Awfis Space Solutions closes listing day with 10% gains despite weakness in markets

Awfis Space Solutions

Awfis Space Solutions shares maintained Rs 400 mark throughout session and closed 10 percent higher on the May 30, the listing day, despite sharp weakness in the equity markets. The BSE Sensex and Nifty 50 fell nearly 1 percent, while the Nifty Midcap 100 and Smallcap 100 indices corrected 1.3 percent and 1.6 percent respectively amid caution ahead of exit polls due on June 1.

The stock opened 13.6 percent higher at Rs 435, compared to issue price of Rs 383 on the NSE, which was much lower than the analysts' expectations of 25-30 percent gains. It climbed up to Rs 451.45, but witnessed some profit taking from the late morning deals and hit a day's low at Rs 415.20 in late trade.

Finally, the stock closed at Rs 421.75, up 10.12 percent with volume of 1.36 crore equity shares, while on the BSE, it was up 9.43 percent at Rs 419.10 and traded with volume of 9.59 lakh equity shares.

The workspace solutions provider has mobilised Rs 599 crore through its initial public offering which was subscribed over 108 times during May 22-27. The IPO was comprised of a fresh issue of Rs 128 crore worth shares and an offer-for-sale of 1.22 crore shares worth Rs 470.93 crore.

Also read: Awfis Space Solutions' listing: Should you buy, sell, hold the Ashish Kacholia-backed stock?

This is the largest flexible workspace solutions company in India, based on total number of centers. Also, it is ranked first among the top 5 benchmarked players in the flexible workspace segment with presence in 16 cities in India.

Awfis was the 29th company to debut on the bourses in the current calendar year 2024.