Awfis Space Solutions IPO subscribed 2.02 times

The offer received bids for 1.74 crore shares as against 0.86 crore shares on offer.

The initial public offer (IPO) of Awfis Space Solutions received 1,74,46,143 bids for shares as against 86,29,670 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (22 May 2024). The issue was subscribed 2.02 times.

The issue opened for bidding on Wednesday (22 May 2024) and it will close on Monday (27 May 2024). The price band of the IPO is fixed at Rs 364 to 383 per share. An investor can bid for a minimum of 39 equity shares and in multiples thereof.

The offer comprises fresh issue of equity shares up to Rs 128 crore and an offer for sale of 12,295,699 equity shares.

Of the total net proceeds from fresh issue, about Rs 42.03 crore is for funding capital expenditure towards establishment of new centers and Rs 54.37 crore for funding working capital requirements and for general corporate purposes.

Ahead of the IPO, Awfis Space Solutions on Tuesday, 21 May 2024, raised Rs 268.61 crore from anchor investors. The board allotted 70.13 lakh shares at Rs 383 each to 32 anchor investors.

Awfis Space Solutions is the largest flexible workspace solutions company with presence in 52 micro markets across 16 cities in India. The company's core solution is co-working, including flexible workspaces, custom office spaces, and mobility solutions. Awfis Space Solutions also provide supporting services such as food and beverages, IT support, infrastructure services, and event hosting.

As of December 31, 2023, the company operates 169 centers, with a total of 105,258 seats and a chargeable area of 5.33 million sq. ft. Additionally, 31 centers with 25,312 seats are currently under fit-out, with a chargeable area totaling 1.23 million sq. ft.

The firm reported a net loss of Rs 18.94 crore and net sales of Rs 616.50 crore for the nine months ended on 31 December 2023.

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