Awfis plans IPO with Rs 160 Cr fresh issue; investors Peak XV, Bisque, Link to sell shares

Flexible workspace solutions company Awfis Space Solutions Limited has filed a Draft Red Herring Prospectus for its initial public offering (IPO).

The IPO comprises a fresh issue of up to Rs 160 crore and an offer for sale of over 10 million equity shares. Proceeds will fund capital expenditure, working capital, and general corporate purposes.

"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," Awfis said in a statement.

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

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Peak XV Partners Investments V, previously known as Sequoia Capital's SCI Investments V, plans to sell up to 5,011,586 shares in the upcoming public offering. Previous backer Bisque Limited also aims to sell around 4,936,412 shares, while Link Investment Trust plans to sell up to 75,174 shares.

Awfis, with 136 centres in 16 cities, offers diverse flexible workspace solutions, including co-working, customised offices and mobility services. The managed aggregation model involves collaborative partnerships with space owners.

Awfis raised Rs 15 crore ($1.8 million) in a Series E1 round led by existing investor Bisque Limited in 2022. The funding included a Rs 14.77 crore investment from Bisque Limited and Rs 23 lakh from Link Investment. It previously secured Rs 65 crore in June, bringing the total raised in this round to Rs 80 crore.