Wakefit files ₹468-cr DRHP with Sebi

DIRECT-TO-CONSUMER (D2C) home and furnishings company Wakefit Innovations Limited, filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (Sebi) on Thursday to raise ₹468.22 crore through an initial public offering (IPO).

- ANEES HUSSAIN

The Bengaluru-based company's proposed IPO comprises a fresh issue of equity shares worth up to ₹468.22 crore and an offer for sale (OFS) of 58.4 million equity shares by existing shareholders, according to the DRHP filed with stock exchanges. The OFS will see participation from co-founders Ankit Garg and Chaitanya Ramalingegowda, along with investors Peak XV Partners, Verlinvest SA, Investcorp Growth Equity Fund, Redwood Trust, SAI Global, and Paramark Fund.

Peak XV is set to offload nearly 25 million shares, making up around 48.8% of the total OFS. Verlinvest and Investcorp Growth will divest 10 million and 5.45 million shares, respectively. Its co-founders, Garg and Ramalingegowda, will collectively sell 12.1 million shares in the OFS.