The company had filed its draft IPO papers in December to raise Rs 160 crore through fresh issue, in addition to an offer-for-sale component of 10 million shares.
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On April 22, ET exclusively reported that US-based coworking company WeWork Inc is exiting its India operations by selling the 27% stake it holds in the local unit through a secondary deal estimated to be around Rs 1,200 crore.
Peak XV Partners, formerly Sequoia Capital India, will sell over five million shares in the proposed IPO. Bisque Ltd, a unit of private equity firm ChrysCapital, is also looking to sell nearly as many shares of Awfis Space Solutions, while real estate investment trust Link Investment Trust will sell over 75,000 shares.
Peak XV currently owns 15 million shares in the company, aggregating to 22.9% stake. Bisque owns a 23.5% stake, while the company’s founder and CEO Amit Ramani holds 18.2% stake.
In its last fundraising round in 2022 Awfis was valued around $110 million.
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The company said it plans to utilise the net proceeds from the IPO for expansion and establishing new centres, working capital requirements, and general corporate purposes.In the year ended March 31, 2023, Awfis saw its operating revenue surge to Rs 545 crore, from Rs 257 crore in FY22, as per information provided in the DRHP. For the first quarter of fiscal 2024, Awfis reported operating revenue of Rs 188 crore.
In FY21, the company saw its operating revenue drop to Rs 178 crore from Rs 226 crore in FY20 on account of Covid19-led disruptions.