About Company

• The Company was incorporated as ‘Awfis Space Solutions Pvt. Ltd’ on December 17, 2014. Thereafter, the Company was converted to a public limited and the name was changed to ‘Awfis Space Solutions Ltd’ on December 5, 2023.  Awfis provides a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customized office spaces for start-ups, small and medium enterprises as well as for large corporates and multi-national corporations.
• Awfis is the largest flexible workspace solutions company in India as on December 31, 2023, based on total number of centers and ranked 1st among the top 5 benchmarked players in the flexible workspace segment with presence in 16 cities in India. Furthermore, Awfis has 2,295+ clients and has presence in 52 micro markets in India.
• In addition to offering core co-working solutions the company has built capabilities to design, build, maintain and manage a wide range of flexible workspace requirements such as Awfis Transform (construction and fit-out services business segment) and Awfis Care (facility management services business segment).
• Awfis has 169 total centers across 16 total cities in India, with 105,258 total seats and total chargeable area of 5.33 million sq. ft., of which 31 centers and 25,312 seats are under fit-out with chargeable area aggregating to 1.23 million sq. ft.
• The company’s flexible workspace solutions cater to varied seat cohorts ranging from a single seat to multiple seats, which can be contracted by the clients for a period ranging from one hour to several years.
• The company has differentiated models for sourcing and procuring workspace i.e. SL (Straight Lease) Model and the MA (Managed Aggregation) Model. Awfis has increased its focus on the lower-risk, asset light MA model and as of December 31, 2023, 66.43% of its centers are under the MA model, based on total seats.
• The company’s capital expenditure per seat was ~ ? 50,000 in FY2022 and 2023 and 9 months ended December 31, 2023, while the average capital expenditure, per seat in 2023 by top operators in India typically ranged between ? 80,000 and ? 200,000.
• The company’s Revenue from Contract with customers has grown at a CAGR of 74.85% from ? 178.36 Cr to ? 545.28 Cr. The total borrowings were ? 10.92 Cr in FY 2023. The ROCE was 25.26% in FY 2023. The ROCE increased by 4.59 times from FY 2021 to 9 months ended December 31, 2023.

Strengths

Competitive Strength 

• Leadership in a large and growing marketplace
• Innovating in the flexible workspace industry with the adoption of the MA model
• Diverse space sourcing and demand strategies
• Growth through an integrated platform approach 
• Delivering strong financial and operating metrics
• Experienced and diverse senior management team

 Business Strategies 

• Continue to build an industry leading capital efficient model
• Expand in new and existing markets
• Enhance the product and service offerings
• Improving operational efficiency

Company Promoters

Company Financials

Awfis Space Solutions Limited Financial Information (Restated Consolidated)

Awfis Space Solutions Limited's revenue increased by 103% and profit after tax (PAT) rose by 18.4% between the financial year ending with March 31, 2023 and March 31, 2022.

Objects of the Issue

The Company proposes to utilize the Net Proceeds towards funding the following objects (collectively, the "Objects"):.

• Funding capital expenditure towards the establishment of new centres;
• Funding the working capital requirements and
  • General corporate purposes