Awfis Raises Rs 268Cr from Anchor Investors Pre-IPO

Coworking space provider Awfis has successfully raised INR 268.6 Cr from 32 anchor investors at the upper price band of INR 383 per equity share.

The startup, whose public issue will commence on May 22, allocated 70.13 lakh shares to its anchor investors. According to a regulatory filing, the IPO Committee of Awfis finalized the allocation of 70,13,483 equity shares at the anchor investor allocation price of INR 383 per share.

More than half of the shares (53.53%, or 37.53 lakh shares) were distributed to 12 domestic mutual funds across 19 schemes. Prominent participants in the anchor round included Ashoka Whiteoak, HDFC Mutual Fund, Nippon Life India, Axis Mutual Fund, Canara Rebeco Mutual Fund, Motilal Oswal, Goldman Sachs, Allianz Global Investors Fund, and HSBC.

The public issue of Awfis will open on May 22 and close on May 27. The startup’s shares will be listed on both the BSE and NSE. Awfis aims to raise INR 599 Cr at the upper end of the price band through its public issue.

The IPO includes a fresh issuance 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 plans to offload the largest portion of shares at 6.6 Mn, while Bisque Limited will sell up to 5.5 Mn shares via the OFS.

The company has designated 75% of the net offer for qualified institutional buyers (QIBs), with the remaining 15% and 10% allocated to non-institutional bidders and retail investors, respectively. Awfis has set a price band of INR 364 to INR 383 per share for its public issue. Bids for the IPO can be made for a minimum of 39 equity shares and in multiples of 39.

In December last year, Awfis filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and received approval earlier this year.

Founded in 2015 by Amit Ramani, Awfis has grown from a coworking network to a tech-enabled workspace solutions platform, serving freelancers, startups, SMEs, large corporates, and MNCs. In the first three quarters of the fiscal year 2023-24 (FY24), Awfis reported a net loss of INR 18.9 Cr, compared to a net loss of INR 46.6 Cr for the full fiscal year 2022-23. Meanwhile, operating revenue for the first nine months of FY24 stood at INR 616.5 Cr, up from INR 545.3 Cr in FY23.

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