Peak XV, Bisque Offload Awfis Shares Worth INR 606 Cr

VC giant Peak XV Partners offloaded Awfis shares worth INR 379.8 Cr via multiple bulk deals. As per NSE data, Mauritius-based investment firm Bisque Limited also sold shares worth INR 225.84 Cr of the listed coworking space provider. 

Together, the two investment firms sold Awfis shares worth INR 605.65 Cr on Wednesday (December 11). 

While promoter Peak XV dumped 53.5 Lakh shares at INR 709.9 apiece, Bisque offloaded 31.81 Lakh shares at the same price. 

The shares that flooded the market were lapped up by Invesco, Goldman Sachs India, Citigroup, Morgan Stanley Asia Singapore, Societe Generale, Whiteoak Capital, among others. 

This came a day after reports surfaced that Peak XV, Bisque Limited, and Delhi-based Link Investment Trust were planning to offload 85.8 Lakh Awfis shares worth INR 583 Cr.

It is pertinent to note that Peak XV held a 10.92% stake in the coworking space provider at the end of September 2024, while Bisque owned a 14.38% stake. 

The bulk deals come as investors look to book profits on their early investment in the company. Awfis shares are up over 80% since its listing at INR 432.25 apiece in May. 

The surge in the stock price came largely on the back of brokerages expressing bullishness on the company, with five analysts tracking the company maintaining a ‘BUY’ rating on the stock. Awfis’ rapidly expanding footprint and deals to sign up new office spaces gave further momentum.

Founded in 2015 by Amit Ramani, Awfis is a coworking space provider that claims to operate 181 centres with 1.1 Lakh seats and about 5.6 Mn sq ft of chargeable area, as of March 2024. 

Awfis posted a consolidated net profit of INR 38.67 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25) as against a net loss of INR 4.34 Cr in the year ago period. Operating revenue jumped 40.46% to INR 292.38 Cr during the quarter under review from INR 208.15 Cr in Q2 FY24. 

Shares of Awfis ended 8.61% higher at INR 778.65 on the BSE on Wednesday.