• Wakefit fixes IPO band at Rs 185-195 per share, valuing the company at Rs 6,400 crore.
• Peak XV expected to secure a 10X return; late-stage investors see modest gains.
• IPO includes Rs 377.2 crore fresh issue plus major OFS by existing shareholders.

Wakefit has announced its IPO price band at Rs 185-195 per share, placing the home and sleep solutions company at an estimated valuation of around Rs 6,400 crore ($719 million). The offering is set to deliver impressive outcomes for some early investors, while others may see more limited gains.

Peak XV Partners (formerly Sequoia Capital India) stands out as the biggest winner. After backing Wakefit for nearly a decade, the firm is on track to earn a 10X return. Redwood Trust is also expected to book strong gains of nearly 11X.

However, investors who entered in later rounds are facing far smaller returns. Verlinvest, SAI Global, and Paramark KB are expected to clock around 2X gains, reflecting the slower valuation growth in Wakefit’s recent funding cycles.

The IPO includes a fresh issue worth Rs 377.2 crore along with 4.68 crore shares offered through the offer for sale (OFS). At the upper end of the price range, Peak XV will sell shares worth about Rs 397 crore, while Verlinvest will unlock Rs 199 crore and Paramark KB around Rs 50 crore. Several others, including SAI Global and Redwood Trust, plan partial exits.

Also Read: Ambak Secures Rs 69 Crore in Series A Round Backed by Peak XV and Z47

According to the Red Herring Prospectus (RHP), Peak XV remains Wakefit’s largest external shareholder with a 22.47% stake, followed by Verlinvest (9.79%) and Investcorp (9.29%). Co-founder Ankit Garg continues to hold the biggest promoter stake at 33.03%.

On the financial side, Wakefit posted Rs 724 crore in operating revenue and Rs 35.57 crore in net profit in the first half of FY26. For FY25, revenue grew nearly 30% year-over-year to Rs 1,274 crore, though the company reported a net loss of Rs 35 crore.