Awfis Space Solutions IPO opens on May 22; price band, retail quota, allotment, listing date & more

The initial public offering (IPO) of Awfis Space Solutions will open for bidding on Wednesday, May 22. Price band for the issue has been fixed at 364-383 apiece and bids can be made for a minimum of 39 equity shares and its multiples thereafter. The three-day bidding for the issue closes on Monday, May 27 as the Indian stock markets observe a holiday on Thursday, May 23.

Awfis Space Solutions, incorporated in December 2014, is a workspace solution provider in India. The company offers a wide range of flexible workspace solutions, catering to the needs of individuals, start-ups, SMEs, and large corporations. It has expanded its business offerings and now provides in-house fit-out and facility management services at its centers.

The IPO of Awfis Space Solutions included a fresh share sale of Rs 128 crore and an offer-for-sale (OFS) of up to 1,22,95,699 equity shares amounting to Rs 490.72 crore. At the upper end of the price band, the company is raising a total of Rs 598.72 crore via IPO. Promoter Peak XV Partners V and other shareholders Bisque Ltd and Link Investment Trust are participating in the OFS.

The net proceeds from fresh issue shall be utilized towards funding capital expenditure towards the establishment of new centres; funding the working capital requirements and general corporate purposes. Anchor book for Awfis Space Solutions IPO opens on Tuesday, May 21.

The company's core solution is co-working, including flexible workspaces, custom office spaces, and mobility solutions. Awfis Space Solutions Limited also provides supporting services such as food and beverages, IT support, infrastructure services, and event hosting.

Awfis Space Solutions operates 169 centers across 16 cities in India, with a total of 105,258 seats and a chargeable area of 5.33 million square feet, as of December 31, 2023.  Additionally, 31 centers with 25,312 seats are currently under fit-out, with a chargeable area totaling 1.23 million square feet.

The company has reserved shares worth Rs 2 crore for its eligible employees, who will get a discount of Rs 36 apiece. Of the net issue, 75 per cent shares are reserved for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent allocations. Remaining 10 per cent shares shall go to the retail investors of the issue.

Awfis Space Solutions reported a net loss of 18.94 crore with a revenue of Rs 633.69 crore for the nine months ended on December 31, 2023. The company's net loss came in at Rs 46.64 crore with a revenue of Rs 565.79 crore for the financial year ended on March 31, 2023.

ICICI Securities, Axis Capital, IIFL Securities and Emkay Global Financial Services are the book running lead managers of the Awfis Space Solutions IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE likely on Thursday, May 30.