Wakefit garners Rs 186 cr via secondary deal ahead of IPO

New Delhi: Three investors, Steadview Capital, WhiteOak Capital, InfoEdge and Temasek-backed Capital 2B, invested Rs 186 crore in Wakefit Innovations Ltd through secondary market transactions, ahead of the home and furnishings company’s initial share-sale opening for public subscription.

As a part of the transaction, Steadview Capital Mauritius, WhiteOak Capital and Capital 2B collectively purchased 95.57 lakh equity shares at Rs 195 apiece, according to a public announcement by Wakefit. Individually, Steadview Capital picked up shares worth Rs 101 crore, WhiteOak invested Rs 72 crore, and Capital 2B infused Rs 13 crore.

These shares were purchased from Peak XV Partners, Redwood Trust and Verlinvest SA, and secondary share transfers were completed on December 3 and 4. According to market sources, robust demand for Wakefit prompted several existing shareholders to offload additional shares, outside the IPO, to three new entities that subsequently became shareholders in the company.

Following this round, Wakefit on December 5 collected Rs 580 crore from anchor investors, including HDFC Life Insurance, Bajaj Life Insurance, Prudential Hong Kong, 360 One, Steadview Capital, Amundi Funds New Silk Road, HDFC Mutual Fund, and Axis Mutual Fund.