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Modern workspace provider, Awfis Space Solutions Ltd has declared the price band of their upcoming IPO which will go live from May 22. The price band is varying within Rs.364-383 per share for its Rs.599 crore initial public offering.
The company informed in an official statement, this IPO will be the company’s maiden public issue which will start from May 22nd and will continue till May 27th. The system of bidding will be opened for the anchor investors from a day before its public launch.
The proposed initial public offering (IPO) of Awfis Space Solutions is a collective combination of fresh issue shares to the tune of Rs.128 crore and an offer for sale (OFS) of 1.23 crore shares worth Rs.471 crore at the upper end of the price band. After this combination the total sizeof the IPO will stand at Rs.599 crore.
Meanwhile, the promoters Peak XV Partners Investments V and shareholders Bisque Limited and Link Investment Trust is planning to remove their shares in the OFS.
Presently,Peak XV holds 22.86% stake in Awfis Space Solutions, Bisque and Link Investment Trust own 23.47% and 0.36 per cent stake, respectively, in the company.
The capital which will be collected from the fresh issue would be used for funding capital expenditure setting-up new centres, supporting working capital requirements, and general corporate purposes.
In a statement the company said that, 75% of the issue size has been reserved for qualified institutional bidders (QIBs), 15% for non-institutional investors and the remaining 10% for retail investors. Investors are able to bid for a minimum of 39 equity shares and in multiples of 39 equity shares thereafter.
Awfis Space Solutions brings forth the ultimate flexibility and luxury with comfort in modern workspaces. Their amenities are 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.
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