Awfis & TBO confers with the final nod from SEBI for launching IPO

By siliconindia  |  Tuesday, 23 April 2024, 16:50 IST

Awfis & TBO confers with the final nod from SEBI for launching IPO
Co-working space providing company Awfis was bestowed with the final nod from securities and exchange board of India (SEBI) to introduce their Initial Public Offering (IPO). The private organization filed draft red herring prospectus (DRHP) with SEBI to apply for IPO during the last December.
The company has appealed to raise funds through a fresh issue of equity shares adding up to 160 crore and an offer for sale (OFS) of up to 10,023,172 equity shares. According to the company statement, they will use of the funds for funding capital expenditure towards the establishment of new centers, working capital requirements, and general corporate purposes.
According to the report of data intelligence platform TheKredible, the organization Awfis which is working in this industry for nine long years has raised nearly $100 million till date. During the last funding round in December 2022, Bisque Ltd controls the largest holding with a 23.47% stake followed by Peak XV which holds 22.86%. The founder and CEO of Awfis Amit Ramani demanded 18.19% of the company at the moment.
The DRHP also mentioned that Peak XV Partners will divest 5,011,586 equity shares or more than 37% of its holding in the co-working chain. The revenue of Awfis shot up to 2.1X to 545 crore during the fiscal year ending March 2023 when compared to 257 crore in FY22. The company somehow managed to control the losses by 18.67% to Rs 46.6 crore in the fiscal year ending March 2023.
Besides, Awfis, the travel Tech firm TBO (Travel Boutique Online) has also received a green signal from the market regulator to float its IPO. The offering covers the issue of shares worth 400 crore and an offer for sale of 1.56 crore equity shares by promoters and investors.
According to DRHP, Lap Travel controls the largest holding in the firm with 25% stake followed by Augusta TBO which has 24% stake. The co-founders Gaurav Bhatnagar and Manish Dhingra both control 20% and 5.6% stake respectively. They will also participate in the sale of upcoming IPO.
TBO has exhibited a strong financial growth in FY23 and its revenue from operations grew 117% to 1,051 crore. The company’s profit also increased more than 300% Rs 137 crore in the fiscal year ending March 2023.
Awfis and TBO were part of the group of technology companies that submitted DRHP between November and January. FirstCry, Ola Electric, MobiKwik, and Unicommerce were also included in this group. Nevertheless, only TBO, MobiKwik, and Unicommerce were able to show profitability in their most recent financial reports.
 

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