The company’s maiden public offering is a combination of a fresh issue of equity shares aggregating up to Rs 377.1 crore and an offer-for-sale (OFS) of 4.67 crore shares by the selling shareholders.

As part of the OFS, the promoters – Ankit Garg and Chaitanya Ramalingegowda and other selling shareholders – Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Opportunity Fund and Paramark KB Fund I will be offloading shares.

Wakefit proposes to utilize the proceeds from the fresh issue, worth Rs 31 crore, for setting up 117 new COCO Regular Stores; Rs 15.4 crore towards purchase of new equipment and machinery; Rs 161.4 crore for expenditure towards lease and sub-lease rent and license fee payments for existing stores.

Additionally, Rs 108.4 crore will be used towards marketing and advertisement expenses for enhancing the awareness and visibility of the brand and the remaining amount will be used for general corporate purposes.