Kontor Space IPO kicks off on Wednesday, price band at Rs 93 per share

The issue will conclude on October 3, and the shares will be listed on SME EMERGE platform of the National Stock Exchange, the company said in a statement on Monday

Kontor Space Ltd said it has set the price band for its Rs 15.62 crore initial share sale at Rs 93 apiece, which will open for public subscription on Wednesday.

The issue will conclude on October 3, and the shares will be listed on SME EMERGE platform of the National Stock Exchange (NSE), the company said in a statement on Monday.

The Initial Public Offering (IPO) consists of a fresh issuance of up to 16.80 lakh equity shares at a face value of Rs 10 each.

Proceeds from the issue will be utilised to make the payment of rental deposits of new co-working centres, capital expenditure for fit-outs of new co-working centres and for general corporate purposes.

Investors can bid for a minimum of 1,200 equity shares in the public issue and in multiples of 1,200 equity shares thereof, the company said.

"The capital from this IPO will empower us to expand and refine our services, ensuring we continue to meet the evolving needs of industry and our clients," Kanak Mangal, Promoter of Kontor Space Ltd, said.

Srujan Alpha Capital Advisors LLP is the book-running lead manager, while Cameo Corporate Services Ltd is the registrar for the IPO.

Incorporated in 2018, Kontor Space Ltd is a "space-as-a-service" solutions company, which harnesses technology to foster collaborative and efficient workspaces.

The company manages over 46,000 sq ft of co-working spaces, accommodating more than 1,200 seats and serving over 150 clients in Thane, Pune, Fort, and BKC (Mumbai).

The company had reported a revenue of Rs 9.18 crore, and a profit after tax of Rs 1.88 crore in FY23.