BackCo-working space startup Awfis plans to launch IPO in 2024; shortlists 3 investment banks: Report
Awfis Space Solutions Pvt. Ltd. was founded in April, 2015 by Amit Ramani and over the last few years, the company has evolved from being a coworking network to a fully tech-enabled workspace solutions platform.
PremiumAwfis Space Solutions Private Ltd is set to launch its initial public offering (IPO) in 2024 and has shortlisted 3 investment banks for it, a report said.
Backed by ChrysCapital and Peak XV Partners, Awfis plans to raise around $100 million to $125 million via the proposed listing and has mandated ICICI Securities, IIFL Capital and Axis Capital as advisors, a report by Moneycontrol said, quoting multiple industry sources.
However, the quantum of the fund raise through the IPO hasn't been finalized yet and may vary later, the report added.
Awfis IPO would be the first public issue in the domestic markets by a co-working space provider.
The work on the IPO had begun earlier and the DRHP may be filed with market regulator Sebi in a month’s time, while the launch is targeted in 2024 based on market conditions, the Moneycontrol report said, quoting the second source.
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“The plan is for the IPO to be a combination of primary and secondary issuance of shares which will provide an exit window to the investors as well as help to mop up growth capital to expand presence to other locations", the news report quoted a third source.
Awfis Space Solutions Pvt. Ltd. was founded in April, 2015 by Amit Ramani and over the last few years, the company has evolved from being a coworking network to a fully tech-enabled workspace solutions platform.
According to the company’s website, it is present in 150 centres across 17 cities and has 88,000 seats for a member base of 1,500 plus companies. It claims to be India's largest shared space network.
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