Delhi-based Awfis Space Solutions office-sharing startup is set to achieve a significant milestone. It has received an approval from the Securities and Exchange Board of India (SEBI) to issue an initial public offering (IPO) and raise Rs 160 crore. The announcement comes after nearly four months since it filed draft IPO papers with a proposal to raise funds.
The draft red herring prospectus reveal that Peak XV Partners (formerly Sequoia Capital India) has plans to sell about 5 million shares in Awfis through the proposed IPO. The same is being looked by Bisque Ltd, a unit of private equity firm ChrysCapital. Real estate investment trust Link Investment Trust is seeking to sell over 75,000 shares.
Awfis Space Solutions was valued at $110 million in 2022 and it has plans to use the net proceeds from the fresh issue of shares for expansion and establishing new centers.
In the fiscal year ended March 31, 2023, the operating revenue of the company was more than doubled to Rs 545 crore from Rs 257 crore in FY22. For the first quarter of fiscal 2024, the operating revenue was Rs 188 crore.
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Awfis Founder and CEO Amit Ramani hold 18.2% stake in the company while Peak XV hold 22.9% stake in the company. Bisque holds 23.5% stake.
Meanwhile, a couple of more such startups have filed draft papers to go public and raise funds. A few to name here are SoftBank-backed Unicommerce, electric two-wheeler maker Ola Electric, omnichannel retailer FirstCry and fintech firm Mobikwik. Bengaluru-based food and grocery-delivery firm Swiggy too has plans to file soon for a $1 billion IPO.
