Wednesday, 22 May 2024, Bengaluru, India
Awfis, a co-working space provider, has raised Rs 268.6 crore fund ahead of Initial Public Offering. The company raised this amount from 32 anchor investors at an upper price of Rs 383 per equity share. The funding round also had participation from Goldman Sachs, HDFC Mutual Fund, EastBridge Capital Master Fund, ICICI Prudential Mutual funds, Aditya Birla Sun Life Insurance Company, and More.
The startup mentioned in a regulatory filing with bourses that the IPO committee has finalized the allocation of 70,13,483 equity shares to anchor investors at Rs 383 per share. According to the startup, via 19 schemes, the company allocated 53.53% of shares to 12 domestic mutual funds. The startup is expecting to raise up to Rs 599 crore at the highest band through its public issue which will be open from 22 May till 27 May.
Image source: awfis.com
The startup has fresh insurance of Rs 128 crore worth of shares and an offer for the sale component of Rs 1.2 crore per share. Peak XV partners will offload the biggest shares at Rs 6.6 million, and Bisque Limited will sell 5.5 million shares via the Offer For sale. The startup is dividing 75% of the net offer for IBs while the remaining 25% is for non-institutional bidders and retail investors with 15% and 10%, respectively. Earlier this year, after filing a DRHP with the Securities and Exchange Board of India in December, the company got approval from market regulators.
Awfis was founded by Amit Ramani in 2015 to provide solutions to freelancers, SMEs, startups, MNCs, and large corporations through its tech-enabled workspace platform. The startup’s net operating revenue stood out at Rs 616.5 crore in FY24, while the net loss went to Rs 8.9 crore in FY24, from Rs 46.6 crore in FY23. The startup is looking to raise Rs 599 crore at the upper end of the price. The company offers a wide range of workspace solutions to fulfill the needs of individuals.
Conclusion:
Awfis, a co-working space provider, has raised Rs 268.6 crore fund ahead of Initial Public Offering from 32 angel investors. The funding round also had participation from Goldman Sachs, HDFC Mutual Fund, EastBridge Capital Master fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Insurance Company, and More. via 19 schemes the company allocated 53.53% shares to 12 domestic mutual funds. The startup is expecting to raise up to Rs 599 crore at the highest band through its public issue, which will be open from 22 May to 27 May.
The startup has fresh insurance of Rs 128 crore worth of shares and an offer for the sale component of Rs 1.2 crore per share. Peak XV partners will offload the biggest shares at Rs 6.6 million, and Bisque Limited will sell 5.5 million shares via the Offer For sale. The company offers a wide range of workspace solutions to fulfill the needs of individuals, SMEs, startups, MCs, and more.
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