Shares of home and furnishing company Wakefit Innovations fell as much as 9.2% in their trading debut on Monday, valuing the firm at Rs 59.54 billion (~$657 million).
The stock opened at Rs 195, matching its issue price, and was last trading at Rs 187.34 on the National Stock Exchange of India.
India's IPO market is on track to surpass last year's record $20.5 billion, with more than 300 IPOs raising $19.26 billion as of early December.
Founded in 2016, Wakefit is India's largest direct-to-consumer home and furnishings player by revenue, according to fiscal 2024 Redseer data in its IPO filings. It competes with Sheela Foam, IKEA, Duroflex, and Godrej & Boyce in India's $34 billion home and furnishings market.
Its $41 million IPO was subscribed about 2.5 times last week, led by institutional and retail investors.
Wakefit, backed by Peak XV Partners and Paramark KB Fund, had targeted a valuation of 669 million rupees in its IPO.
The IPO comes as India's retail market matures and discretionary spending is increasing within categories such as fashion, consumer electronics and home and furnishings.
Proceeds from Wakefit's IPO will fund 117 new stores, equipment purchases, and lease payments, the prospectus showed.
