Awfis Space Solutions Fixes IPO Price Band At Rs 364–383 Apiece

Integrated working space provider Awfis Space Solutions Ltd. has fixed the price band for its upcoming initial public offering at Rs 364–383 per share. A discount of Rs 36 per share will be offered on shares reserved for eligible employees in the issue.

The minimum lot size will be 39 shares, with further bids to be made in multiples thereof, according to the price band advertisement released by the company on Thursday.

The maiden share sale will begin on May 22, and continue till May 27. Anchor portion of the offer will open on May 21, it said.

As per a tentative timeline presented by the company, Awfis will allot shares to successful bidders by May 29. These will be listed on the BSE and National Stock Exchange by May 30.

The IPO will be a mix of a fresh issue and an offer for sale. The company has reduced the IPO size, according to the red herring prospectus for the offering.

Awfis will offer fresh shares worth Rs 128 crore. Under the OFS portion, promoter Peak XV Partners Investments V, and shareholders Bisque Ltd. and Link Investment Trust will sell almost 1.23 crore shares.

At the upper end of the price band, the total IPO size stands at Rs 598.93 crore.

Of the net proceeds from the offer, Rs 42 crore will be used to fund construction of new centres, whereas Rs 54.4 crore will go to working capital requirements.

As on Dec. 31, 2023, Awfis operates 169 centres across 16 cities in India, the company said in the RHP. These locations offer more than 1.05 lakh seats over total chargeable area of 5.33 million square feet.

The company offers flexible seating options from a single seat to multiple seats, with period ranging from one hour to several years. Awfis also provides allied services, including food and beverages, information technology support services and infrastructure services such as storage and customisation to event hosting and meeting arrangements.