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Awfis IPO: Awfis raises Rs 269 crore from anchor investors ahead of IPO

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Office sharing company Awfis Space Solutions Ltd, which will launch the book building for its initial public offering (IPO) on Wednesday, raised nearly Rs 269 crore from 32 anchor investors, it said in a filing on Tuesday.

Of this amount, the Delhi-based company raised Rs 144 crore from 19 domestic mutual funds.

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For the anchor portion, Awfis has allocated 7.01 million shares at Rs 383 apiece. The investors include mutual funds such as Invesco India Multicap Fund, Axis Mutual Fund, ICICI Prudential Housing Opportunities Fund, HDFC Small Cap Fund, Goldman Sachs India Equity, Allianz Global Investors Fund and HSBC Global Investment Fund.

On May 16, Awfis had announced a price band of Rs 364 to Rs 383 per share for its IPO, which will be launched on May 22.

The total size of the offering will be Rs 576 to Rs 599 crore. The company, which competes with the likes of WeWork India, aims to raise Rs 128 crore in fresh capital through the IPO, while the offer for sale (OFS) component will have 12.3 million shares on sale by investors Peak XV Partners and private equity firm ChrysCapital.

At the upper end of the price band, this values the company at Rs 2,659 crore (or around $318 million at current exchange rates).

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Awfis had last raised funds from the private markets in 2022 at a valuation of $110 million.Bids for Awfis shares in the IPO can be made for a maximum of 39 equity shares and in multiples of 55 shares thereafter.

The company’s shares will list on the stock exchanges on May 30.

As per the company, 75% of the offering is reserved for qualified institutional bidders (QIBs), while 15% is reserved for non-institutional investors and the remaining 10% for retail investors.

The company announced Wednesday that it was reducing the size of its fresh offering, while increasing the OFS component. It earlier planned a fresh issue of Rs 160 crore and its investors were looking to sell 10 million shares.

As per the revised plan, Peak XV Partners will now sell up to 6.6 million shares, while Bisque, a unit of ChrysCapital, will sell 5.6 million shares. Real estate investment trust, Link Investment Trust, will sell 85,201 shares.