Awfis Expands ESOP Pool Size, Allots 7.92 Lakh Stock Options

SUMMARY

The coworking startup has allotted over 7.92 Lakh ESOP shares under the Awfis Stock Option Plan 2015 (EDSOP 2015 Scheme)

As per the stock’s last opening price, the newly-allocated ESOP shares are worth nearly INR 62.6 Cr

Awfis posted a consolidated net profit of INR 2.7 Cr in Q1 FY25 as against a net loss of INR 8.3 Cr in the year-ago quarter, on the back of strong growth in its business

Listed coworking startup Awfis has expanded the pool size of its employee stock option plan (ESOP) by allocating over 7.92 Lakh equity shares.

The company has granted 7,92,144 ESOP shares to eligible employees consequent to exercise of their respective vested stock options pursuant to Awfis Stock Option Plan 2015 (EDSOP 2015 Scheme), it said in an exchange filing.

Consequent to the above allotment, the paid-up share capital of Awfis has increased to INR 70.21 Cr from INR 69.41 Cr earlier.

Shares of the Awfis opened today’s (August 29) trading session at INR 790 apiece on the BSE, 0.6% lower than the previous close of INR 795.

As per the stock’s last opening price, the newly-allocated ESOP shares are worth nearly INR 62.6 Cr.

Founded in 2015 by Amit Ramani, Awfis claims to be the largest flexible space operator in India with 181 centres, around 1.1 Lakh seats and about 5.6 Mn square feet of chargeable area, as of March 31, 2024.

While the startup started as a coworking network, it has since diversified into a tech-enabled workspace solutions platform, catering to enterprises, freelancers, startups and SMEs.

Awfis posted a consolidated net profit of INR 2.7 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25) as against a net loss of INR 8.3 Cr in the year-ago quarter, on the back of strong growth in its business.

Operating revenue grew 37.2% to INR 257.7 Cr in Q1 FY25 from INR 187.7 Cr in the year-ago quarter.

Recently, Awfis managing director and chairman Ramani told Inc42 that the startup expects its top line to surpass the INR 1,100 Cr mark in FY25.

Further, the company plans to expand its portfolio by about 50%, reaching a total of 1.35 Lakh operational seats by the end of the year.

Earlier, it was also reported that Awfis has appointed Nivia sports executive Rajesh Kharbanda to its board as a non-executive, non-independent director.

It is pertinent to note that Awfis’ competitor Smartworks has filed its draft red herring prospectus (DRHP) with market regulator SEBI for its initial public offering. This comes amid a surge in IPO activity in the Indian equities market, with 10 new-age tech startups, including the likes of Ola Electric, Unicommerce, ixigo and FirstCry, having made their Dalal Street debut this year.