Awfis Space Solutions Files DRHP With SEBI For Rs 1600 Million IPO

Awfis Space Solutions Limited has filed its Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI). A new issuance of up to Rs 1600 million and an offer to sell up to 10,023,172 equity shares make up the company's initial public offering.

As per the DRHP, the offer for sale (OFS) comprises up to 5,011,586 equity shares by Peak XV Partners Investments V (or the "promoter selling shareholder"), up to 4,936,412 equity shares aggregating by Bisque Limited and up to 75,174 equity shares by Link Investment Trust.

The company plans to satisfy working capital needs, capital expenditures for the construction of new centers, and general corporate objectives with the net proceeds from the offer. The issue's book-running lead managers are ICICI Securities Limited, Axis Capital Limited, IIFL Securities, and Emkay Global Financial Services Limited.

Awfis provides a wide range of flexible workspace solutions to meet a variety of demands, including those for individual flexible desk requirements and specially designed office spaces for start-ups, SMEs, and large corporations. According to a CBRE Report, as of June 30, 2023, Awfis is the top provider of flexible workspace solutions in India based on the total number of centers. Together with event hosting and meeting planning, the firm offers ancillary services like beverages and food, IT assistance, and infrastructure services like customisation and storage.

The firm offers flexible workspace solutions that cover a range of seat categories, from one seat to several seats, and clients may rent for periods of time that vary from one hour to several years.

With a presence in 16 Indian locations, the firm is ranked first out of the top 5 benchmarked companies in the flexible workspace market. Furthermore, Awfis is available in the largest number of Indian micro markets. Awfis offers 81,433 seats overall throughout 136 total centers spread over 16 cities, covering a 4.12 million square foot chargeable area. According to the Source: CBRE Report, among them, 15 centers with 11,191 seats are presently undergoing fit-out, with a total chargeable area of 0.53 million square feet.