Ashish Kacholia-backed Awfis Space Solutions IPO to hit D-Street on May 22; price band fixed at Rs 364-386

Awfis Space Solutions IPO date announced

Peak XV, Ashish Kacholia, and ChrysCapital-backed Awfis Space Solutions has decided to launch its initial share sale on May 22. The price band for the issue has been fixed at Rs 364-386.

The IPO, which is a mix of fresh issuance of shares worth Rs 128 crore and an offer-for-sale (OFS) of 1,22,95,699 equity shares by the existing shareholders including promoter Peak XV Partners Investments, will close on May 27. The anchor book of the offer will be opened for a day on May 21.

The bid size for the IPO will be 39 shares, with 10 percent of total shares being up for grabs for retail investors, 15 percent for non-institutional investors and 75 percent for qualified institutional buyers.

The finalisation of basis of allotment will be done on or by May 28, with initiation of refunds slated for May 29. The shares will make a debut on the bourses on or before May 30.

Promoters hold 41.53 percent shareholding in the company, while the public shareholders own 58.47 percent stake.

Promoters - Amit Ramani holds 18.19 percent stake on a fully diluted basis, while Peak XV Partners Investments V (the venture capital firm formerly known as Sequoia Capital India & SEA) owns 22.86 percent in the company.

Bisque, a unit of ChyrsCapital, has 23.47 percent shareholding in Awfis, QRG Investments and Holdings 9.58 percent and VBAP Holdings 9.35 percent shares, while ace investor Ashish Kacholia owns 5.01 percent stake in the company.

The flexible workspace solutions company has reserved equity shares worth up to Rs 2 crore for its employees.

Awfis Space Solutions, which does not have comparable listed peers, will spend Rs 42.03 crore out of the net fresh issue proceeds for establishment of new centers, Rs 54.37 crore for working capital requirements; and the remaining for general corporate purposes.

The New Delhi-based company has posted net loss at Rs 46.64 crore for the year ended March FY23, narrowing from loss of Rs 57.2 crore in previous year, but revenue from operations during the same period more than doubled to Rs 545.3 crore, up 112% over previous year.

Net loss in the nine-month period ended December FY24 stood at Rs 18.94 crore on revenue of Rs 616.5 crore.

ICICI Securities, Axis Capital, IIFL Securities, and Emkay Global Financial Services are the book running lead managers to the issue.