Awfis Space Solutions’ IPO, with a price range of Rs 364-383 per share, commences subscription on May 22, targeting to raise Rs 576-599 crore, valuing the company at Rs 2,659 crore.
Office sharing startup Awfis Space Solutions‘ IPO opens for subscription on May 22 with a price band of Rs 364-383 per share. Subscription ends on May 27, with the anchor book opening on May 21. The company is expected to list on stock exchanges on May 30.
Awfis Space Solutions: A Detailed Overview of the IPO and Financial Performance
The offering’s total size ranges from Rs 576 to Rs 599 crore, valuing the company at Rs 2,659 crore at the upper price band. Awfis previously raised funds in 2022, securing a valuation of $110 million.
Awfis Space Solutions’ IPO comprises a fresh share sale of Rs 128 crore and an offer-for-sale (OFS) of up to 1,22,95,699 equity shares, totaling Rs 490.72 crore. At the upper price band, the company is raising Rs 598.72 crore in total. Promoter Peak XV Partners V and other shareholders, including Bisque Ltd and Link Investment Trust, are involved in the OFS.
Wednesday’s announcement revealed a reduction in the fresh offering size and an increase in the OFS component. Initially targeting a fresh issue of Rs 160 crore and sale of 10 million shares by investors, the revised plan now sees Peak XV Partners selling up to 6.6 million shares, Bisque (a ChrysCapital unit) selling 5.6 million shares, and Link Investment Trust selling 85,201 shares.
The company has allocated 75% of the offering for qualified institutional bidders (QIBs), with 15% reserved for non-institutional investors and the remaining 10% for retail investors. Proceeds from the fresh share issue will be utilized for expansion, establishing new centers, working capital, and general corporate purposes, as per the company.
According to Awfis’ red herring prospectus, operating revenue for the nine months ending December 2023 totaled Rs 616 crore, while FY23’s revenue doubled from FY22 to Rs 545 crore. Despite revenue growth, the company still records losses, with a Rs 18.9 crore loss after tax for April-December 2023 and a Rs 46.6 crore net loss for FY23, compared to Rs 57.3 crore in FY22.
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