• Maximum retail investment: ₹1,92,660

Axis Capital, IIFL Securities, and Nomura Financial Advisory are the Book Running Lead Managers, while MUFG Intime India Pvt. Ltd. is the Registrar to the offer.

Wakefit IPO Structure

About Wakefit

Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit began as an online mattress brand and evolved into a full-fledged home and furnishings business. It operates as one of India’s largest vertically integrated D2C brands, managing design, manufacturing, logistics, and retail, all under one roof.​

Core Product Segments:

• Mattresses (57.5% of FY24 revenue): Memory foam, latex, orthopaedic, and hybrid models
• Furniture (30.5%): Beds, sofas, wardrobes, tables, etc.
• Home Décor & Essentials (12%): Cushions, linens, curtains, and accessories​

Retail & Digital Presence:

• Over 100 experience stores across India, expected to expand to 200+ by FY28.
• Roughly 55% of revenue comes from direct channels company website and physical stores ensuring control over price, inventory, and customer engagement.​

Wakefit’s integrated model and brand loyalty have turned it into a profitable enterprise, reporting a positive EBITDA of ₹65 crore in FY24 and achieving over ₹1,000 crore revenue, a 24% YoY growth.

Financials 

Revenue and Profit Table

Cash Flow Table

Key Highlights:

• Wakefit’s revenue has grown steadily for four years, with 9MFY25 revenue already at ₹971 crore, nearly matching the entire FY24.​
• Wakefit reported a net profit (PAT) of ₹35.5 crore in the first half of the financial year 2026 (H1FY26), the six-month period ended September 30, 2025.
• Cash flows from operations and free cash flow turned positive in FY24 and 9MFY25 after persistent outflows, signalling healthier working capital and cost controls.
• Cash flows from operations and free cash flow turned positive in FY24 and H1FY26 after persistent outflows, signalling healthier working capital and cost controls.
• The company’s ability to generate cash and cut losses amid revenue growth highlights stronger fundamentals and improved business resilience heading into the IPO.

Sector & Market Context

India’s home and furnishings market is estimated at over ₹1.5 lakh crore and growing at a CAGR of 10–12%, driven by urbanisation, digitisation, and rising discretionary spending. Furniture contributes roughly 60% of this market, while mattresses form a ₹14,000 crore segment growing at 9% annually.​

As consumers shift toward branded and ergonomic products, omnichannel players like Wakefit are gaining an edge over unorganised retailers. The IPO reflects global investor interest in India’s D2C landscape, particularly in lifestyle and consumer durable categories.

Wakefit’s efficient backward integration and brand-driven trust place it ahead of traditional competitors in scalability and cost control.

Key Considerations for Investors

Strengths

• One of India’s top D2C brands with strong brand recall and loyal customer base.
• Fully integrated business model  controls design to delivery.
• The Growing furniture segment diversifies the revenue base 
• Profitability and efficient use of capital indicate strong fundamentals.

Risks

• Intense competition in online and offline furniture sectors.
• High warehouse and delivery costs can pressure margins.
• Consumer spending patterns sensitive to economic cycles.
• Potential dependence on advertising and discount-driven sales may affect short-term profitability.

Opportunities

• Expanding store presence to 220+ outlets offers offline growth potential.
• Premium furniture and digital-first segments are likely to boost margins.
• Strong investor backing could fuel post-IPO expansion and innovation.

IPO Structure

• Wakefit Innovations IPO is a book-build issue of ₹1,288.89 crores. The issue is a combination of fresh issue of 1.93 crore shares aggregating to ₹377.18 crores and offer for sale of 4.68 crore shares of ₹911.71 crores.
• The IPO will be listed on both BSE and NSE, with a book-building process determining the final issue price.
• The fresh issue funds will support Wakefit’s expansion, including opening new retail stores, marketing and advertising, technology modernisation, and general corporate purposes.

About the Company

Founded in Bengaluru, Wakefit Innovations Ltd. designs, manufactures, and retails sleep, furniture, and home decor products across India through both online and offline channels. With a mission to create affordable and ergonomic home solutions, the brand now competes at scale with major organised furniture players while retaining its D2C agility and innovation-led culture.

Conclusion

Wakefit’s IPO is not just about a young brand entering the markets; it symbolises India’s maturing D2C ecosystem. With growing revenue, profitability, and investor confidence, Wakefit is poised to become one of the most notable home and lifestyle IPOs of 2025. Investors looking at the consumer durable and retail space may find this a compelling story, provided valuations remain reasonable.

Always consider personal investment objectives and consult trusted sources before making any decisions.