Wakefit Innovations Ltd

Wakefit Innovations Ltd is a 10-year-old company based out of Bengaluru, which specializes in offering home and sleep solutions to customers. The model is direct-to-consumer (D2C). The company is quite popular among its key customer groups for its quality and affordable products like mattresses, furniture and other home décor products. Due to its D2C model, the company has eliminated wholesale and retail commissions, which enables them to offer better pricing to customers.  It caters to urban and semi-urban markets through the digital mode, with strong last-mile. It also offers an omnichannel experience.  

The IPO will be a combination of a fresh issue and an offer for sale by the early investors. The fresh issue funds will be used to fund capex for 117 new COCO (company owned, company operated) stores, lease payments, purchase of equipment, and marketing & publicity expenses. The promoters of the company are Ankit Garg and Chaitanya Ramalingegowda. The OFS offering is by the promoter shareholders of the company; and early investors like Peak XV Partners, Redwood Trust, Verlinvest, Pramark KB Fund etc. The issue is lead-managed by Axis Capital, IIFL Capital, and Nomura Financial Advisory; while MUFG Intime India Private Ltd will be registrars to the IPO.  

Highlights of the IPO Issue

Here are the key highlights of the public issue of Wakefit Innovations Ltd. 

1. The IPO of will be open from December 08th, 2025 to December 10th, 2025. It has a face value of ₹1 per share and IPO price band is set in range of ₹185 to ₹195 per share.
2. The IPO of Wakefit Innovations Ltd will be a combination of a fresh issue of shares and an offer for sale by the promoters.
3. The fresh IPO portion comprises the issue of 1,93,42,461 shares (193.42 lakh shares), which at the upper price band of ₹195 per share translates into ₹377.18 crore.
4. The OFS of the IPO comprises the sale of 4,67,54,405 shares (467.54 lakh shares), which at the upper price band of ₹195 per share translates into ₹911.71 crore.
5. The overall IPO will comprise of the issue and sale of 6,60,96,866 shares (660.97 lakh shares), which at the upper price band of ₹195 per share translates into ₹1,288.89 crore. 

The IPO of Wakefit Innovations Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation will happen a day ahead of IPO opening. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Wakefit Innovations Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Wakefit Innovations Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 76 shares) 

Financial Highlights

The table captures the key financials of Wakefit Innovations Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company, Wakefit Innovations Ltd, has been loss making for the last 3 years, and its share of other expenses has been inordinately high. Investors may have to look beyond the numbers before taking a call on the stock. 

Valuation Metrics

The traditional P/E valuations may not work in this case as the company has been loss-making for the last 3 years. Hence, it is the other financial and non-financial building blocks that one has to focus on. The company offers competitive pricing through its D2C model, which has underlined its popularity with consumers. Its omnichannel approach also caters to all classes of customers. Operations are fully integrated vertically giving them better control over the supply chain. Investors in the IPO have to focus on the potential of the company, although the other expenses merits a closer look. 

A Brief on the Anchor Allocation

The anchor issue of Wakefit Innovations Ltd saw a strong response on 05th December 2025 with 45.00% of the IPO size absorbed by anchors. Out of 6,60,96,866 shares (660.97 lakh shares) on offer in the IPO, anchors picked up 2,97,43,590 shares (297.44 lakh shares) accounting for 45.00% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹195 per share. This includes the face value of ₹1 per share plus a share premium of ₹194 per share. The anchor bidding process opened and closed on 05th December 2025. 

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Wakefit Innovations Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 05th December 2025, Wakefit Innovations Ltd allotted 2,97,43,590 shares to 33 anchor investors. The allocation was done at the upper IPO price band of ₹195 per share which resulted in overall anchor allocation of ₹580.00 crore. The anchors have already absorbed 45.00% of the total issue size of ₹1,288.89 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹324.20 crores, or, 55.90% of the overall anchor allocation of shares, one day ahead of the IPO of Wakefit Innovations Ltd. The anchor bidding opened and closed on December 05, 2025. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251205-66&attachedId=5e97e7f1-be5b-4bd0-9b60-010aec43027f 

Out of the 2,97,43,590 shares allocated to the anchors in the IPO, there were a total of 1,61,54,332 shares allocated to mutual funds registered with SEBI. The allocation was made to 21 mutual fund schemes across 9 AMCs. Mutual funds accounted for 54.31% of the total anchor allocation of the IPO. AIFs, Insurance Companies and P-Notes were the most active in participating in the anchor allocation of Wakefit Innovations Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 10th December 2025, the basis of allotment will be finalized on 11th December 2025 and the refunds will be initiated on 12th December 2025. In addition, the demat credits are expected to also happen on 12th December 2025 and the stock will list on 15th December 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 12th December 2025 under ISIN (INE0E7301029). 

IPO Subscription Status On Day-1

As of 5.25 pm on 08th December 2025, out of the 363.53 lakh shares on offer in the IPO (excluding anchor portion), Wakefit Innovations Ltd saw bids for 55.13 lakh shares. This implies an overall subscription of 0.15X or 15% at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Wakefit Innovations Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had a very strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to December 10, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.20 pm on 09th December 2025, out of the 363.53 lakh shares on offer in the IPO (excluding anchor portion), Wakefit Innovations Ltd saw bids for 141.81 lakh shares. This implies an overall subscription of 0.39X or 39% at a macro level. The granular break-up of subscriptions at close of Day-2 of the IPO of Wakefit Innovations Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had a very strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to December 10, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.25 pm on 10th December 2025, out of the 363.53 lakh shares on offer in the IPO (excluding anchor portion), Wakefit Innovations Ltd saw bids for 916.73 lakh shares. This implies an overall subscription of 2.52X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Wakefit Innovations Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the QIB investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day. However, in this case, QIBs showed some momentum, but HNI / NII stayed tepid all through. Both the QIB and the NII bids generally pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of Wakefit Innovations Ltd was open up to December 10, 2025, and has closed for subscription as of the close of trading hours on December 10, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total IPO interest as of close (including anchors) stood at ₹2,368 crore.