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Awfis Space Solutions' IPO to open on May 22; sets price band at Rs 364-383/share

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NewsDrum Desk
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New Delhi, May 16 (PTI) Flexible workspace solutions company Awfis Space Solutions Ltd on Thursday fixed a price band of Rs 364-383 per share for its Rs 599 crore initial public offering.

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The company's maiden public issue will open on May 22 and conclude on May 27 and the bidding for anchor investors will open for a day on May 21, according to a statement.

Awfis Space Solutions' proposed initial public offering (IPO) is a combination of fresh issue shares to the tune of Rs 128 crore and an offer for sale (OFS) of 1.23 crore shares worth Rs 471 crore at the upper end of the price band. This takes the total IPO size to Rs 599 crore.

Promoter Peak XV Partners Investments V (formerly known as SCI Investments) and shareholders Bisque Limited and Link Investment Trust will offload shares in the OFS.

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At present, Peak XV holds 22.86 per cent stake in Awfis Space Solutions, Bisque and Link Investment Trust own 23.47 per cent and 0.36 per cent stake, respectively, in the company.

Proceeds from the fresh issue would be used towards funding capital expenditure towards setting-up new centres, supporting working capital requirements, and general corporate purposes.

The company said that 75 per cent of the issue size has been reserved for qualified institutional bidders (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

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Investors can bid for a minimum of 39 equity shares and in multiples of 39 equity shares thereafter.

Awfis Space Solutions provides a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customised office spaces for startups, small and medium enterprises as well as for large corporates and multi-national corporations.

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

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