Awfis Space IPO subscribed 108 times on final day; retail portion booked 53x
The ₹599 crore initial public offering (IPO) of Delhi-based Awfis Space Solutions has received an overwhelming response from investors, with the issue subscribing by 108 times on the final day of bidding. The company received bid for 93.34 crore shares worth over ₹35,751 crore against issue size of 8.6 lakh shares. The four-day issue was subscribed 2.07 times on Day 1 (May 22), followed by 4.33 times on Day 2, 11.45 times on Day 3, and 108.17 times on the last day (May 27).
The co-working space start-up garnered strong response from all three segments of investors, particularly from qualified institutional buyers (QIB) and non-institutional investors (NII). The IPO was booked 116.95 times in QIB category, 129.27 times in NII segment, and 53.23 times in retail segment. The portion reserved for employees was subscribed 24.68 times. Awfis had reserved 75% of the issue for QIB, 15% for NII, and the remaining 10% for retail investors, including employees.
The public issue of Awfis comprises a fresh issue of shares worth ₹128 crore and an offer for sale (OFS) of shares aggregating to ₹470.93 crore by existing shareholders. Under the OFS, Peak XV Partners Investments V (formerly known as SCI Investments V) will sell up to 6,615,586 equity shares; Bisque Ltd to offload up to 5,594,912 equity shares; and Link Investment Trust to sell up to 85,201 equity shares.
The public issue of Awfis comprises a fresh issue of shares worth ₹128 crore and an offer for sale (OFS) of shares aggregating to ₹470.93 crore by existing shareholders. Under the OFS, Peak XV Partners Investments V (formerly known as SCI Investments V) will sell up to 6,615,586 equity shares; Bisque Ltd to offload up to 5,594,912 equity shares; and Link Investment Trust to sell up to 85,201 equity shares.
The price band for the public offering was set in the range of ₹364-383 per equity share and the lot size was 39 equity shares and in multiples thereafter.
A day ahead of opening of the IPO, Awfis raised ₹268.61 crore from anchor investors at the upper end of the price band at ₹383 per equity share. The anchor book saw participation from 32 investors, including both domestic and foreign institutional investors.
Established in December 2014, the co-working space company provides a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customised office spaces for startups, small and medium enterprises as well as for large corporates and multi-national corporations. The company intends to use capital raised from fresh issuance of equity shares for funding capital expenditure towards the establishment of new centres. A part of the fund will be also used to meet working capital requirements and general corporate purposes.
For the financial year 2023-24, Awfis posted net loss of ₹46.64 crore compared to loss of ₹57.16 crore in FY22 and ₹42.64 crore in FY21. The revenue, however, nearly doubled to ₹565.79 crore from ₹278.72 crore in FY22 and ₹216.02 crore in FY21. As of March 31, 2023, the total assets stood at ₹930.61 crore, while net worth was ₹169.36 crore.