Awfis Space Solutions wants to raise Rs 598.93 crore from investors via a combination of fresh issues as well as an offer for sale. 

Issue Details

The company opened its IPO for subscription on May 22 and will close on May 27. It set the price band between Rs 363 to Rs 383 per equity share. The allotment is expected to be finalised on May 28, while the listing is tentatively scheduled on May 30. 

Grey Market Premium 

The company’s shares were attracting a premium of over 27% in the grey market. It is an unofficial place where stocks of companies exchange hands illegally ahead of listing. The grey market is tracked by investors to keep a check on IPOs. 

Lot Size

A retail investor needs to apply for a minimum of 39 shares in an application aggregating to Rs 14,937. 

Employee Reservation

The company has set aside up to 57,636 shares for employees, which will be offered at a discount of Rs 36 to the issue price.  

BRLMs and Registrar

ICICI Securities, IIFL Securities, Axis Capital, and Emkay Global Financial Services are the book-running lead managers. Bigshare Services is working as the registrar for the issue.

About Awfis Space Solutions

Awfis Space provides co-working space solutions 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

“Given the complicated business model, investors should look at it as a start-up investment case and invest accordingly. While due to its unique business model and first-of-its-kind getting into listing space and early mover advantage, the company may command some listing gains. Investors should also understand the offer which comes with higher OFS which is an area of concern for new investors. Hence considering all parameters, we recommend only risk-taking investors can “Subscribe” to Awfis Space Solution IPO with listing gain prospective only,” said Rajan Shinde, Research Analyst at Mehta Equities.