Your Weekly Dose of News from the Commercial Real Estate Industry
AWFIS Plans to Go Public in 2024, Shortlists 3 Investment Banks
Awfis Space Solutions Limited is a leading player in the flex space industry and is targeting 2024 for its much-awaited initial public offering (IPO). With backing from well-known names like ChrysCapital and Peak XV Partners , Awfis aims to raise $100 million to $125 million through this listing.
In preparation for this significant move, Awfis is already in talks with potential advisors, including ICICI SECURITIES , IIFL Capital Inc. , and Axis Capital Ltd. While the final fund size is yet to be disclosed, industry experts eagerly await further updates.
The Awfis IPO will be a groundbreaking moment, marking the first public issue by any coworking space provider in India's bustling markets. According to reliable sources, Awfis is close to submitting its Draft Red Herring Prospectus to the regulatory authority, Sebi.
The 2024 IPO is strategically designed to include primary and secondary share issuance. This approach will offer an attractive exit option for existing investors and provide Awfis with ample growth capital. Their vision is to expand their flex space network in India further.
Established in 2015 by Amit Ramani , Awfis has evolved from a simple coworking chain to an advanced tech-driven workspace platform. With 150 centres spread across 17 Indian cities, including several Tier 2 cities such as Pune , Indore , Kochi , Jaipur , Lucknow , etc, they provide more than 1,500 companies with over 88,000 seats.
BHIVE Unveils Grand Coworking Space in Bangalore's CBD
BHIVE Workspace is creating a significant impact in the Indian coworking space industry. Recently, they obtained a lease for a large 1.2 lakh sq ft office in the central business district of Bangalore. This new facility, located on busy Church Street, is BHIVE's most impressive location in the city and the fourth largest in total, following the ones in HSR , BTM , and Whitefield .
The growth in demand for flexible workspaces in India is apparent across different sectors. BHIVE's new hub will cater to this demand, boasting approximately 3,500 seats and providing amenities such as delicious food and beverage options. The location was chosen strategically, given the rising demand for premium coworking spaces in the CBD, thanks to their prime positioning, excellent connectivity, and well-developed social framework.
What's even more impressive? The Church Street location has already garnered significant interest before its official launch. A remarkable 40% of its seats have already been reserved, attracting clients from the ed-tech, fitness, and influencer marketing industries. This development is in line with BHIVE's aggressive expansion strategy in Bangalore. With this latest addition, they have 1.5 million sq ft of coworking space in Bangalore , translating to 45,000 seats across the city. And there's no stopping them yet! Plans are underway to introduce an additional 8,000-10,000 seats in the next 3-5 months.
BHIVE's ambitions extend beyond Bangalore. The company is in the advanced stages of raising a Rs 400 crore fund to enhance its domestic ventures . This new fund will focus on acquiring ready-to-use commercial properties, reflecting the company's confidence in India's thriving flexible workspace industry.
ITPH Redevelopment Launched by CapitaLand India Trust
凯德 Investment Limited (CLI) has launched Phase I of the International Tech Park Hyderabad (ITPH), reshaping the city’s office space market. The park is located in Madhapur , Hyderabad's IT nerve centre. Block A of ITPH is fully leased to global giants such as 百时美施贵宝 , Ernst & Young , and 塔塔咨询服务公司 vices.
The project by CapitaLand India Trust (CLINT) aims to spread across 4.9 million square feet, providing top-tier office space for 50,000 IT/ITES professionals. Additionally, CLINT is amplifying its tech-savviness with a 40-megawatt data centre within ITPH, further enriching its data centre horizons across India.
The launch was graced by luminaries like Shri K.T. Rama Rao and Shri Amarnath Reddy Atmakuri from the Telangana government, along with CLI's top brass, Mr Manohar Khiatani and Mr Sanjeev Dasgupta , who shared their vision.
CLI has a nearly three-decade-long commitment to Hyderabad's growth, with a presence in six Indian cities and a remarkable 90% occupancy rate. Exciting data centre plans are also in the works for Navi Mumbai , Chennai , and Bangalore .
ITPH is not just an office space in Hyderabad ; it's an ecosystem. This flexible space is designed for holistic experiences, with amenities from cafeterias to rooftop sports arenas. Several initiatives, such as solar panels and waste recycling, contribute to the park's eco-footprint, with a LEED Gold badge and WELL Gold Certification pending.
CLI's upcoming data centre caters to global tech giants, cementing its reputation in India's business and data centre sectors. CLI pledges to offer unparalleled services to governments and corporations, leaving an indelible mark on Hyderabad's commercial map.
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