Peak XV, Others To Offload Stake Worth INR 583 Cr in Awfis

SUMMARY

Peak XV, Bisque and Link Investment Trust will together sell a 12.2% stake, or 85.8 Lakh shares, in Awfis

The investors will offload the shares at INR 680 apiece. This represents a discount of 5.2% to the stock’s closing price of INR 717.05 on Tuesday

As of September 2024, Peak XV held a 10.92% stake in Awfis. Bisque and Link Investment Trust owned 14.38% and 0.36% stakes, respectively

VC major Peak XV Partners, Mauritius-based investment firm Bisque Limited, and Delhi-based Link Investment Trust reportedly plan to offload Awfis shares worth INR 583 Cr.

Citing sources, CNBC-TV18 reported that the three investors will together offload a 12.2% stake, or 85.8 Lakh shares, in the flexible workspace solutions company via a block deal.

As per the report, the investors will offload the shares at INR 680 apiece. This represents a discount of 5.2% to the stock’s closing price of INR 717.05 on Tuesday.

According to a separate NDTV Profit report, IIFL Capital Services and ICICI Securities are the book runners for the deal.

As of September 2024, promoter Peak XV held a 10.92% stake in the coworking space provider, while Bisque and Link Investment Trust owned 14.38% and 0.36% stake in Awfis, respectively.

Shares of Awfis are down 7.5% in the past month but up over 70% since its listing in May.

Meanwhile, brokerages continue to be bullish on the company, with as many as five analysts tracking the company having a ‘BUY’ rating on the stock. The positive outlook comes largely on the back of Awfis rapidly expanding its footprint and signing new office spaces.

Last month, the company announced that it would design and manage 1.65 Lakh sq ft of office space in Mumbai for the National Stock Exchange.

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 2024. The company started operations as a coworking network, and has since expanded into the tech-enabled workspace solutions segment.

It reported a consolidated net profit of INR 38.67 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25). In contrast, it posted a net loss of INR 4.34 Cr in Q2 FY24. 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 closed Tuesday (December 10) trading session 0.15% lower at INR 716.95 on the BSE.