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The initial public offering (IPO) of co-working company Awfis Space Solutions saw an overwhelming response. The shares were subscribed 108.56 times of the issue on the last day of bidding.

The IPO, which had a size of Rs 598.93 crore, received a very strong response from all categories of investors—qualified institutional buyers (QIBs), non-institutional investors (NII), and the retail segment.

It received bids of 93.68 crore shares against Awfis’ offer of 0.86 crore shares. The bids from the NII segment were 130 times its allotment share while for the QIB segment, it was 116 times. The retail segment received bids 55 times the issue size.

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Awfis priced its IPO in the range of Rs 364-383 per share and offered a mix of a fresh issue of equity shares and an offer for sales. Ahead of the IPO, it raised Rs 268.62 crore from anchor investors on May 21.

The company is likely to list its shares on May 30.

The co-working company became the second Indian startup ecosystem to list on the stock exchanges this year. Earlier, digital insurance company Go Digit had a moderately successful listing on the bourses, gaining 12% on day one of its listing.

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.

The co-working solutions company reported a revenue of Rs 565 crore for FY23 compared with Rs 278 crore earned in FY22. Awfis posted a loss of Rs 46 crore in FY23, narrowing from a loss of Rs 57 crore incurred in the previous financial year.

For the first nine months of FY24, it reported a revenue of Rs 633 crore and a net loss of Rs 18 crore.