Prominent investors, including Peak XV Partners, Mauritius-based Bisque Limited, and Delhi-based Link Investment Trust, are set to sell a combined stake worth ₹583 crore in India’s largest flexible workspace provider, Awfis. The move comes via a block deal, where the investors will offload 85.8 lakh shares, representing 12.2% of the company’s equity.

Discounted Sale Price

The shares will be sold at ₹680 apiece, a 5.2% discount to Awfis’ closing price of ₹717.05 on Tuesday. According to reports, IIFL Capital Services and ICICI Securities will manage the block deal. As of September 2024, Peak XV held a 10.92% stake in Awfis, while Bisque Limited and Link Investment Trust owned 14.38% and 0.36%, respectively.

Market Performance and Growth Outlook

While Awfis shares have declined 7.5% in the past month, the stock has shown a remarkable 70% growth since its listing in May. The company’s strong performance has garnered confidence among analysts, with five brokerages maintaining a “BUY” rating.

The bullish outlook is fueled by Awfis’ rapid expansion and strategic initiatives. The company recently announced a major project to design and manage 1.65 lakh square feet of office space for the National Stock Exchange (NSE) at Mumbai’s Bandra-Kurla Complex.

India’s Largest Flexible Workspace Operator

Founded in 2015 by Amit Ramani, Awfis has grown to become India’s largest flexible workspace operator. As of March 2024, it manages 181 centres, offering 1.1 lakh seats across 5.6 million square feet of chargeable area. Initially launched as a coworking network, the company has diversified into tech-enabled workspace solutions to meet evolving market demands.

Financial Turnaround

Awfis recently reported a significant financial turnaround. In the second quarter of FY25, it posted a net profit of ₹38.67 crore, compared to a net loss of ₹4.34 crore in the same period last year. Operating revenue surged 40.46%, reaching ₹292.38 crore from ₹208.15 crore in Q2 FY24.

A Resilient Industry Leader

The sale by Peak XV and its co-investors is unlikely to dampen Awfis’ growth trajectory. The company’s strategic focus on expanding its footprint and signing high-profile projects underscores its resilience and adaptability in India’s rapidly evolving commercial real estate market.

With the coworking sector gaining traction among enterprises, Awfis remains well-positioned to provide innovative, flexible workspace solutions.