Peak XV Partners-Backed Awfis’ IPO To Open On May 22

Awfis IPO: Issue Subscribed Over 2X On Day 1 Driven By Retail Investor Interest

SUMMARY

The coworking space provider’s IPO will open on May 22 and close on March 27

Awfis’ IPO will comprise a fresh issue 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, Bisque Limited, and Link Investment Trust are among the shareholders looking to offload shares via the OFS

Coworking space provider Awfis’s initial public offering (IPO) will open on May 22 and close on May 27, revealed its red herring prospectus (RHP).

Ahead of the IPO, the startup will allocate shares to anchor investors on May 21.

Awfis has made some changes to its public issue compared to its draft red herring prospectus (DRHP), filed with the Securities and Exchange Board of India (SEBI) in December last year.

The IPO will comprise a fresh issue of shares worth up to INR 128 Cr and an offer for sale (OFS) component of up to 1.23 Cr shares. As per the DRHP, the fresh issue was to be of INR 160 Cr and OFS of up to 1 Cr shares.

All the offloading shareholders have increased the number shares they are looking to sell. At 6.6 Mn, Peak XV Partners is looking to sell the highest number of shares. Bisque Limited is looking to sell up to 5.5 Mn shares via the OFS, while Link Investment Trust aims to offload up to 85,000 shares.

Moreover the RHP document revealed that the company has not undertaken any pre-IPO placement.

The startup’s shares will be listed on both the BSE and the NSE.

The RHP revealed that Awfis incurred a net loss of INR 18.9 Cr in the first nine months of FY24 on an operating revenue of INR 616.4 Cr. It had posted a loss of INR 46.6 Cr and an operating revenue of INR 545.2 Cr in FY23.

Awfis bagged SEBI’s nod for the IPO last month.

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. It has raised a total funding of nearly $90 Mn till date. It competes against the likes of WeWork, 91Springboard, OYO’s Innov8, BHive, among others.

As of December 31, 2023, the startup had 138 operational centres and 79,946 seats.

The development comes at a time when a number of new-age tech companies are looking to go public. Earlier today, B2B travel portal Travel Boutique Online or TBO Tek’s shares listed at a premium of 55% on the NSE. Meanwhile, insurtech unicorn Digit’s IPO also opened today.