VBAP Holdings Offloads Awfis Shares Worth INR 57 Cr

Awfis’ pre-IPO investor VBAP Holdings offloaded the coworking space provider’s shares worth INR 56.8 Cr in a block deal yesterday. The investor sold 9.96 Lakh shares at INR 570.12 apiece.

VBAP Holdings held 42.17 Lakh shares, or 5.92% stake, of the company at the end of the June quarter. The investor has been gradually offloading its stake in Awfis. VBAP Holdings held 62.53 Lakh shares, or 9.46% stake, of the coworking space provider at the time of its listing in May 2024.

This was the second block deal for Awfis in recent days. On September 25, QRG Investments and Holdings sold 3.67 Lakh shares of the company at INR 591.17 apiece for a total of INR 21.7 Cr.

Despite the block deals, the coworking space provider’s shares have performed steadily on the bourses in the recent past. The stock gained about 2% last month, and ended the first trading session of October 0.6% higher at INR 576.

However, shares have dropped over 20% year to date. This came amid three more coworking space providers – Smartworks, IndiQube, and DevX – making their public market debuts in 2025.

Now, the largest player in the sector, WeWork India, is gearing up to become the fifth listed coworking space provider. The company’s public offering, which comprises solely an offer for sale (OFS) of up to 4.62 Cr equity shares, is slated to open on Friday (October 3). It has set a price band of INR 615 to INR 648 for the IPO.

Meanwhile, on the financial front, Awfis reported the highest quarterly profit when compared with its peers. In Q1 FY26, its net profit surged 257% YoY to INR 10 Cr. Revenue grew 30% YoY to INR 334.7 Cr. While all of its major competitors – WeWork India, Smartworks and IndiQube – incurred losses in the quarter, DevX is yet to report its Q1 numbers.

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