Awfis Space Solutions was incorporated on May 14, 2024. The company offers a diverse range of flexible workspace solutions, catering to individual flexible desk needs and customized office spaces for startups, small and medium enterprises, as well as large corporates and multinational corporations. Its flexible workspace solutions accommodate various seat cohorts, from a single seat to multiple seats, available for clients to contract for periods ranging from one hour to several years.
| Bidding Dates |
|---|
| 22 May 2024 - 27 May 2024 |
| Subscription |
|---|
| 108.56x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,196 | 1 | 13 | 39 | 15.6 M | ₹364 - ₹383 | 21.82 % | ₹5692.1 M - ₹5989.3 M | RHP DOC |
Awfis Space Solutions IPO SUBSCRIPTION STATUS
27 May '24Awfis Space Solutions IPO overall subscription rate was 108.56 times the total available shares
Awfis Space Solutions IPO retail subscription rate was 54.58 times in the retail segment
Awfis Space Solutions IPO non-institutional investor subscription rate was 129.81 times in the non-institutional investor category
Awfis Space Solutions IPO Qualified Institutional Bidder subscription rate was 116.95 times the available shares for Qualified Institutional Bidder
Awfis Space Solutions IPO Employees subscription rate was 25.2 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 10% | 15% | 75% | - |
27 May 2024 (Day 4) | 54.58x | 129.81x | 116.95x | 25.2x |
24 May 2024 (Day 3) | 21.11x | 20.99x | 3.39x | 10.48x |
23 May 2024 (Day 2) | 12.27x | 6.82x | 0.32x | 6.81x |
22 May 2024 (Day 1) | 6.03x | 2.76x | 0.3x | 3.52x |
Awfis Space Solutions FINANCIALS
| Period | Net Profit (Rs in millions) | Net Premium Earned (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| 9MFY24 | -189.4 | 6,165.0 | 1,946.6 | 927.6 | 30.9% |
| FY23 | -466.4 | 5,452.8 | 1,951.9 | 495.7 | 31.1% |
| FY22 | -571.6 | 2,570.5 | 826.9 | 186.7 | 32.3% |
| FY21 | -426.4 | 1,783.6 | 574.4 | 223.1 | 42.0% |
Awfis Space Solutions IPO SUBSCRIPTION STATUS DETAILS
Awfis Space Solutions had 15.6 M shares on offer
Awfis Space Solutions IPO offer price was in the range ₹364 - ₹383
Awfis Space Solutions IPO minimum Investment was ₹14196
Awfis Space Solutions IPO issue size was ₹ 5692.1 M - ₹ 5989.3 M
Awfis Space Solutions had a minimum lot size of 39 Shares per application
Awfis Space Solutions NUMBER OF SHARES ON OFFER
Awfis Space Solutions IPO IMPORTANT DATES
| Issue Open Date | 22 May 2024 |
| Issue close Date | 27 May 2024 |
| Allotment Date | 28 May 2024 |
| Refund Date | 29 May 2024 |
| Demat Account Credit Date | 29 May 2024 |
| Listing Date | 30 May 2024 |
| Listing on Exchange(s) | NSE and BSE |
| Awfis Space Solutions Allotment Status | Exchange |
Awfis Space Solutions IPO subscription opened on 22 May 2024, and closed on 27 May 2024
IPO allotment for Awfis Space Solutions was finalized on Tuesday, 28 May 2024
IPO listing for Awfis Space Solutions was on NSE and BSE on Thursday, 30 May 2024
Awfis Space Solutions IPO LISTING GAINS
| Issue Price (adjusted) | 383.0 |
| Listing Open Price | 435.0 |
| Listing Close Price | 421.8 |
| Listing Gain% | 13.6% |
| Current Gain% | -29.1% |
Awfis Space Solutions Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Awfis Space Solutions Ltd | 271.6 | 1885.7 | 27.4 | 6.2 | 1.3 | 12.8 | 2.4 | 1586.1 | 25.8 | 70.9 | 4.4 | 9.9 | 4.4 |
| Urban Company Ltd. | 143.7 | 22167.3 | -66.4 | 0.3 | 12.9 | -11 | -8.7 | 1692.2 | 34.2 | -234.8 | -197.9 | -2.2 | -242.6 |
| WeWork India Management Ltd. | 755.4 | 10469.1 | 124.3 | -3 | 4 | 25 | 1 | 2490.4 | 23 | 74.4 | -41.6 | 6.1 | -41 |
| Smartworks Coworking Spaces Ltd. | 486.8 | 5562.3 | 199.6 | 1.2 | 2.8 | 2 | 0.2 | 1849.9 | 31.2 | 10.5 | 116.7 | 2.4 | 162.8 |
| Indiqube Spaces Ltd. | 182.6 | 3871.1 | -36.4 | -1.5 | 2.7 | -20.6 | -1.6 | 1527.5 | 38.5 | -106.3 | 23.8 | -5 | 23.8 |
| Kaya Ltd. | 271 | 411.6 | -4.2 | 0 | 1.8 | 0 | -34.6 | 231.2 | -1.4 | -96.1 | -262.6 | -64 | -106.6 |
Awfis Space Solutions INFORMATION ON IPO ISSUE
About Awfis Space Solutions
Awfis Space Solutions was incorporated on May 14, 2024. The company offers a diverse range of flexible workspace solutions, catering to individual flexible desk needs and customized office spaces for startups, small and medium enterprises, as well as large corporates and multinational corporations. Its flexible workspace solutions accommodate various seat cohorts, from a single seat to multiple seats, available for clients to contract for periods ranging from one hour to several years.
Object of the Issue
- Funding capital expenditure towards the establishment of new centers
- Funding the working capital requirements
- General corporate purposes
Awfis Space Solutions - PROMOTERS
| Name |
|---|
| Amit Ramani |
| Peak XV Partners Investments V |
Awfis Space Solutions Book Running Lead Manager
ICICI Securities Limited
awfisipo@icicisecurities.com
Axis Capital Limited
awfis.ipo@axiscap.in
IIFL Securities Limited
awfis.ipo@iiflcap.com
Emkay Global Financial Services Limited
awfis.ipo@emkayglobal.com
Awfis Space Solutions Registrar to the issue
Bigshare Services Private Limited
ipo@bigshareonline.com
Awfis Space Solutions Strengths
Market leadership
The total addressable market for flexible workspace operators represents a substantial opportunity, projected to reach 282 million sq. ft. and Rs 474-592 billion by 2026. The company is well-positioned to benefit from and capture this growth in the flexible workspace segment
Innovation
The company has reimagined its workspace sourcing strategy with the distinctive MA model, marking a paradigm shift in the conventional coworking industry. The MA model continues to be a key part of its supply strategy, contributing to an increased percentage of operational seats
Strong financial metrics
From FY21 to FY23, the revenue from contracts with customers has grown at a CAGR of 74.9% from Rs 178.4 crore to Rs 545.3 crore, and its total income has increased at a CAGR of 61.8%
Diverse space sourcing
The company's diverse supply sourcing strategy targets all segments of the Indian commercial office market, spanning from organized to unorganized, institutional to non-institutional, and across various grades and classes of properties
Awfis Space Solutions Risks
Net losses
The company has a history of net losses and has experienced negative cash flows in previous fiscals. It needs to generate and sustain increased revenues while managing its expenses to achieve profitability. The inability to achieve these goals may have an adverse effect on the business
Competitive pressures
The company faces significant competitive pressures in the business. Its inability to compete effectively would be detrimental to the business and prospects for future growth
Legal proceedings
The company is involved in certain legal proceedings. Any adverse decision in these proceedings may render it liable to liabilities/penalties and may adversely affect the business
Negative cash flows
The company has experienced negative cash flows in previous fiscal periods and may continue to do so in the future
IPO FAQs
This IPO consists of an offer for sale of up to Rs 470.9 crore, of 12,295,699 shares. It also consists of a fresh issue of Rs 128.0 crore.
The promoters of the company are Amit Ramani and Peak XV Partners Investments V.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 364.0 - 383.0.
The IPO application opens on May 22, 2024 and closes on May 27, 2024.
The minimum lot size for the IPO is 39. The maximum lot size for the IPO is 507.
For all category investors, the minimum application amount for this IPO is Rs. 14,196.0, the maximum value for this IPO is Rs 194,181.0.
This IPO will be allotted on May 28, 2024.
The refund will be credited to your account on May 29, 2024.
The allotted shares will be credited to your demat on May 29, 2024.
Awfis Space Solutions Ltd.’s shares listed on the stock exchanges on May 30, 2024.