Amit Ramani’s 70-Centre Awfis Listed

Dalal Street Debut

• Due to the heavy participation of institutional investors, Awfis Space Solution was subscribed at 108.17 times in its initial public offering.
• The INR 599-crore IPO received bids for 93.34 crore shares against 86.29 crore shares.
• The portion reserved for non-institutional investors was subscribed 129.27 times subscription while the category for qualified institutional buyers by 116.95 times and retail investors 53.23 times.
• Awfis Space Solutions had raised a little over INR 268 crore from anchor investors namely Ashoka Whiteoak, HDFC Mutual Fund, Nippon Life India, Axis Mutual Fund, Canara Rebeco Mutual Fund, Motilal Oswal, Goldman Sachs, Allianz Global Investors Fund, and HSBC.
• Proceeds from the fresh issue will be used to fund capital expenditures for setting up new centers, supporting working capital requirements, and general corporate purposes.
• Axis Capital, Emkay Global Financial Services, ICICI Securities and IIFL Securities are the managers of the offer.

Growth Hack

• Way back in 2015, Amit Ramani started with a single objective which was to redefine the traditional office model and integrate workplaces with a sense of community on the back of collaboration.
• While operating a 70-seater model, Amit gathered that the optimal size for a co-working space to trigger community engagement and the network that is needed to sustain it in the long run.
• He also understood that small space limited the capacity to design appropriate activity-based infrastructure like collaboration zones or meeting pods break-out zones garnering collaboration.
• This limited seating capacity centre was the reason behind the sharp rise of Awfis Space Solution.
• Today if the working class enjoys a cohesive working space right within 10-minute driving distance, well the only brand to be grateful for, Awfis Space Solution.

The coworking marvel

• Launched in 2015, Awfis has grown from 5,800 desks across 20 centers in 2017 to 35,000 seats across 70 centres now. Currently, Awfis has more than 28,000 community members and 1,500 partner companies spread across 10 cities in India.
• Awfis stands strong with a robust network of 55 centres across nine cities in India and a strong community of 15,000 professionals.
• While working as a consultant in USA, Amit Ramani realized the lack of plush work opportunities

Editor’s Note