New Delhi, June 27 -- Wakefit Innovations Ltd, a home and furnishings company, has submitted plans for an initial public offering to the market regulator, seeking to raise Rs.468.2 crore to more than double its store count.

Apart from the issue of fresh shares, the company will offer to sell up to 58.4 million shares held by the current owners, including its founders and major private equity investors, according to the draft red herring prospectus filed with the Securities and Exchange Board of India.

As part of the offer for sale, Wakefit's promoters Ankit Garg and Chaitanya Ramalingegowda will sell 7.73 million and 4.45 million shares, respectively. The top institutional investors selling shares are likely to make multi-fold returns i...