Awfis Space Solutions Limited’s initial public offering to open on May 22, 2024

• Price Band fixed at ₹364 per equity share to ₹383 per equity share of face value of ₹10 each (“Equity Shares”) of Awfis Space Solutions Limited

• Anchor Investor Bidding Date – May 21, 2024

• Bid / Offer Opening Date – May 22, 2024, and Bid / Offer Closing Date – May 27, 2024

• Bids can be made for a minimum of 39 Equity Shares and in multiples of 39 Equity Shares thereafter

Bhubaneswar: Awfis Space Solutions Limited (the “Company”), largest flexible workspace solutions company in India as per CBRE report, proposes to open its initial public offering of Equity Shares (“Offer”) on May 22, 2024. The Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, that is, on May 21, 2024. Bid/ Offer Closing Date will be on May 27, 2024.

The Price Band of the Offer has been fixed from ₹ 364 per Equity Share to ₹ 383 per Equity Share. Bids can be made for a minimum of 39 Equity Shares and multiples of 39 Equity Shares thereafter.  

The Offer comprises a fresh issue of up to [●] Equity Shares aggregating up to ₹ 1,280.00 million (“Fresh Issue”) and an offer for sale of up to 12,295,699 Equity Shares (“Offered Shares”) aggregating up to ₹ [●] million, comprising up to 6,615,586 Equity Shares aggregating up to ₹ [●] million by Peak XV Partners Investments V (formerly known as SCI Investments V) (“Peak XV” or the “Promoter Selling Shareholder”), up to 5,594,912 Equity Shares aggregating up to ₹ [●] million by Bisque Limited and up to 85,201 Equity Shares aggregating up to ₹ [●] million by Link Investment Trust (collectively, the “Selling Shareholders” and such offer for sale of Equity Shares by the selling shareholders, the “Offer for Sale”). The Offer will constitute [●]% of the post-offer paid up equity share capital of our Company.

The Offer includes a reservation of up to [●] Equity Shares, aggregating up to ₹ 20.00 million (constituting up to [●]% of the post offer paid-up equity share capital of our Company) for subscription by eligible employees (the “Employee Reservation Portion”). The Offer less the employee reservation portion is hereinafter referred to as the “net offer”. The Offer and the net offer shall constitute [●]% and [●]%, respectively, of the post-offer paid-up Equity Share capital of our Company. Our Company, in consultation with the book running lead managers, may offer a discount of up to [•]% (equivalent of ₹[●] per equity share) to the offer Price to eligible employees bidding under the employee reservation portion (“Employee Discount”).

The Company proposes to utilize the net proceeds towards funding capital expenditure towards establishment of new centers, funding the company’s working capital requirements and general corporate purposes.

This Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(2) of the SEBI ICDR Regulations wherein not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion, the “QIB Portion”), provided that our Company, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”). One-third of the Anchor Investor Portion shall be reserved for the domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”) in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not more than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders (out of which one-third of the portion available to Non-Institutional Bidders shall be reserved for Bidders with an application size of more than ₹ 200,000 and up to ₹ 1,000,000, and two-third shall be reserved for Bidders with application size of more than ₹ 1,000,000, provided that the unsubscribed portion in either of the aforementioned sub-categories may be allocated to Bidders in the other sub-category) and not more than 10% of the Net Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. All Bidders, other than Anchor Investors, are required to participate in the Offer by mandatorily utilising the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account (as defined hereinafter) and UPI ID in case of UPI Bidders (as defined hereinafter), as applicable, pursuant to which their corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Bank(s) under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on both BSE Limited (“BSE“)and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”).

ICICI Securities Limited, Axis Capital Limited, IIFL Securities Limited, and Emkay Global Financial Services Limited are the Book Running Lead Managers to the Offer.

All capitalised terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the RHP.