Wakefit Innovations files draft IPO papers with SEBI

Wakefit Innovations has filed preliminary papers with markets regulator Securities and Exchange Board of India (SEBI), seeking its approval to raise funds through an initial public offering (IPO).  The company’s proposed IPO is a combination of a fresh issue of equity shares aggregating up to Rs 468.2 crore and an offer for sale (OFS) of 5.84 crore equity shares by the selling shareholders.The company proposes to utilise the proceeds from the fresh issue worth Rs 82 crore for setting up of 117 new COCO -- Regular Stores and one COCO -- Jumbo Store; Rs 15.4 crore towards purchase of new equipment and machinery; Rs 145 crore for expenditure for lease and sub-lease rent and license fee payments for existing stores. Additionally, Rs 108.4 crore will be used towards marketing and advertisement expenses for enhancing the awareness and visibility of the brand and the remaining amount will be used for general corporate purposes. Axis Capital, IIFL Capital Services and Nomura Financial Advisory and Securities (India) are the book-running lead managers to the issue. The equity shares of the company are proposed to be listed on the BSE and the NSE.Wakefit, which was incorporated in 2016 is among the fastest homegrown players in the home and furnishings market in India. It has a wide range of mattresses, furniture, and furnishings which it sells through both own channels and external channels (including various marketplaces, such as major e-commerce platforms and multi-branded outlets).