Shares of coworking startup Awfis rallied almost 14% to hit an all-time high of INR 856 apiece on the BSE during intraday trading today
The startup’s market valuation has jumped to INR 5,574 Cr ($665.2 Mn), according to BSE data
The stock opened Tuesday’s trading session at INR 778.4 apiece on the BSE. That’s 80% higher than its listing price of INR 432.25 per share and more than double the issue price of INR 383 apiece
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Shares of coworking startup Awfis rallied almost 14% to hit an all-time high of INR 856 apiece on the BSE during intraday trading today (August 20).
After reaching a new all-time high, the stock shed some of the gains and was trading 6.5% higher at INR 800.7 at 11:33 AM.
Almost 14 Lakh Awfis shares changed hands today on the BSE and the NSE by the time of publishing this article. The startup’s market valuation has jumped to INR 5,574 Cr ($665.2 Mn), according to BSE data.
The stock has given handsome returns to its investors since its public listing in May. The stock opened Tuesday’s trading session at INR 778.4 apiece on the BSE. That’s 80% higher than its listing price of INR 432.25 per share and more than double the issue price of INR 383 apiece.
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.
Awfis posted a consolidated net profit of INR 2.7 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25) as against a net loss of INR 8.3 Cr in the year-ago quarter, on the back of strong growth in its business.
Operating revenue grew 37.2% to INR 257.7 Cr in Q1 FY25 from INR 187.7 Cr in the year-ago quarter.
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 Lakh operational seats by the end of the year.
Earlier, it was also reported that Awfis has appointed Nivia sports executive Rajesh Kharbanda to its board as a non-executive, non-independent director.
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