360 One, Steadview, others to invest in Wakefit ahead of IPO

A clutch of firms, including 360 One, Steadview Capital, WhiteOak Capital and Info Edge, is expected to invest in home-furnishings brand Wakefit Innovations Ltd just ahead of its initial public offering (IPO) next month, three people familiar with the matter said.

- Priyamvada C & Sneha Shah

They will collectively invest around ₹210-220 crore in the pre-IPO placement, the people said, adding that the company is targeting a listing in the middle of next month.

All three people spoke on the condition of anonymity as the discussions are private.

Wakefit and 360 One declined to comment. Others did not immediately respond to Mint’s emailed queries.

Wakefit filed draft papers with the regulator in June, outlining plans to raise ₹468.2 crore in primary money or fresh issue of shares to more than double its store count.

Including the secondary transactions or the sale of shares by existing investors, the total issue size will stand at ₹1,400 crore, Mint reported on 15 November, citing people familiar with the matter.

Earlier this month, the company raised ₹56 crore in pre-IPO placement from DSP India Fund and 360 One Equity Opportunities Fund, valued at over ₹6,400 crore, Moneycontrol reported.

Pre-IPO placements are becoming increasingly common as big investors swoop in on companies right before their IPOs, locking in shares at desirable valuations, something that would be harder once the subscriptions open.