Wakefit Innovations' IPO: A Rising Star in the Home Furnishings Market

Wakefit Innovations Ltd's IPO, valued at Rs 1,289 crore, saw 39% subscription on the second day. Retail investors subscribed 1.77 times, but institutional bidders showed limited interest. The company plans to raise funds for new stores, equipment, and marketing, while promoters are reducing their stake.

On its second day, Wakefit Innovations Ltd's initial public offering witnessed moderate traction, clocking in a 39% subscription rate. The Rs 1,289-crore IPO attracted bids for 1,41,81,448 shares against a total of 3,63,53,276 available, as per data released by the National Stock Exchange (NSE).

Within the offering, shares allocated for retail individual investors were oversubscribed at 1.77 times, while non-institutional investors subscribed to 25% of their designated shares. Notably, qualified institutional buyers showed tepid interest, fetching bids for a mere 12,616 shares out of a possible 1,98,29,061.

The IPO comprises a fresh issue valued at Rs 377.18 crore, alongside an offer-for-sale (OFS) worth around Rs 912 crore. Prominent investors such as Steadview Capital and InfoEdge have participated, while promoters like Ankit Garg and Chaitanya Ramalingegowda reduce their stake. The proceeds will aid in opening new stores and boosting marketing efforts.

(With inputs from agencies.)