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Awfis Space Solutions IPO is a book-built issue of Rs 598.93 crores. The issue is a combination of a fresh issue of 0.33 crore shares aggregating to Rs 128.00 crores and an offer for sale of 1.23 crore shares aggregating to Rs 470.93 crores.
Awfis Space Solutions IPO opens for subscription on May 22, 2024, and closes on May 27, 2024. The price band for the IPO is set at ₹364 to ₹383 per share and the minimum lot size for an application is 39 Shares.
Company Summary
They are the largest flexible workspace solutions company in India as of December 31, 2023, based on a total number of centers.
The company’s core solution is co-working, including flexible workspaces, custom office spaces, and mobility solutions. Awfis Space Solutions Limited also provides supporting services such as food and beverages, IT support, infrastructure services, and event hosting.
As of December 31, 2023, they have 169 total centers across 16 total cities in India, with 105,258 total seats and a total chargeable area of 5.33 million sq. ft., of which 31 centers and 25,312 seats are under fit-out with chargeable area aggregating to 1.23 million sq. Ft.
As of December 31, 2023, they have over 2,295 clients and have a presence in 52 micro markets in India. Further, 81.66% of the company’s centers are commercial assets, and 18.34% are alternate assets.
As of December 31, 2023, the company has a team of over 100 employees with a background in hospitality servicing the needs of every client and also 63 designers and project managers to enhance the industry experience.
Company Strengths
As of December 31, 2023, they are ranked 1st among the top 5 bench-marked players in the flexible workspace segment with a presence in 16 cities in India.
Their high NPS Score of 70% for three months ended June 30, 2023, reflects the high level of satisfaction and loyalty among their clients, suggesting a robust foundation for continued leadership and growth in the flexible workspace sector.
Their flexible workspace solutions cater to a diverse clientele, ranging from freelancers, startups, and SMEs to MNCs across all seat cohorts ranging from a single seat to multiple seats.
From Fiscal 2021 to Fiscal 2023, their revenue from contracts with customers has grown at a CAGR of 74.85% from ₹1,783.60 million to ₹5,452.82 million, and their total income has increased at a CAGR of 61.84% from ₹2,160.20 million to ₹5,657.87 million.
Company Financials
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 1,352.25 | 930.61 | 559.69 | 508.58 |
| Revenue | 633.69 | 565.79 | 278.72 | 216.02 |
| Profit After Tax | -18.94 | -46.64 | -57.16 | -42.64 |
| Net Worth | 247.19 | 169.36 | 94.72 | 150.75 |
| Reserves and Surplus | -265.56 | -204.30 | -223.37 | -167.12 |
| Total Borrowing | 23.72 | 10.92 | 12.11 | 2.97 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The Company proposes to utilize the Net Proceeds towards funding the following objects
- Funding capital expenditure towards the establishment of new centers.
- Funding their working capital requirements.
- General corporate purposes.
Promoters of the Company: The Promoters of the Company are their Individual Promoter, Amit Ramani, and their Promoter Selling Shareholder, Peak XV.
IPO details
| IPO Date | May 22, 2024 to May 27, 2024 |
| Listing Date | Thursday, May 30, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹364 to ₹383 per share |
| Lot Size | 39 Shares |
| Total Issue Size | 15,637,736 shares (aggregating up to ₹598.93 Cr) |
| Fresh Issue | 3,342,037 shares (aggregating up to ₹128.00 Cr) |
| Offer for Sale | 12,295,699 shares of ₹10 (aggregating up to ₹470.93 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 39 | ₹14,937 |
| Retail (Max) | 13 | 507 | ₹194,181 |
| S-HNI (Min) | 14 | 546 | ₹209,118 |
| S-HNI (Max) | 66 | 2574 | ₹985,842 |
| B-HNI (Min) | 67 | 2613 | ₹1,000,779 |
Allocation Schedule
| Basis of Allotment | Tuesday, May 28, 2024 |
| Initiation of Refunds | Wednesday, May 29, 2024 |
| The credit of Shares to Demat | Wednesday, May 29, 2024 |
| Listing Date | Thursday, May 30, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 27, 2024 |
IPO reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
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