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Wakefit’s shares tumble 9% after muted IPO debut
What’s the story
Wakefit Innovations, a leading Indian home and furnishing company, witnessed its shares plummet by as much as 9.2% on their trading debut today.
The company’s stock opened at ₹195 per share, which was also its IPO price.
However, it later slipped to ₹187.34 on the National Stock Exchange of India (NSE), valuing the firm at approximately ₹59.54 billion ($657 million).
Wakefit’s IPO performance and market competition
Founded in 2016, Wakefit has emerged as India’s largest direct-to-consumer home and furnishings company by revenue, according to fiscal 2024 Redseer data in its IPO filings.
The company competes with major players like Sheela Foam, IKEA, Duroflex, and Godrej & Boyce in India’s $34 billion home and furnishings market.
Its recent $41 million IPO was subscribed about 2.5 times last week by institutional and retail investors alike.
Wakefit’s IPO proceeds and future plans
The funds raised from Wakefit’s IPO will be used to open 117 new stores, buy equipment, and pay leases.
The company’s move comes as India’s retail market matures with rising discretionary spending on categories like fashion, consumer electronics, and home furnishings.
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