India's Wakefit Innovations sets IPO price band, eyes valuation of $669 million
Indian furniture and mattress maker Wakefit Innovations set a price band of 185-195 rupees per share for its initial public offering, eyeing a valuation of up to 59.96 billion rupees ($668.9 million), according to Reuters calculations on Tuesday.
The company will launch its offering for retail investors on December 8, according to a newspaper advertisement, while anchor investors can submit their bids on December 5.
Wakefit has cut the size of its fresh issue to 3.77 billion rupees from its initial plan of 4.68 billion rupees, a prospectus showed.
Its IPO comes as India's retail market matures and discretionary spends are increasing in categories such as fashion, consumer electronics, home and furnishings.
Listing debuts in India are set to break last year's record of $20.5 billion, with as much as $8 billion in offerings expected in the final quarter of 2025.
Wakefit is backed by Peak XV Partners, Redwood Trust, Verlinvest, SAI Global India Fund, and Paramark KB Fund. These investors are selling a portion of their stakes via the IPO.
The company competes with players such as Sheela Foam , IKEA, Duroflex , Godrej and Boyce Manufacturing in India.
Its shares will begin trading on the Indian bourses from December 15.
($1 = 89.6340 Indian rupees)
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