As per BSE data, the coworking space provider’s IPO received bids for 3.69 Cr shares as against the 86.29 Lakh shares on offer
The retail investors’ portion was oversubscribed by a 12.27X with the highest number of bids at 1.91 Cr shares
NIIs bid for 1.59 Cr shares against the 23.38 Lakh shares reserved for them, resulting in an oversubscription of 6.82X
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The public issue of coworking space provider Awfis was subscribed 4.28X on the second day of its IPO bidding on Thursday (May 23).
As per BSE data, the Awfis IPO received bids for 3.69 Cr shares as against the 86.29 Lakh shares on offer.
Retail investor (RIIs) interest for the public issue more than doubled than day one. RIIs bid for 1.91 Cr shares against the 15.58 Lakh shares on offer for them. This resulted in an portion 12.27X oversubscription.
Similar to RIIs, non-institutional investors (NIIs) interest in the public issue also zoomed substantially on Day two. NIIs bid for 1.59 Cr shares against the 23.38 Lakh shares reserved for them, resulting in an oversubscription of 6.82X.
Shares reserved for employees also received a healthy increase in subscriptions, with employees bidding for 3.92 Lakh shares as against the 57,636 shares reserved for them. This resulted in an oversubscription of 6.81X.
However, the response from qualified institutional buyers (QIBs) to the IPO continued to remain underwhelming on Day 2. The QIBs have been allotted 46.76 Lakh shares, but the portion received bids for only 14.82 Lakh shares.
This is expected to pick up by day three, as is typically the case with IPOs.
Awfis’ public 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. Three-fourths of the net offer in the IPO is allocated to the QIBs, while 15% and 10% shares are reserved for NIIs and RIIs, respectively.
With a price band of INR 364-INR 383, Awfis is looking to raise INR 599 Cr at the upper end of the price band.
A day prior to opening the IPO, the startup also announced the allocation of 7.13 Lakh equity shares to anchor investors at the anchor investor allocation price of INR 383 per equity share.
With this, the company raised INR 268.6 Cr from 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.
Among the stakeholders offloading shares in the IPO are Peak XV Partners selling 6.6 Mn shares and Bisque Limited selling 5.5 Mn shares.
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