Co-working office services provider Awfis Space Solution’s IPO went live on May 22 for subscription. The company has kept the price band in a range of Rs 364 to 383 per equity share. It will raise Rs 598.93 crore from investors by offering them 15.6 million shares via a combination of fresh issue and offer for sale.
Issue Details
The IPO will close on May 27. A retail bidder needs to subscribe at least 39 shares aggregating to Rs 14,937. The allotment is expected to finalise on May 28, with listing tentatively scheduled on May 30. Axis Capital, ICICI Securities, Emkay Global Financial Services, and IIFL Securities were the book-running lead managers. Bigshare Services worked as the registrar for the issue.
About Awfis Space Solution
The company is a co-working space solution provider based in India. It caters its services mostly to individuals, start-ups, SMEs, and some large corporations. The company offers custom office spaces and mobility solutions. It also provides food and beverages, infrastructure services, IT support, and event hosting among other support services.
Expert’s Take on IPO
Awfis Space Solutions has a large Total Addressable Market (TAM) driven by factors such as enterprise focus on flexibility, cost optimization, workforce fluidity, reverse migration, workplace evolution, focus on wellness, facilities, and amenities, as well as growth of start-ups in Tier 1 and Tier 2 cities. “Looking at these factors we recommend a “Subscribe – Long Term” rating to the IPO,” said Anand Rathi Research in an IPO note.