WakeFit IPO has generated a lot of attention among retail and long-term investors. The brand, known for revolutionizing the mattress and sleep solutions market in India, is now expanding rapidly into the home and furniture segment.
With the company making its public market debut, many investors are asking – Is the company IPO worth investing?
In this article, we will explore the company details, the industry, financials, objects of the offer, the strengths and weaknesses, and more to help you make an informed decision.
WakeFit IPO Details
| Detail | Information |
|---|---|
| IPO Size | ₹1,288.89 crores |
| Fresh Issue | ₹377.18 crores |
| OFS | ₹911.71 crores |
| IPO Dates | Dec 8, 2025 to Wed, Dec 10, 2025 |
| Price Band | ₹185 to ₹195 per share |
| Lot Size | 76 Shares |
| Retail Investors Min Lot & Amount | 1 lot & ₹14,820 |
| Retail Investors Max Lot & Amount | 13 lots & ₹1,92,660 |
| Small HNI Min Lot & Amount | 14 lots & ₹2,07,480 |
| Small HNI Max Lot & Amount | 67 lots & ₹9,92,940 |
| Big HNI Min Lot & Amount | 68 lots & ₹10,07,760 |
| Allotment Date | Dec 11, 2025 |
| Listing Date | Dec 15, 2025 |
| Exchanges | NSE and BSE |
About the Offer
WakeFit Innovations IPO is a book-built issue of ₹1,288.89 crore.
The issue structure includes:
-
Fresh Issue: 1.93 crore shares (₹377.18 crore)
-
Offer For Sale (OFS): 4.68 crore shares (₹911.71 crore)
The OFS is much larger, indicating partial exits by early investors. The company will use the ₹377.18 crore raised from the fresh issue for:
| S.No | Purpose | Amount (₹ crore) |
|---|---|---|
| 1 | Setting up 117 new COCO – Regular Stores | 30.84 |
| 2 | Lease, sub-lease rent & license fees for existing COCO stores | 161.47 |
| 3 | Purchase of equipment & machinery | 15.41 |
| 4 | Marketing & advertising expenses | 108.40 |
| 5 | General corporate purposes | Balance |
Industry Overview
India’s home & furnishings market is large, underpenetrated, and rapidly formalising.
1. Market Size & Growth
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Current size (2024): ₹2.8 – 3.0 trillion
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Expected size by 2030: ₹5.2 – 5.9 trillion
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CAGR: 11–13%
2. Low Per Capita Spend
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India: US$ 24–25
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US: US$ 600
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UK: US$ 475
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China: US$ 95
Huge headroom for premiumisation and growth.
3. Mattress Category
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Market size (2024): ₹14,500 – 16,000 crore
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Expected by 2030: ₹27,000 – 30,000 crore
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CAGR: 10–12%
Growth drivers:
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Sleep wellness awareness
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Branded, ergonomic designs
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Premium materials
4. Market is Rapidly Formalising
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Organised share: 20% (2019) → 30% (2024) → 45% (2030E)
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Online share: 4% (2019) → 8% (2024) → 13% (2030E)
D2C and e-commerce brands like WakeFit have accelerated this shift.
5. Furniture & Decor
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Organised share: 35% (2024) → 45% (2030)
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Online penetration: 16% (2024) → 25% (2030)
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AR/VR visualisation tools are improving online purchase confidence.
Overall, WakeFit operates in industries with long-term structural growth tailwinds.
Company Overview
WakeFit started as a D2C mattress brand and is now a diversified home solutions company across:
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Mattresses
-
Furniture
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Furnishings & home décor
The company has an omnichannel strategy with:
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A strong online presence
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Rapidly growing offline COCO stores
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Efficient direct supply chain
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Roll-packed mattress technology for efficient delivery
1) Revenue by Category (₹ crore)
| Category | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Mattresses | 515.98 | 567.52 | 781.37 | 439.08 |
| Furniture | 195.11 | 301.22 | 351.69 | 211.86 |
| Furnishings | 101.53 | 117.62 | 140.63 | 73.07 |
| Total Revenue | 812.62 | 986.35 | 1,273.69 | 724.00 |
2) Channel Mix (₹ crore)
| Channel | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Online | 726.99 (89%) | 746.61 (76%) | 849.14 (67%) | 430.67 (59.5%) |
| Offline | 85.63 (11%) | 239.74 (24%) | 424.56 (33%) | 293.33 (40.5%) |
Financials
1) Revenue & Total Income (₹ crore)
| Period | Total Income |
|---|---|
| H1 FY26 (30 Sep 2025) | 741.30 |
| FY25 (31 Mar 2025) | 1,305.43 |
| FY24 (31 Mar 2024) | 1,017.33 |
| FY23 (31 Mar 2023) | 820.01 |
2) Profit After Tax (₹ crore)
| Period | PAT |
|---|---|
| H1 FY26 | +35.57 |
| FY25 | –35.00 |
| FY24 | –15.05 |
| FY23 | –145.68 |
3) EBITDA (₹ crore)
| Period | EBITDA |
|---|---|
| H1 FY26 | 103.19 |
| FY25 | 90.83 |
| FY24 | 65.85 |
| FY23 | –85.75 |
4) Balance Sheet Numbers (₹ crore)
| Period | Assets | Net Worth | Reserves | Borrowings |
|---|---|---|---|---|
| H1 FY26 | 1,220.34 | 557.34 | 522.34 | 0 |
| FY25 | 1,050.75 | 520.57 | 500.27 | 0 |
| FY24 | 928.30 | 543.61 | 523.33 | 0 |
| FY23 | 791.80 | 505.08 | 486.99 | 7.36 |
Inference Based on Financials
What the numbers indicate
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Revenue is growing consistently
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Losses have reduced every year
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EBITDA is improving
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Borrowings have reduced to zero
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Assets are expanding as offline stores scale
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PAT has turned positive, but only in H1 FY26
The big question:
Can the company maintain profitability going ahead?
Strengths & Weaknesses
Strengths
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Strong brand and recall in the sleep and mattress category
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One of India’s leading D2C success stories
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Rapidly expanding offline network
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Efficient supply chain and low delivery costs
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Large addressable market
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Wide product portfolio
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Low working capital needs
Weakness
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Profitability is not stable across years
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H1 FY26 profitability may not fully repeat
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Highly competitive industry
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Expansion into furniture is margin-dilutive
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Large OFS indicates investor exits
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Offline expansion increases the cost
Verdict – Should You Invest in the WakeFit IPO?
Consider Investing If:
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You believe in India’s home and furnishings growth story
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You are a long-term investor
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You are comfortable with near-term volatility
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You trust the management’s execution capability
Be Cautious If:
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You prefer stable-profit companies
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You seek low-risk IPOs
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You want predictable cash flows
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You are concerned about competitive pressures
A wait-and-watch approach is advisable for a few more quarters to check if the company is able to maintain consistent profitability.
*Disclaimer: This blog is for informational purposes only and does not constitute investment advice. Investors should consult their financial advisor before investing. Read the company’s RHP for more information
About the Author
Sandip Desai is a stock market professional with over 18 years of experience in the Indian broking and investment space. He holds NISM certifications in Equity Derivatives, Currency Derivatives, Commodity Derivatives, and Mutual Fund Distribution. Sandip is passionate about simplifying financial concepts and helping investors navigate IPOs and capital markets with confidence.
For more information on the upcoming IPO, check the following link.