ChrysCapital and Peak XV Partners-backed Awfis, a Chennai-based coworking space provider, is moving closer to its planned initial public offering (IPO) in 2024. The company has reportedly shortlisted three investment banks to advise on its IPO, which is expected to raise between $100 million and $125 million.
According to a report by Moneycontrol, Awfis has selected ICICI Securities, IIFL Capital, and Axis Capital as the advisors for its IPO. The startup is set to file a draft red herring prospectus (DRHP) within the next month to initiate the IPO process.
Awfis, founded in 2015, has emerged as one of India's prominent coworking space providers. With the ongoing shift in work culture and the rise of flexible workspace solutions, the company has expanded its footprint to meet the growing demand for coworking spaces in India.
The IPO plans indicate that Awfis aims to capitalize on its position in the coworking industry, which has witnessed significant growth in recent years. The offering will provide an opportunity for the company to raise funds for expansion, technology investments, and other strategic initiatives.
The choice of ICICI Securities, IIFL Capital, and Axis Capital as advisors reflects Awfis's commitment to securing a successful IPO. These established investment banks are expected to play a crucial role in guiding the company through the complex IPO process and ensuring its compliance with regulatory requirements.
Awfis's IPO announcement comes at a time when the coworking sector in India continues to evolve, with businesses recognizing the benefits of flexible office solutions. The COVID-19 pandemic has accelerated the adoption of remote and hybrid work models, further fueling demand for flexible office spaces.
The IPO will be closely watched by investors, industry stakeholders, and market analysts, as it will provide insights into the overall health and growth prospects of the coworking industry in India. It will also be a significant milestone for Awfis as it seeks to leverage its market presence and investor interest to secure the necessary capital for its future endeavors.
