Awfis IPO: Awfis Space IPO subscribed 108.56 times

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The initial public offering of Awfis Space Solutions closed on Monday, with bids exceeding more than 108 times the shares the office sharing company has put up for sale.

According to data from the BSE, the public issue received bids for more than 936.8 million shares against the 8.62 million shares on offer.

The category reserved for retail investors was booked nearly 55 times, while that for non-institutional investors received bids for about 130 times more. Qualified institutional buyers bid for 546 million shares, or over 116 times the portion kept for this category.

The IPO included a fresh share sale of Rs 128 crore and an offer-for-sale (OFS) of up to 12.2 million shares, including the shares it offered to anchor investors ahead of the public sale.

The shares are scheduled to be listed on both NSE and BSE on Thursday, May 30.The company had raised nearly Rs 269 crore from anchor investors including Invesco India Multicap Fund, Axis Mutual Fund, ICICI Prudential Housing Opportunities Fund, HDFC Small Cap Fund, Goldman Sachs India Equity, Allianz Global Investors Fund, and HSBC Global Investment Fund.Awfis has set a price band of Rs 364-383 per share for the IPO and investors can bid for 39 shares in one lot. At the upper end of the price band, the company plans to raise around Rs 599 crore, including the investment by the anchor investors, valuing it at Rs 2,659 crore.About 75% of the IPO was reserved for qualified institutional bidders, while 15% was for non-institutional investors and the remaining 10% for retail investors.

Promoter Peak XV Partners and existing shareholders Bisque and Link Investment Trust are participating in the offer for sale part. Peak XV Partners plans to offload up to 6.6 million shares, while Bisque (a ChrysCapital unit) is selling 5.6 million shares. Real estate investment trust Link Investment Trust will sell another 85,201 shares.

The company had earlier reduced the size of its fresh issue while increasing the OFS component. Initially, it had planned for a fresh issue of Rs 160 crore and an OFS component of 10 million shares.

For the nine months ended December 31, 2023, Awfis reported operating revenue of Rs 616 crore. It posted a net loss of Rs 18.9 crore for the same period.

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