The initial public offering (IPO) of Awfis Space Solutions got an overwhelming response on day one, with the issue being subscribed 2.03 times led by retail investors.
The Rs 599 crore public issue is a combination of a fresh issue of 33 lakh equity shares aggregating Rs 128 crore and an offer-for-sale component of 1.23 crore shares aggregating Rs 470.93 crore.
The company has priced its IPO in the range of Rs 364-383 per share. It has already raised Rs 268.62 crore from anchor investors on May 21 ahead of the IPO opening.
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On day one, the retail investors subscribed 6.04 times their allotted shares, bidding 94,07,931 shares against their quota of 15,58,551 shares. The non-institutional investors bid 2.76 times, with bids of 64,63,275 shares against their allotted share of 23,37,827 shares. Qualified institutional buyers also opened their account on day one, subscribing for 30% of their share.
Awfis plans to use the funds raised to expand its managed aggregation model, improve customer services, and expand into new markets, including Tier I and II cities. The company also plans to invest in operational efficiency and talent development to sustain its growth trajectory.
This co-working space company reported a revenue of Rs 565 crore for FY23 compared with Rs 278 crore in FY22. Awfis posted a loss of Rs 46 crore in FY23, narrowing from a loss of Rs 57 crore in FY22.
For the first nine months of FY24, it reported a revenue of Rs 633 crore and a net loss of Rs 18 crore.
Edited by Kanishk Singh
