Awfis Space Solutions IPO Closes With Massive Subscription; Listing On 30 May
The allotment for the issue is scheduled on 28 May, while the issue will be listed on NSE and BSE on 30 May
Workspace Solution Solutions, Awfis Space Solutions received outstanding subscription during the public bids for its initial public offering.
The IPO closed on 27 May and in its subscription phase, Awfis Space Solutions retail segment subscription stood at 53.23 times. While, the final subscription was recorded at 108.17 times, as per data by chittorgarh.
The allotment for the issue is scheduled on 28 May, while the issue will be listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on 30 May.
The Awfis Space Solutions Rs 598.93 crore IPO consisted of a fresh issue of shares worth Rs 128 crore and an offer-for-sale (OFS) of Rs 470.93 crore with a price band of Rs 364 to Rs 383 per share.
ICICI Securities, Axis Capital, IIFL Securities and Emkay Global Financial Services are the book running lead managers, while Bigshare Services is the registrar to the issue.
IPO Objectives
The company proposed to utilise net proceeds of Rs 128 crore to fund the capital expenditure towards the establishment of new centers. The proceeds will also fulfill working capital requirements and the general corporate purposes.
Firm’s Financials
The firm registered revenue of Rs 565.79 crore in FY23, compared to Rs 278.72 crore in FY22. The firm’s loss reduced to Rs 46.64 crore in FY23 compared to Rs 57.16 crore loss in FY22. Overall, revenue and PAT increased by 103 per cent and 18.4 per cent respectively.
