Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Wakefit Innovations / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wakefit-innovations" target="_blank" data-smartkarma-citation="entities:45405:1" rel="noopener">Wakefit Innovations (1684049D IN)</a> raised US$144m in its India IPO.</li>
<li>Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Wakefit Innovations (1684049D IN) raised US$144m in its India IPO.
Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wakefit-innovations" target="_blank" data-smartkarma-citation="entities:45405:1" rel="noopener">Wakefit Innovations (1684049D IN)</a> is looking to raise up to US$144m in its upcoming India IPO. </li>
<li>Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016. </li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Wakefit Innovations (1684049D IN) is looking to raise up to US$144m in its upcoming India IPO. 
Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016. 
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wakefit-innovations" target="_blank" data-smartkarma-citation="entities:45405:1" rel="noopener">Wakefit Innovations (1684049D IN)</a> 's INR 12.9 bn IPO is a combination of fresh issue worth INR 3.8 bn and OFS component worth INR 9.1 bn.</li>
<li>Wakefit is among the top 3 companies in the organised mattress market and has been growing much faster than its rival B2C companies.</li>
<li>Wakefit’s turnaround in profitability in H1FY26 however relies on other income, inventory changes and A&amp;P spends. Moreover, stagnant provisions for loyalty, and slow moving inventory warrant attention</li>
</ul>



Wakefit Innovations (1684049D IN) 's INR 12.9 bn IPO is a combination of fresh issue worth INR 3.8 bn and OFS component worth INR 9.1 bn.
Wakefit is among the top 3 companies in the organised mattress market and has been growing much faster than its rival B2C companies.
Wakefit’s turnaround in profitability in H1FY26 however relies on other income, inventory changes and A&amp;P spends. Moreover, stagnant provisions for loyalty, and slow moving inventory warrant attention


Wakefit Innovations Ltd IPO- Forensic Analysis

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Wakefit Innovations' INR 1,288.89 crore IPO signaling the pivot of India's largest D2C home brand toward institutional funding for accelerated omnichannel expansion.</li>
<li>The fund utilization is heavily skewed towards offline growth and brand building, confirming a strategic shift from pure-play digital to a capital-intensive, integrated retail model.</li>
<li>While the model mitigates supply chain risk through vertical integration, we must weigh the past profitability volatility and strategic roadmap for capturing India's rapidly formalizing home and furnishings sector.</li>
</ul>


Wakefit Innovations' INR 1,288.89 crore IPO signaling the pivot of India's largest D2C home brand toward institutional funding for accelerated omnichannel expansion.
The fund utilization is heavily skewed towards offline growth and brand building, confirming a strategic shift from pure-play digital to a capital-intensive, integrated retail model.
While the model mitigates supply chain risk through vertical integration, we must weigh the past profitability volatility and strategic roadmap for capturing India's rapidly formalizing home and furnishings sector.


Wakefit Innovations IPO: Blending Digital DNA With Offline Ambition

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wakefit-innovations" target="_blank" data-smartkarma-citation="entities:45405:1" rel="noopener">Wakefit Innovations (1684049D IN)</a> is looking to raise US$231m in its upcoming India IPO.</li>
<li>Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016. It mainly sells mattresses, furniture and furnishings.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Wakefit Innovations (1684049D IN) is looking to raise US$231m in its upcoming India IPO.
Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016. It mainly sells mattresses, furniture and furnishings.
In this note, we look at the company’s past performance.


Wakefit Innovations Pre-IPO: Steady Growth In Revenue Drivers, But Still Unprofitable

India

Wakefit Innovations Limited produces and distributes mattresses. The Company offers orthopaedic memory foam mattresses, protectors, and sleeping pillows, as well as furniture and furnishing products. Wakefit Innovations serves customers in India.

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Wakefit Innovations (WAKEFIT IN)

Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak

Wakefit Innovations, a direct-to-consumer sleep and home-solutions company founded in 2016, raised US$144m in its India IPO, with a focus on...

Hong Jie Seow

Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast

Wakefit Innovations plans to raise up to US$144m in India IPO as a direct-to-consumer sleep and home-solutions company founded in 2016, with focus...

Hong Jie Seow

Wakefit Innovations Ltd IPO- Forensic Analysis

Wakefit Innovations scaled rapidly as one of the largest D2C player in its product segments. Whether its turnaround in PAT is a sustainable one,...

Nitin Mangal

Wakefit Innovations IPO: Blending Digital DNA With Offline Ambition

Wakefit Innovations' IPO marks a shift towards institutional funding for accelerated omnichannel expansion, focusing on offline growth and brand...

Nimish Maheshwari

Wakefit Innovations Pre-IPO: Steady Growth In Revenue Drivers, But Still Unprofitable

Wakefit Innovations plans to raise US$231m in India IPO, a direct-to-consumer sleep and home-solutions company founded in 2016, focusing on...

Hong Jie Seow

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak

​Wakefit Innovations, a direct-to-consumer sleep and home-solutions company founded in 2016, raised US$144m in its India IPO, with a focus on...

Hong Jie Seow

Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast

​Wakefit Innovations plans to raise up to US$144m in India IPO as a direct-to-consumer sleep and home-solutions company founded in 2016, with focus...

Hong Jie Seow

Wakefit Innovations Ltd IPO- Forensic Analysis

​Wakefit Innovations scaled rapidly as one of the largest D2C player in its product segments. Whether its turnaround in PAT is a sustainable one,...

Nitin Mangal

Wakefit Innovations IPO: Blending Digital DNA With Offline Ambition

​Wakefit Innovations' IPO marks a shift towards institutional funding for accelerated omnichannel expansion, focusing on offline growth and brand...

Nimish Maheshwari

Wakefit Innovations Pre-IPO: Steady Growth In Revenue Drivers, But Still Unprofitable

​Wakefit Innovations plans to raise US$231m in India IPO, a direct-to-consumer sleep and home-solutions company founded in 2016, focusing on...

Hong Jie Seow

Wakefit Innovations, a direct-to-consumer sleep and home-solutions company founded in 2016, raised US$144m in its India IPO, with a focus on...

Wakefit Innovations plans to raise up to US$144m in India IPO as a direct-to-consumer sleep and home-solutions company founded in 2016, with focus...

Wakefit Innovations scaled rapidly as one of the largest D2C player in its product segments. Whether its turnaround in PAT is a sustainable one,...

Wakefit Innovations' IPO marks a shift towards institutional funding for accelerated omnichannel expansion, focusing on offline growth and brand...

Wakefit Innovations plans to raise US$231m in India IPO, a direct-to-consumer sleep and home-solutions company founded in 2016, focusing on...