Awfis Shares Jump 9% To Touch Intraday High At INR 700.5

Shares of coworking startup Awfis rallied more than 9% to touch an intraday high of INR 700.5 apiece on the BSE on Monday.

However, the stock pared some of the gains to end at INR 694 per share, up 8.19% from the previous close.

Notably, Awfis was among the only three new-age tech stocks that rallied in the week ahead of the Union Budget 2024-25, with its shares climbing 4.52%. The stock also touched an all-time high of INR 757.20 during the intraday trading session on July 18. 

Awfis made its stock market debut in May, with its shares listing on the BSE at a premium of 12.8% over the issue price.

At INR 694, the stock’s last closing price was 60.5% above the listing price of INR 432.25 apiece and 81.2% higher than the issue price of INR 383 per share.

Last week, Awfis roped in Nivia Sports executive Rajesh Kharbanda as a non-executive, non-independent director to its board.

The startup also made certain amendments to its Articles of Association (AoA) to grant specific rights to some shareholders. Now, Awfis shareholders — Peak XV Partners and the New Investor Group, can nominate one director each on the coworking startup’s board as long as they hold a 5% stake in the company on a fully diluted basis.

The recently-listed startup posted a consolidated net profit of INR 1.4 Cr in the March quarter (Q4) of the financial year 2023-24 (FY24) on the back of significant improvements across business verticals. Awfis’ operating revenue also jumped over 45% year-on-year (YoY) to INR 232.3 Cr in Q4 FY24.

It had posted a net loss of INR 13.8 Cr in the corresponding quarter of the previous fiscal on an operating revenue of INR 160 Cr.