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). Awfis last raised funds in 2022 at a valuation of $110 million.
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Bids can be made for a maximum of 39 equity shares and in multiples of 55 shares thereafter.
The Delhi-based firm’s shares will list on the stock exchanges on May 30.
Through the IPO, the company aims to raise Rs 128 crore in fresh capital, 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. Peak XV Partners is a promoter entity of the company.
Awfis will also conduct a pre-IPO round with anchor investors, bidding for which will happen on May 21.
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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.
According to the red herring prospectus filed by Awfis, its operating revenue for the nine months ended December 2023 came in at Rs 616 crore. For FY23, the company’s operating revenue had more than doubled from FY22 at Rs 545 crore.
Awfis, however, continues to incur losses. For the April-December 2023 period, the company reported a loss after tax of Rs 18.9 crore. For FY23, its net loss came in at Rs 46.6 crore, compared with Rs 57.3 crore in FY22.
The company said it plans to utilise the net proceeds from the fresh issue of shares for expansion and establishing new centres, working capital requirements and general corporate purposes.
