Co-working space operator Awfis Space IPO fully subscribed on Day 1

The initial public offer of co-working space operator Awfis Space Solutions got subscribed 2 times on the first day of bidding on Wednesday.

The Rs 599 crore initial share sale received bids for 1,74,46,143 shares against 86,29,670 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) fetched 6.02 times subscription, while the quota for non-institutional investors got subscribed 2.76 times. The portion for Qualified Institutional Buyers (QIBs) received 30 per cent subscription.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 128 crore and an offer for sale of up to 1,22,95,699 equity shares.

The price range for the offer is fixed at Rs 364-383 per share.

Awfis Space Solutions Ltd on Tuesday said it has mopped up a little over Rs 268 crore from anchor investors.

The issue will conclude on May 27.

Promoter Peak XV Partners Investments V (formerly known as SCI Investments) as well as shareholders Bisque Ltd and Link Investment Trust are offloading shares through the OFS.

Peak XV holds a 22.86 per cent stake in Awfis, while Bisque and Link Investment Trust own 23.47 per cent and 0.36 per cent stake, respectively, in the company.

Proceeds from the fresh issue will be used in funding capital expenditure towards setting up new centres, supporting working capital requirements, and general corporate purposes.

Awfis provides flexible workspace solutions, ranging from individual flexible desk needs to customised office spaces for corporates.

Axis Capital, Emkay Global Financial Services, ICICI Securities and IIFL Securities are the managers to the offer.