India’s IPO market remains hot heading into the end of the year as companies rush to beat the New Year’s buzzer.

Bengaluru-based home and sleep solutions retailer Wakefit Innovations will open its IPO for retail investors on 8-10 December, with listing expected on 15 December, Reuters reports. The company has set a price band of INR 185-195 per share, eyeing a valuation of up to INR 59.96 bn (USD 669 mn).

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The offering includes a fresh issue of INR 3.77 bn (USD 42.2 mn) and an offer-for-sale of 46.7 mn shares by founders and existing investors including Peak XV Partners Investments VI, Redwood Trust, Verlinvest, SAI Global India Fund I, and Paramark KB Fund I, according to a draft filing on the NSE offer-documents archive.

Use of proceeds: Wakefit plans to allocate INR 161.4 mn (USD 1.8 mn) for lease and license fee payments on its store network and INR 108.4 mn (USD 1.2 mn) toward brand marketing. A further INR 30.8 mn (USD 340k) will go toward opening 117 new stores, and INR 15.4 mn (USD 170k) will be used for equipment and machinery, with the balance going to general corporate requirements.

Pre-IPO placement: The company raised INR 56 mn (USD 630k) from DSP India Fund and 360 One Equity Opportunities Fund, issuing 2.87 mn shares at INR 195 each.

About the firm: Wakefit offers a range of mattresses, furniture, and home accessories through its digital platform, company-owned stores, and tie-ups with e-commerce marketplaces and multi-brand retailers. It is among India’s fastest-growing local consumer brands in the home-solutions category, with total income reaching INR 10 bn (USD 120 mn) by end-March 2024, Livemint reports.

ADVISORS- Axis Capital, IIFL Capital Services, and Nomura Financial Advisory and Securities India are lead bookrunners on the issue, while MUFG Intime India is the registrar.

ASG Hospital Plans INR 35 bn IPO-

Rajasthan-based super-specialty eye care chain ASG Hospital is considering an IPO that could raise up to INR 35 bn (USD 391 mn), Bloomberg reports. The proposed offering would involve a mix of fresh shares and stock sales by existing investors, and dilute some 15% of the company’s equity.

What they’re targeting: ASG is aiming for a valuation of around INR 232.4 bn (USD 2.6 bn), with the listing expected next year. The company has invited investment banks to pitch for advisory roles, according to the news outlet.

Backers: ASG Hospital is backed by US private-equity firm General Atlantic and India-focused investor Kedaara Capital.

Sector backdrop: The potential IPO would follow recent listings from peers including Dr.Agarwal’s Health Care, Global Health (Medanta), and Jupiter Life Line Hospitals.

More in the IPO pipeline-

Mumbai-based consumer electronics manufacturer Atomberg Technologies is mulling an IPO that could raise nearly INR 16.6 bn (USD 200 mn), Bloomberg reports, citing unnamed sources. The company has reportedly started early discussions with investment banks and aims to launch the IPO next year. Its current investors include Singapore’s SWF Temasek Holdings, Steadview Capital Management, Jungle Ventures, and Inflexor Ventures.

Gujarat-based city-gas distributor Torrent Gas has appointed three banks for a planned IPO that could raise up to INR 37.5 bn (USD 450 mn), Bloomberg reports, citing people familiar with the matter. The company has mandated Axis Bank, Kotak Mahindra Capital, and Citigroup India’s unit as book-running lead managers. The planned IPO could value Torrent Gas at around INR 250 bn (USD 3 bn) and will test investor appetite for city-gas distributors as firms scale operations to meet the government’s push for cleaner fuels.

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