Awfis Shares Hit 20% Upper Circuit, Touch New 52-Week High At INR 757.20

Shares of coworking startup Awfis hit a 20% upper circuit and a new 52-week high at INR 757.20 apiece during intraday trading on the BSE today.

The stock opened Thursday’s trading session at INR 631 per share, up more than 2% from the previous close.

After hitting a new 52-week high, the stock shed some gains and closed at 11.56% higher at INR 703.95 apiece on the BSE.

Notably, Awfis made its Dalal Street debut on May 30, with its shares listing at a premium of 12.8% on the BSE.

At INR 703.95, the stock’s last closing price was 62.8% above the listing price of INR 432.25 per share and 83.7% higher than the issue price of INR 383 apiece.

The Awfis IPO, which comprised a fresh issue of shares worth INR 128 Cr and an offer for sale (OFS) component of up to 1.23 Cr shares, saw high demand from investors, having been oversubscribed 108.56 times on the final bidding day.

Founded in 2015 by Amit Ramani, Awfis claims to be the largest flexible space operator in India with 181 centres, around 1.1 Lakh seats and about 5.6 Mn square feet of chargeable area, as of March 31, 2024.

While the startup started as a coworking network, it has since diversified into a tech-enabled workspace solutions platform, catering to enterprises, freelancers, startups and SMEs.

The Delhi NCR-based startup first turned profitable in the March quarter (Q4) of the financial year 2023-24 (FY24), reporting a profit after tax (PAT) of INR 1.4 Cr on an operating revenue of INR 232.3 Cr.

Recently, Awfis managing director and chairman Ramani told Inc42 that the startup expects its top line to surpass the INR 1,100 Cr mark in FY25. 

Further, the company plans to expand its portfolio by about 50%, reaching a total of 1,35,000 operational seats by the end of the year. 

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