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Ahead of the commencement of the bidding for its public issue on December 8, D2C furniture and mattress brand Wakefit has raised INR 580 Cr from anchor investors.
As many as 33 investors subscribed to 2.97 Cr equity shares of the company at a price of INR 195 apiece, the upper band of its IPO price band.
Of the total, 1.6 Cr shares, or 54.3% of the total anchor round, were picked up by nine domestic mutual funds through 21 schemes. The domestic mutual funds that led Wakefit’s anchor round were HDFC, Mirae Asset, Tata Mutual Fund, HSBC, Edelweiss, among others.
Other investors who participated in the round included Bajaj Life Insurance, 360 ONE Equity, Nippon India, Ashoka WhiteOak, among others.
With this, the D2C furniture and mattress brand’s public issue will now open on December 8 and close on December 10. The company’s shares are expected to list on the exchanges on December 15.
Wakefit’s IPO comprises a fresh issue of shares worth up to INR 377.2 Cr and an offer for sale (OFS) component of up to 4.68 Cr shares. Earlier this month, the D2C brand also set a price band of INR 185 to INR 195 for its IPO. At the upper end of the spectrum, the listing will value the company at INR 6,373 Cr (about $710 Mn).
The company plans to utilise the fresh proceeds from the IPO to set up 117 new stores, pay licence fee for its existing stores, purchase new equipment and machinery, and pay for marketing and advertising.
Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit sells products such as mattresses, pillows, bed frames and mattress protectors. It claims to have more than 3,070 SKUs under its belt.
(This story will be updated soon)
The post IPO-Bound Wakefit Nets INR 580 Cr From Anchor Investors appeared first on Inc42 Media.
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