Awfis Space Block Deal: Invesco, Aditya Birla Sun Life, Goldman Sachs Buy Shares
Awfis Space's promoter Peak XV Partners Investments V and public shareholder Bisque sold shares through the block deal.
Invesco Mutual Fund, Aditya Birla Sun Life Insurance Co., Ashoka WhiteOak Fund and Goldman Sachs acquired Awfis Space Solutions Ltd. shares via open market deals on Wednesday.
Invesco Mutual Fund bought 1.54% stake for Rs 77 crore, whereas Aditya Birla Sun Life Insurance picked up 1.38% equity for Rs 69 crore, as per block deal data on the National Stock Exchange.
Ashoka WhiteOak Fund acquired shares representing 1.3% for Rs 65 crore and Goldman Sachs bought 1.22% stake for Rs 60 crore.
Other buyers of Awfis Space shares include Nippon India Mutual Fund, Axis Mutual Fund, UTI Mutual Fund, Morgan Stanley, Societe Generale, Citigroup, Union Mutual Fund, India Acorn Fund and Canara Robeco Mutual Fund.
On the other hand, promoter Peak XV Partners Investments V offloaded 26.75 lakh shares or 3.81% equity for Rs 190 crore.
Public shareholder Bisque Ltd. sold 50.4 lakh shares or 7.17% equity worth Rs 357 crore.
The shares were transacted at an average price of Rs 709.9 apiece.
As of September, Peak XV Partners held a 10.92% stake in Awfis Space Solutions, while Bisque held a 14.38% share sale.
The share sale offer opened on Tuesday. The floor price was set at Rs 680 per share, marking a discount of 5.2% to Tuesday's closing price, according to the term sheet accessed by NDTV Profit.
IIFL Capital Services Ltd. and ICICI Securities Ltd. were the book runners for the deal.
Awfis, the largest network of flexible workspace centres in India, is set to expand its seat capacity by over 100% by fiscal 2027. The company plans to add 40,000 to 50,000 seats per annum, supported by the rising demand for flexible office spaces as businesses adopt the "core + flex" strategy.
Shares of Awfis Space Solutions closed 9.41% higher at Rs 784.5 apiece on the NSE, compared to a 0.13% advance in the benchmark Nifty. The share price has risen 103% since its listing in May.
Five analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 28.5%.
