D2C furniture and mattress startup Wakefit has filed its draft red herring prospectus (DRHP) with the markets regulator SEBI to raise INR 468 Cr (around $54.6 Mn) via fresh issue of shares.

The initial public offering (IPO) will also comprise an offer for sale (OFS) of up to 5.8 Cr equity shares.

Wakefit’s promoters Ankit Garg and Chaitanya Ramalingegowda, along with its backers, including Peak XV Partners, Redwood Trust, Paramark and Verlinvest, among others, will offload shares via OFS route.

The company is mulling to utilise the fresh funds in expanding its retail store network by setting up 117 new stores. Besides, it is also looking to spend on marketing and advertisement.

The DRHP has been filed over two weeks after the company turned into a public entity.

(The story will be updated soon)

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