Awfis Space Solutions went live in the secondary market with a premium/discount of 13.6% listing at Rs 435 on the National Stock Exchange. The IPO was opened to retail investors on May 22 at a price band of Rs 364 to 383 per equity share. 

GMP

The stocks of the company were seeing a premium of 22% in the grey market. It is an unofficial place where shares change hands in an illegal way ahead of listing. 

The company raised Rs 598.93 crore from investors by offering them fresh issues as well as offer for sale of 15.6 million shares. The IPO bidding was closed on May 27. A retail investor could bid for a minimum of 39 shares aggregating to Rs 14,937. 

The issue included an employee reservation of up to 57,636 shares, which was offered to employees at a discount of Rs 30 to the issue price. 

ICICI Securities, Axis Capital, IIFL Securities, and Emkay Global Financial Services were the book-running lead managers. While Bigshare Services was the registrar for the issue.

About Awfis Space Solutions

Awfis Space Solutions provides workspace solutions. It is India’s largest flexible workspace solutions company, based on the total number of centres. The company offers a comprehensive range of flexible workspace solutions, accommodating diverse needs from individual desks to customised office spaces for start-ups, small and medium enterprises (SMEs), large corporations, and multinational companies. The company offers flexible workspace solutions for different group sizes, from a single seat to many seats. Clients can rent these spaces for as short as one hour or as long as several years. It also offers support services such as IT support, food and beverages, event hosting, and infrastructure services.

Expert’s take on it

“Considering the strong subscription demand, it is indicating good room for healthy listing gain in the range of 25-30% against the issue price of Rs 383 per share and we continue to recommend allotted investors to book profits on listing day eyeing the volatility in the market momentum,” said Mehta Equities on Awfis Space Solutions in a pre-listing view. “We believe the healthy listing is justified on the back of the company’s ranking no 1 among the top 5 benchmarked players in India in the flexible workspace segment. Despite challenges, management is showing confidence that the company can turn net cash positive by the next fiscal year. They anticipate bright prospects ahead, driven by the significant demand and supply gap in the flexible workspace segment in which Awfis operates.”