Investors Peak XV, Bisque Sell Shares of Office Lending Startup Awfis Worth INR 606 Cr

Manvendra HadaDecember 12, 2024

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Three points you will get to know in this article:

While promoter Peak XV dumped 53.5 lakh shares of Awfis for INR 709.9 apiece, Bisque sold 31.81 lakh shares at the same price.
The shares that flooded the market were gobbled up by Invesco, Goldman Sachs India, Citigroup, Morgan Stanley, Societe Generale, Whiteoak Capital, and others.
Awfis shares ended 8.61% higher at INR 778.65 on the BSE on December 11.

Awfis’ Investors Peak XV Partners, Bisque Sell Their Stakes Worth 606 Cr

Office Space Lender Awfis Expands ESOP Pool Size, It Now Stands At 7.92 Lakh Stock Options

Peak XV Partners, a venture capital firm, sold Awfis shares for INR 379.8 crore in a series of bulk transactions. According to NSE records, Mauritius-based investment firm Bisque Limited also sold shares worth INR 225.84 crore in the listed coworking space provider.

Awfis, founded in 2015 by Amit Ramani, is a coworking space provider that claims to run 181 facilities with 1.1 lakh seats and about 5.6 million square feet of billable area as of March 2024.

On Wednesday (December 11), the two investment firms sold Awfis shares for INR 605.65 crore.

Peak XV dumped 53.5 lakh shares at INR 709.9 each, while Bisque sold 31.81 lakh shares at the same price.

Who Bought Awfis’ Shares from Peak XV Partners, Bisque?

Invesco, Goldman Sachs India, Citigroup, Morgan Stanley Asia Singapore, Societe Generale, and Whiteoak Capital, among others, snatched up the newly available shares.

This happened a day after news revealed that Peak XV, Bisque Limited, and Delhi-based Link Investment Trust were going to sell 85.8 lakh Awfis shares for INR 583 crore.

How Much Did Peak XV & Bisque Owned of Awfis? It is worth noting that Peak XV owned a 10.92% interest in the coworking space provider as of September 30, 2024, while Bisque controlled 14.38%.

Awfis’ Profit, Revenue

Awfis reported a consolidated net profit of INR 38.67 crore in the second quarter (Q2) of the fiscal year 2024-25 (FY25), compared to a net loss of INR 4.34 crore in the previous year. Operating revenue increased by 40.46% to INR 292.38 crore during the period under review, from INR 208.15 crore in Q2 FY24.

Awfis Shares, Share Price, Recent Developments

The bulk of the acquisitions occur as investors seek to profit from their early investment in the company. Awfis shares have increased by more than 80% since they were listed in May at INR 432.25 each.

The stock price spike was mostly driven by brokerages expressing bullishness on the company, with five analysts tracking the stock maintaining a ‘BUY’ rating. Awfis’ rapidly increasing presence and agreements to lease new office space provided additional momentum.

Awfis shares closed 8.61% higher at INR 778.65 on the BSE on Wednesday.