Awfis Shares Jump 11% Intraday, Touch A Record High At INR 611.5

SUMMARY

The shares shed some gains after touching INR 611.5 mark and ended Wednesday’s session 9.3% lower at INR 599.8 on the BSE

Awfis shares have been witnessing a strong uptrend since listing on the bourses in May and have gained around 40% from the listing price

Awfis turned profitable in the March quarter of FY24, posting a profit after tax of INR 1.4 Cr

Shares of coworking space provider Awfis jumped over 11% to touch a fresh all-time high at INR 611.5 during the intraday trading on the BSE on Wednesday (July 10).

However, the stock shed some gains to end the day’s trading about 9.3% higher at INR 599.8.

Awfis shares have been witnessing a strong uptrend since listing on the bourses in May. The shares listed at INR 432.25 per share on the BSE, a 12.8% premium to the issue price of INR 383.

The shares have gained around 40% since listing.

With the startup turning net profitable in the March quarter of FY24, the shares gained further strength and rose almost 20% within a month.

Awfis posted a consolidated net profit of INR 1.4 Cr in Q4 FY24 as against a net loss of INR 13.8 Cr in the previous year’s quarter. Operating revenue also jumped over 45% year-on-year to INR 232.3 Cr in Q4.

Founded in 2015 by Amit Ramani, Awfis claims to be the largest flexible space operator in the country with 181 centres, around 1.1 Lakh seats, and about 5.6 Mn square feet of chargeable area, as of March 31, 2024. Over the years, the startup has evolved from being a coworking network to a tech-enabled workspace solutions platform, catering to enterprises, freelancers, startups, and SMEs.

Recently, Awfis chairman and MD Ramani told Inc42 that the startup is on track to breach the INR 1,100 Cr revenue mark in FY25 and is expected to improve its EBITDA margin by 150 basis points during the year.

The market cap of Awfis, which competes with the likes of WeWork India and 91Springboard, currently stands at INR 4,163.79 Cr ($498.6 Mn).