Awfis Space Solutions Shareholders Likely To Offload Shares Worth Rs 583 Crore
Promoter Peak XV Partners Investments V, Bisque Ltd. and Link Investment Trust are looking to offload shares worth Rs 583 crore in Awfis Space Solutions Ltd. through one or more share sale.
The offer opened on Tuesday and will close on Wednesday. The floor price of Rs 680 per share is at a discount of 5.2% to Tuesday's closing of Rs 717.05 apiece, according to the term sheet accessed by NDTV Profit.
The companies will offload approximately 85.8 lakh shares, representing a 12.2% stake, in the co-working space company. IIFL Capital Services Ltd. and ICICI Securities Ltd. are the book runners for the deal.
As of September, Peak XV Partners held a 10.92% stake in the company, while Bisque held a 14.38% share sale.
Last month, Awfis Space Solutions said it would design and manage 1.65 lakh square feet of office space in Mumbai for the National Stock Exchange. With this new deal, the company expands its footprint with additional two centres.
Awfis Space Solutions Chairperson Amit Ramani said the recently-signed NSE contract would contribute towards the company's revenue this financial year as well as fiscal 2025–26. The contract will be "certainly helping" with the revenue guidance of 30% that the company has given for FY25, Ramani had told NDTV Profit.
Shares of Awfis Space Solutions rose as much as 1.08% during the day to Rs 725 apiece on the NSE. It closed 0.03% lower at Rs 717.05 per share, compared to a 0.04% decline in the benchmark Nifty. The share price has risen 70.02% 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 39.3%.
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