The IPO of Awfis Space Solutions has been oversubscribed by 108.56 times on the final day of bidding. The IPO, sized at Rs 598.93 crore, received a very strong response from all categories of investors—QIBs, NIIs and the retail segment.
It received bids of 93.68 crore shares against Awfis' offer of 0.86 crore shares. The NII segment had bids 130 times its allotment share and for the QIB segment, it was 116 times.
The retail segment received bids 55 times the issue size. Awfis priced its IPO in the range of Rs 364-383 per share and raised Rs 268.62 crore from anchor investors on 21 May.
Awfis plans to use the funds raised to expand its managed aggregation model, improve customer services and expand into new markets, including tier I and II cities. The company also plans to invest in operational efficiency and talent development to sustain its growth trajectory.
The co-working solutions company reported a revenue of Rs 565 crore for FY23 compared with Rs 278 crore earned in FY22. Awfis posted a loss of Rs 46 crore in FY23, narrowing from a loss of Rs 57 crore incurred in the previous financial year. For the first nine months of FY24, it reported a revenue of Rs 633 crore and a net loss of Rs 18 crore.
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