Awfis Space Solutions IPO sees strong demand on opening day, subscribed 2.02 times

Awfis Space Solutions IPO opened to a strong demand from investors on Wednesday, May 22, as the mainboard public offer was booked two times on the first day of bidding.

The initial public offer of the coworking space solutions provider was booked 2.02 times on the day 1 of subscription with biddings for more than 1.74 crore shares against 86.29 lakh shares on offer, according to the NSE data.

The non-institutional investors (NIIs) booked their segment 2.76 times by applying for more than 64.57 lakh shares compared to 23.37 lakh shares on offer for the category.

The retail portion was subscribed 6 times with applications for over 93.83 lakh shares against 15.58 lakh shares reserved for the category. The qualified institutional buyers (QIBs) submitted bids for 14.02 lakh shares against 46.75 lakh shares set aside for the category. The QIBs’ portion was subscribed 30%. The company has set aside 57,636 shares for eligible employees. The portion reserved for the employees was booked 3.52 times with biddings for over 2.02 lakh shares.

The Awfis Space Solutions IPO is a book-built issue worth ₹598.93 crore. The maiden public offer comprises a fresh issue of 33 lakh shares along with an Offer-for-Sale (OFS) component of 1.23 crore shares amounting to ₹470.93 crore.

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Awfis Space Solutions IPO allotment and listing date

The subscription window for the public issue will close on Monday, May 27. The Space Solutions IPO share allotment status is expected to be finalised on Tuesday, May 28. The company will initiate refunds for the unsuccessful bidders on May 29 while the allottees will receive shares in their Demat accounts on the same day.

The company’s shares are likely to get listed on the stock exchanges, the NSE and BSE, on May 30.

Awfis Space Solutions anchor round

Awfis Space Solutions raised more than ₹268.61 crore from anchor investors on May 21 ahead of the launch of the IPO. The company allocated 70,13,483 shares to 32 anchor investors at the upper price band of ₹383 per share.

Anchor investors in the issue included Ashoka Whiteoak ICAV and Ashoka Whiteoak Emerging Markets Trust PLC, along with several domestic institutional investors (DIIs) and foreign funds.

Domestic Institutional Investors such as HDFC Mutual Fund, Nippon Life India Trustee Ltd, Axis Mutual Fund, Canara Robeco Mutual Fund, Motilal Oswal Large Cap Fund and Edelweiss Trusteeship Co Ltd were also allotted shares by Awfis Space Solutions.

The foreign funds in the anchor round included Goldman Sachs Funds, Allianz Global Investors Fund, HSBC Global Investors Fund, Volrado Venture Partners Fund and Natixis International Funds.

Awfis Space Solutions IPO price band, lot size and other details

Awfis Space Solutions IPO price band has been fixed at ₹364 to ₹383 per share. The minimum lot size for an application is 39 shares, which translates to a minimum investment of ₹14,937 for retail investors.

The book-running lead managers for the issue are ICICI Securities Limited, Axis Capital Limited, Iifl Securities Ltd and Emkay Global Financial Services Ltd. The registrar for the IPO is Bigshare Services Pvt Ltd.

Awfis Space Solutions IPO objective

Awfis Space Solutions plans to use the money raised via the IPO for funding capital expenditure for establishing new centers and funding working capital requirements and other general corporate purposes.

About Awfis Space Solutions

Awfis Space Solutions was incorporated in 2014. The company is engaged in providing workspace solutions. The company’s clients include individuals, startups, SMEs, and large corporations.

Awfis Space Solutions Limited also provides supporting services such as food and beverages, IT solutions, office infrastructure and event hosting.

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