Awfis Space Solutions Debuts at 14 per cent Premium at Rs 435 per share on NSE
The IPO of Awfis Space Solutions garnered substantial interest, achieving a subscription rate of 108.17 times. The QIB and NII categories were particularly enthusiastic, subscribing 116.95 times and 129.27 times, respectively.
Awfis Space Solutions Limited, a prominent provider of workspace solutions in India, made its stock market debut today.
The company's stock opened at Rs 432.25 per share on the BSE, marking an impressive 12.85 per cent premium over its final issue price of Rs 383 per share. On the NSE, the shares opened at Rs 435 per share, reflecting a 13.60 per cent gain. The market capitalisation on the BSE stands at approximately Rs 3,108 crore.
IPO Proceeds
The funds raised from the IPO will be used for the following purposes:
- Establishing new centers.
- Meeting working capital requirements.
- General corporate purposes.
Business Overview
Incorporated in December 2014, Awfis Space Solutions Limited has established itself as a leading workspace solutions provider in India. The company offers a range of flexible workspace options designed to cater to the needs of individuals, start-ups, SMEs, and large corporations.
Awfis' main product offering includes co-working spaces, flexible workspaces, custom office spaces, and mobility solutions. The company also provides various support services such as food and beverage, IT support, infrastructure services, and event hosting. As of December 31, 2023, Awfis operates 169 centers in 16 cities across India, with a total of 105,258 seats and a chargeable area of 5.33 million square feet. Additionally, 31 more centers are under development, which will add 25,312 seats and cover a chargeable area of 1.23 million square feet. Awfis has also expanded its services to include in-house fit-out and facility management.
Subscription and Other Details
As of May 27, 2024, the IPO of Awfis was subscribed 108.17 times. The public issue saw a subscription rate of 53.23 times in the retail category, 116.95 times in the QIB category, and 129.27 times in the NII category. The IPO price band was set between Rs 364 and Rs 383, with a face value of Rs 10 per share and a lot size of 39 shares. The total size of the IPO was Rs 598.93 crore, with the final issue price fixed at Rs 383 per share.
Conclusion
The key question for investors is whether to hold onto the shares or book profits. Those who aimed for listing gains have already realized a 14 per cent profit on the listing day and can choose to lock in these gains or monitor the stock for the first 15 minutes, setting a stop-loss at the day's low price. Conversely, investors with a higher risk tolerance might consider holding the shares for medium to long-term benefits, which could potentially yield further gains.
Investors must keep this Small-Cap stock on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.