Awfis Space IPO Subscribed 4.28 Times On Day 2, Retail Investors Lead Demand

The initial public offering of Awfis Space Solutions Ltd. was subscribed 4.28 times on the second day, with retail investors leading the demand. The company is looking to raise Rs 598.9 crore through the maiden share sale. The IPO was subscribed 2.02 times on day 1.

The three-day IPO consists of a fresh issue of equity shares, aggregating to Rs 128 crore; and an offer for sale of up to 1.23 crore equity shares, aggregating to Rs 470.93 crore by certain shareholders.

The flexible workspace solutions company announced a price range of Rs 364–383 per equity share and the minimum lot size for a subscription is 39 shares. After a successful public offering, the company will be listed on the National Stock Exchange and the BSE.

The company raised Rs 268 crore from anchor investors, ahead of its initial public offering.

ICICI Securities Ltd., Axis Capital Ltd., IIFL Securities Ltd. and Emkay Global Financial Services Ltd. are the book-running lead managers for the issue.

• Issue opens: May 22.

• Issue closes: May 27. 

• Issue price: Rs 364–383 per share.

• Fresh issue: Rs 128 crore.

• Offer for sale: Rs 470.9 crore.  

• Total issue size: Rs 598.9 crore.

• Listing: BSE and NSE.

The IPO was subscribed 4.28 times as of 5 p.m. on Thursday.

• Institutional investors: 0.32 times or 32%.

• Non-institutional investors: 6.82 times.

• Retail investors: 12.27 times.

• Employee reserved: 6.81 times.

Awfis provides 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 multinational corporations.

The company has 169 total centres across 16 cities in India, with 1.05 lakh total seats and total chargeable area of 5.33 million square feet. Of this, 31 centres and 25,312 seats are under fit-out, with a chargeable area aggregating to 1.23 million square feet.