New Delhi: Co-working space operator Awfis Space Solutions Ltd will hit the capital market on Wednesday with its initial public offer (IPO) to raise to Rs599 crore. The company has fixed a price band of Rs364-383 per share for its maiden public issue, which will open on May 22 and conclude on May 27. The proposed initial public offering (IPO) is a combination of fresh issue shares to the tune of Rs128 crore and an offer for sale (OFS) of 1.23 crore shares worth Rs471 crore at the upper end of the price band.

This takes the total IPO size to Rs599 crore. Promoter Peak XV Partners Investments V (formerly known as SCI Investments) as well as shareholders Bisque Ltd and Link Investment Trust will offload shares through the OFS. Peak XV holds a 22.86 per cent stake in Awfis, while Bisque and Link Investment Trust own 23.47 per cent and 0.36 per cent stake, respectively, in the company.

Proceeds from the fresh issue will be used in funding capital expenditure towards setting up new centres, supporting working capital requirements, and general corporate purposes. Awfis provides flexible workspace solutions, ranging from individual flexible desk needs to customised office spaces for corporates. According to the Red Herring Prospectus (RHP), Awfis had 169 centres across 16 cities with 1,05,258 total seats and a total chargeable area of 5.33 million square feet at the end of December 2023.