Flexible workspace solutions company Awfis Space Solutions Limited has submitted a Draft Red Herring Prospectus for its upcoming initial public offering (IPO). The IPO includes a fresh issue of up to Rs 160 crore and an offer for sale of over 10 million equity shares. The funds generated will be allocated for capital expenditure, working capital, and general corporate purposes. Awfis stated, “The company proposes to utilise the net proceeds from the offer towards funding capital expenditure towards establishment of new centres, funding for the working capital requirements, and general corporate purposes.”
ICICI Securities Limited, Axis Capital Limited, IIFL Securities, and Emkay Global Financial Services Limited are serving as the book-running lead managers for the IPO. Peak XV Partners Investments V, formerly known as Sequoia Capital’s SCI Investments V, intends to sell up to 5,011,586 shares in the public offering. Previous investor Bisque Limited plans to sell about 4,936,412 shares, while Link Investment Trust aims to sell up to 75,174 shares.
Awfis, boasting 136 centers across 16 cities, provides a range of flexible workspace solutions, including co-working, customised offices, and mobility services. The company follows a managed aggregation model, fostering collaborative partnerships with space owners. In a statement, Awfis revealed, “The company proposes to utilise the net proceeds from the offer towards funding capital expenditure towards establishment of new centres, funding for the working capital requirements, and general corporate purposes.”
The funding history of Awfis includes a Series E1 round in 2022, where it raised Rs 15 crore ($1.8 million). This round was led by existing investor Bisque Limited, with Rs 14.77 crore invested by Bisque Limited and Rs 23 lakh from Link Investment. Prior to this, in June, Awfis secured Rs 65 crore, bringing the total raised in the round to Rs 80 crore.
