Awfis IPO: A Resounding Success as Subscription Overshoots Expectations

The eagerly anticipated initial public offering (IPO) of coworking space provider Awfis has concluded on a high note, with subscription levels soaring to 11.4 times the initial offering by the time bidding closed on Friday (May 24).

According to data from the Bombay Stock Exchange (BSE), the Awfis IPO witnessed bids for 9.84 crore shares against the 86.29 lakh shares made available.

Retail Investors Lead the Charge

Retail Individual Investors (RIIs) emerged as the frontrunners in the subscription race, displaying robust enthusiasm for the IPO. RIIs vied for 3.29 crore shares, significantly surpassing the 15.58 lakh shares earmarked for them, resulting in an impressive oversubscription rate of 21.1 times.

Close on the heels of RIIs were Non-Institutional Investors (NIIs), who expressed considerable interest by bidding for 4.90 crore shares against the 23.38 lakh shares reserved, marking an oversubscription rate of 20.9 times.

Employee Participation Surges

The offering reserved for employees also witnessed a surge in subscriptions, with employees subscribing for 6.04 lakh shares against the 57,636 shares set aside for them, translating to an oversubscription rate of 10.48 times.

Qualified Institutional Buyers (QIBs) Join the Fray

In line with the typical IPO trend, interest from Qualified Institutional Buyers (QIBs) intensified on the final day of bidding. QIBs bid for 1.58 times the shares on offer, amounting to 46.75 lakh shares against the reserved quota, resulting in an oversubscription rate of 3.39 times.

Anticipated Market Debut

With the IPO phase concluded, all eyes are now set on the upcoming listing of Awfis shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) scheduled for May 30. The company aims to raise INR 599 crore through the public offering at the upper end of the price band, set at INR 364 to INR 383.

The Road Ahead for Awfis

Founded in 2015 by visionary entrepreneur Amit Ramani, Awfis has evolved into a tech-enabled workspace solutions platform catering to a diverse clientele ranging from freelancers to multinational corporations. Despite posting a net loss of INR 18.9 crore in the first three quarters of FY24 against an operating revenue of INR 616.5 crore, Awfis remains poised for growth and innovation in the dynamic coworking landscape.

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