Awfis Space Solutions’ IPO was subscribed 11.40 times, reflecting strong investor interest. The Rs 599-crore share sale attracted bids for nearly ten crore shares, with retail investors’ portion subscribed 21.08 times. Proceeds will fund new centres and working capital.
Awfis Space Solutions, a leading provider of flexible workspace solutions, saw its initial public offering (IPO) receive an overwhelming response. The IPO, valued at Rs 599 crore, was subscribed 11.40 times, indicating strong investor confidence in the coworking industry.
According to NSE data, the IPO received bids for 9,83,73,951 shares against the 86,29,670 on offer. Retail individual investors (RIIs) showed remarkable interest, with their portion subscribed 21.08 times. Non-institutional investors followed closely, with a subscription rate of 20.98 times. Qualified institutional buyers (QIBs) also demonstrated strong interest, subscribing 3.39 times.
The IPO comprises a fresh issue of up to Rs 128 crore and an offer for sale (OFS) of 12,295,699 equity shares, priced between Rs 364-383 per share. Awfis Space Solutions mopped over Rs 268 crore from anchor investors, reflecting significant pre-IPO interest. The proceeds from the fresh issue will be utilised to fund capital expenditure for new centres, support working capital requirements, and general corporate purposes.
Promoter Peak XV Partners Investments V, previously known as SCI Investments, along with shareholders Bisque Ltd and Link Investment Trust, are offloading shares through the OFS. Peak XV holds a 22.86% stake, Bisque owns 23.47%, and Link Investment Trust has a 0.36% stake in Awfis.
Awfis provides various flexible workspace solutions catering to individual and corporate needs. The company plans to use the IPO proceeds to expand its network of centres, enhancing its ability to meet the growing demand for coworking spaces. “Awfis Space Solutions has always been at the forefront of the flexible workspace revolution,” said a company representative. “This IPO will enable us to accelerate our growth and continue providing innovative solutions to our clients.”
Axis Capital, Emkay Global Financial Services, ICICI Securities, and IIFL Securities are managing the IPO. Their involvement underscores the high interest and confidence in Awfis Space Solutions’ business model and growth prospects.
The successful subscription of Awfis Space Solutions’ IPO marks a significant milestone in the coworking industry. With the funds raised, the company is well-positioned to expand its operations and meet the increasing demand for flexible workspaces. This strong investor response highlights the potential and resilience of the coworking sector in India’s commercial real estate market.
