Office Space Lender Awfis Expands ESOP to 7.92 Lakh Stock Options

Awfis, a listed coworking company, has increased the pool size of its employee stock option plan (ESOP) by assigning more than 7.92 lakh equity shares.

According to an exchange filing, the company granted 7,92,144 ESOP shares to eligible workers who exercised their respective vested stock options under the Awfis Stock Option Plan 2015 (EDSOP 2015 Scheme).

As a result of the foregoing allotment, Awfis’ paid-up share capital has raised to INR 70.21 Cr from INR 69.41 Cr before.

Related: Workspace Provider Smartworks Receives Rs 168 Crore Funding Led by Keppel Ltd

Awfis shares kicked off today’s (August 29) trading session at INR 790 each on the BSE, 0.6% lower than the previous close of INR 795.

According to the stock’s last opening price, the freshly allocated ESOP shares are valued about INR 62.6 crore.

Awfis, founded in 2015 by Amit Ramani, claims to be India’s largest flexible space operator, with 181 centres, roughly 1.1 lakh seats, and approximately 5.6 million square feet of billable area as of March 31, 2024.

While the startup began as a coworking network, it has since evolved into a tech-enabled workplace solutions platform that serves corporations, freelancers, startups, and SMEs.

Awfis reported a consolidated net profit of INR 2.7 crore in the June quarter (Q1) of the fiscal year 2024-25 (FY25), compared to a net loss of INR 8.3 crore in the previous quarter, owing to robust business growth.

Operating revenue increased by 37.2% to INR 257.7 crore in Q1 FY25, up from INR 187.7 crore the previous year.

Ramani, the chairman and managing director of Awfis, recently informed the media that the startup anticipates its top line to cross INR 1,100 Cr in FY25.

Additionally, by the end of the year, the company hopes to have added 1.35 lakh operational seats to its portfolio, an increase of around 50%.

Previously, it was reported that Awfis had nominated Nivia sports executive Rajesh Kharbanda to its board as a non-executive, non-independent director.

It is worth noting that Awfis’ competitor, Smartworks, has filed a draft red herring prospectus (DRHP) with market regulator SEBI for its first public offering. This comes amid a rise in IPO activity in India’s equities market, with ten new-age internet businesses, including Ola Electric, Unicommerce, ixigo, and FirstCry, making their Dalal Street debuts this year.