Ahead Of IPO, Awfis Bags INR 268.6 Cr From 32 Anchor Investors

Coworking space provider Awfis has raised INR 268.6 Cr from 32 anchor investors at the upper price band of INR 383 per equity share. 

The startup, whose public issue will open on May 22, has allocated 70.13 Lakh shares for its anchor investors. 

“The IPO Committee of the Company… has finalized allocation of 70,13,483 equity shares, to anchor investors at (the) anchor investor allocation price of INR 383/- per equity share (including share premium of INR 373/- per equity share)..,” said the startup in a regulatory filing with the bourses.

As per the company, more than half (53.53% or 37.53 Lakh shares) were allocated to 12 domestic mutual funds via 19 schemes. 

The anchor round saw participation from names such as Ashoka Whiteoak, HDFC Mutual Fund, Nippon Life India, Axis Mutual Fund, Canara Rebeco Mutual Fund, Motilal Oswal, Goldman Sachs, Allianz Global Investors Fund, HSBC, among others. 

Awfis’ public issue will open on May 22 and close on May 27. The startup’s shares will be listed on both the BSE and the NSE. The startup is expected to raise INR 599 Cr at the upper end of the price band through its public issue.

Awfis’ IPO comprises a fresh issuance of shares worth up to INR 128 Cr and an offer for sale (OFS) component of up to 1.23 Cr shares. Peak XV Partners will look to offload the biggest chunk of shares at 6.6 Mn while Bisque Limited will sell up to 5.5 Mn shares via the OFS.

The company has earmarked at least 75% of the net offer for qualified institutional buyers (QIBs) while the remaining 15% and 10% has been set aside for non-institutional bidders and retail investors respectively.

Awfis has set a price band of INR 364-INR 383 per share for its public issue. Bids for the IPO can be made for a minimum of 39 equity shares and in multiples of 39. 

The coworking startup had filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in December last year and received the nod from market regulator earlier this year. 

Founded in 2015 by Amit Ramani, Awfis has evolved from just being a coworking network to a tech-enabled workspace solutions platform, catering to freelancers, startups, SMEs, large corporates, and MNCs. 

Awfis posted a net loss of INR 18.9 Cr in the first three quarters of the fiscal year 2023-24 (FY24) as against INR 46.6 Cr in the entirety of FY23. Meanwhile, operating revenue stood at INR INR 616.5 Cr in the first nine months of FY24 compared to INR 545.3 Cr in FY23.