Awfis IPO: Over 11X Subscription On Day Three Of Bidding

The public issue of coworking space provider Awfis was subscribed 11.4X after bidding for the IPO closed for the day on Friday (May 24).

As per BSE data, the Awfis IPO received bids for 9.84 Cr shares as against the 86.29 Lakh shares on offer.

Retail Individual Investors (RIIs) showed the highest interest among all brackets of investors in the IPO. RIIs bid for 3.29 Cr shares against the 15.58 Lakh shares on offer for them, resulting in an oversubscription of 21.1X.

RIIs were closely trailed by Non Institutional Investors (NIIs), who placed bids for 4.90 Cr shares as against the  23.38 Lakh shares reserved for them. This resulted in an oversubscription of 20.9X.’

Shares reserved for employees also received a healthy increase in subscriptions, with employees bidding for 6.04 Lakh shares as against the 57,636 shares reserved for them. This resulted in an oversubscription of 10.48X. 

As is the general trend with IPOs, interest from Qualified Institutional Buyers (QIBs) in the Awfis IPO picked up on the final day. Investors in this segment bid for 1.58X shares as against the 46.75 Lakh shares reserved for them, resulting in an oversubscription of 3.39X. 

With the culmination of the IPO, shares of the company are set to be listed on the BSE and the NSE. It is expected to get listed on the bourses on May 30. The startup will be looking to raise INR 599 Cr through the public offer at the upper end of the price band, set at INR 364-INR 383. 

The offer comprises a fresh issue of shares worth INR 128 Cr and an offer for sale (OFS) component of up to 1.23 Cr shares. It will see investors Peak XV Partners and Bisque Limited selling 6.6 Mn and 5.5 Mn shares respectively.

Earlier in the week, Awfis raised INR 268.6 Cr rom 32 anchor investors, which included Ashoka Whiteoak, HDFC Mutual Fund, Nippon Life India, Axis Mutual Fund, Canara Rebeco Mutual Fund, Motilal Oswal, and Goldman Sachs, among others. 

Founded in 2015 by Amit Ramani, Awfis has evolved from just being a coworking network to a tech-enabled workspace solutions platform, catering to freelancers, startups, SMEs, large corporates, and MNCs. Awfis posted a net loss of INR 18.9 Cr in the first three quarters of FY24 on an operating revenue of INR 616.5 Cr.

Correction Note: May 27; 4 PM

• An earlier version of the story indicated that the IPO subscription had ended. We have rectified the headline for accuracy. The error is regretted