Awfis Space raises ₹269 cr from anchor investors; IPO to open today

Incorporated in December 2014, the co-working space startup provides a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customised office spaces for startups, small and medium enterprises as well as for large corporates and multi-national corporations. The company intends to use capital raised from fresh issuance of equity shares for funding capital expenditure towards the establishment of new centres. A part of the fund will be also used to meet working capital requirements and general corporate purposes.

For the financial year 2023-24, Awfis posted net loss of ₹46.64 crore compared to loss of ₹57.16 crore in FY22 and ₹42.64 crore in FY21. The revenue, however, nearly doubled to ₹565.79 crore from ₹278.72 crore in FY22 and ₹216.02 crore in FY21. As of March 31, 2023, the total assets stood at ₹930.61 crore, while net worth was ₹169.36 crore.

As per CBRE Report mentioned in the RHP, Awfis was the largest flexible workspace solutions company in India as of June 30, 2023, with presence in 16 cities across the country, catering to 2,139 clients. It has 136 total centers with 81,433 total seats and total chargeable area of 4.12 million sq. ft., of which 15 centers and 11,191 seats are under fit-out with chargeable area aggregating to 0.53 million sq. ft. In addition, the company has entered into signed letters of intent with space owners for 14 additional centers, with 10,886 seats aggregating to 0.55 million sq. ft.