Wakefit is launching an IPO, applications can be made from this date in December; it pays lakhs of rupees for gold.

News Topical, Digital Desk : Home furnishings and furniture maker Wakefit Innovations will launch its public initial offering (IPO) on December 8, with fresh issue of shares worth up to Rs 377 crore. The company's IPO will close on December 10 and shares will be allotted to anchor investors on December 5. According to the IPO documents (RHP), the IPO will consist of fresh issue of shares worth up to Rs 377.1 crore. Besides, promoters and other shareholders will also sell 4.67 crore shares.

Wakefit is famous for this job

Wakefit often offers sleeping jobs. The company offers people to sleep on its mattresses to review and check their quality, and they even pay for it.

What will happen with the IPO funds?

In the Wakefit IPO, promoter shareholders Ankit Garg and Chaitanya Ramalingegowda, along with Peak XV Partners, Verlinvest, Investcorp Funds, Redwood Trust and other major investors, will sell a portion of their stake in OFS.
The company will spend Rs 31 crore from the IPO funds to open 117 new COCO (Company Owned, Company Operated) stores, Rs 15.4 crore to purchase new equipment and machinery, Rs 161.4 crore for lease, sub-lease rent and license fees for existing stores, Rs 108.4 crore for marketing and advertising to expand the brand's reach, and the rest for general corporate purposes.

How old is the company

Started in 2016, Wakefit has rapidly become one of India's fastest-growing home and furnishing companies. By March 31, 2024, its total revenue exceeded ₹1,000 crore, making it one of the largest organized companies in the sector.
It has two manufacturing facilities in Bengaluru, Karnataka, two in Hosur, Tamil Nadu, and one in Sonipat, Haryana.

Read More: Wakefit is launching an IPO, applications can be made from this date in December; it pays lakhs of rupees for gold.