Awfis Space IPO to open for subscription on May 22

Bengaluru, 16 May: Coworking space provider, Awfis Space Solutions’s IPO will open for subscription on May 22. While the price band for the issue has been fixed at Rs 364-383 apiece, bids can be made for a minimum of 39 equity shares and its multiples thereafter, the company said in a regulatory filing.

The three-day bidding for the issue will close on May 27, the filing showed.

In this public offering, Awfis Space Solutions plans to raise Rs 128 crore through fresh share sale, while an amount up to Rs 490.72 will be raised through offer-for-sale (OFS).

At the upper end of the price band, the company is planning to raise a total of Rs 598.72 crore through this IPO. Current investors in the company including Peak XV Partners V and other shareholders Bisque Ltd and Link Investment Trust are participating in the OFS.

In the regulatory filing, the company said that the net proceeds from fresh issue shall be utilized towards funding capital expenditure towards the establishment of new centres; funding the working capital requirements and general corporate purposes.

Awfis Space Solutions operates 169 centers across 16 cities in India, with a total of 105,258 seats as on December, 2023. About 31 centers with 25,312 seats are currently under fit-out, with a chargeable area totaling 1.23 million square feet.

The company operates in co-working, including flexible workspaces, custom office spaces, and mobility solutions space. It also provides supporting services such as food and beverages, IT support, infrastructure services, and event hosting among others.

Awfis is the first coworking operator to hit the market with an IPO. Its listing is likely to open up opportunities for other players operating in the coworking segment.

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