Awfis Space Solutions files DRHP with SEBI to raise funds via IPO

22 Dec 2023 , 03:18 PM

Awfis Space Solutions Ltd has submitted a preliminary red-herring prospectus to the Securities and Exchange Board of India with the intention of raising capital from the public.

The initial public offering (IPO) includes a new offering of Rs 160 crore and a sale of up to 10.02 million shares by existing shareholders and promoters.

The offer-for-sale (OFS) encompasses up to 5.01 million shares by Peak XV Partners Investments V, up to 4.94 million shares by Bisque Ltd, and up to 75,174 million shares by Link Investment Trust.

The funds raised from the fresh issue, amounting to Rs 52.5 crore, will be allocated to capital expenditure. As of June 2023, Awfis operates 136 centers in 16 Indian cities, providing a total of 81,433 seats and leasing 4.12 million sq ft. Security deposits have been remitted to space owners, and the company currently serves 2,139 clients.

An additional Rs 68 crore from the fresh issue will be utilized for working capital requirements.

Awfis Space Solutions, as of June 2023, stands as India’s premier provider of flexible workspace solutions, ranking among the top 5 benchmarked players in the segment. Their offerings span a diverse range of workspace solutions, accommodating individual flexible desk needs and providing customized offices for various entities, including start-ups, SMEs, and large corporations.

Book running managers for the issue include ICICI Securities, Axis Capital, IIFL Capital Services, and Emkay Global Financial Services.