Wakefit Innovations Makes Flat Market Debut, Lists Near IPO Price

Mumbai | December 15, 2025

Shares of Wakefit Innovations listed flat on Dalal Street on Monday, December 15, marking a subdued start for the home and furnishings company. The stock debuted at ₹195 per share on the NSE, matching the upper end of the IPO price band, while it listed slightly lower at ₹194.10 on the BSE, a discount of about 0.46% to the issue price.

Wakefit Innovations had set a price band of ₹185–₹195 per share for the issue.

The listing was broadly in line with market expectations, as investor sentiment remained measured despite the company’s strong brand recall. Post listing, Wakefit Innovations commanded a market capitalisation of approximately ₹6,343.74 crore.

Muted Listing Despite Decent Subscription

The ₹1,289-crore Wakefit Innovations initial public offering (IPO), which was open for subscription between December 8 and December 10, was subscribed 2.52 times overall.
Retail investors subscribed their portion 3.17 times, while the Qualified Institutional Buyers (QIB) segment was subscribed 3.04 times. Demand from Non-Institutional Investors (NIIs) was relatively softer at 1.05 times.

Ahead of the public issue, Wakefit had already raised ₹580 crore from anchor investors, including several domestic and global funds. While the anchor participation lent credibility to the offering, secondary market sentiment remained cautious, reflected in the flat listing.

IPO Structure and Use of Proceeds

Proceeds from the fresh issue will be used to expand company’s offline retail presence, fund lease payments for existing stores, purchase equipment and machinery, and step up marketing and brand-building initiatives.

The company plans to open over 100 new offline stores, signalling a sharper push toward an omnichannel retail strategy at a time when online customer acquisition costs have risen.

Business Overview

Wakefit Innovations is best known as a direct-to-consumer (D2C) brand in mattresses and sleep solutions, a category it helped scale in India through online-first distribution and competitive pricing. Over time, the company has expanded into furniture, furnishings and home décor, positioning itself as a broader home solutions platform.

As of September 2025, Wakefit operated 125 company-owned, company-operated stores across 62 cities, alongside its digital channels, strengthening its offline footprint.

Financial Snapshot and Valuation

Wakefit has reported strong revenue growth but continues to work toward consistent profitability. Revenue rose 28% year-on-year in FY25 to ₹1,305 crore, while the company reported a loss of ₹35 crore, compared with a smaller loss in FY24.

Profitability showed improvement in the first half of FY26, with Wakefit reporting a profit of ₹35.6 crore for the six months ended September, supported by better operating leverage and tighter cost controls.

According to market reports, at the IPO price, Wakefit Innovations is valued at around ₹6,373 crore. Analysts suggest the valuation appears slightly demanding, given the company’s relatively short profitability track record and the competitive nature of the home and furnishings segment.

Market Takeaway

Wakefit Innovations’ flat listing suggests that while investors recognise the strength of the brand and its ability to scale, the market is awaiting clearer evidence of sustained profitability before assigning a higher premium

The flat listing indicates that investors are taking a wait-and-watch approach, tracking the company’s profitability and execution in the coming quarters.

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