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Awfis raises Rs 268-Cr from anchor investors ahead of IPO

Co-working space operator Awfis Space Solutions Ltd announced it raised over Rs 268 crore from anchor investors. This came a day before its initial public share offering. According to a circular on BSE’s website, the company allotted 70.13 lakh equity shares to 32 funds at Rs 383 each, the top end of the price band.

At this price, the firm collected Rs 268.61 crore.

Participants in the anchor round included Goldman Sachs, EastBridge Capital Master Fund, HDFC Mutual Fund, ICICI Prudential MF, Axis MF, UTI MF, Aditya Birla Sun Life Insurance Company, and SBI General Insurance Company.

The issue, with a price band of Rs 364-383 per share, will open on May 22 and close on May 27.

The proposed initial public offering (IPO) includes fresh shares worth Rs 128 crore and an offer for sale (OFS) of 1.23 crore shares valued at Rs 471 crore at the upper end of the price band. This brings the total IPO size to Rs 599 crore.

Promoter Peak XV Partners Investments V (formerly SCI Investments) and shareholders Bisque Ltd and Link Investment Trust will sell shares through the OFS.

Peak XV holds a 22.86% stake in Awfis, while Bisque owns 23.47% and Link Investment Trust owns 0.36%.

Proceeds from the fresh issue will fund capital expenditure for new centers, support working capital needs, and cover general corporate purposes.

Awfis offers flexible workspace solutions, from individual desks to customized corporate office spaces.

In the public issue, 75% of the shares are reserved for qualified institutional bidders (QIBs), 15% for non-institutional investors, and 10% for retail investors.

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

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BRL Editorhttps://businessreviewlive.com
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