Investors participating in the initial public offering of Awfis Space Solutions are eagerly awaiting the share allotment, which is going to be finalised by the end of May 28. The IPO closed in the previous session with healthy subscription numbers.
The issue was subscribed 108.56 times, which is the highest after Mukka Proteins which was booked 136.99 times in March this year.
Investors picked 93.68 crore equity shares of Awfis against the offer size of 86.29 lakh equity shares. Non-institutional investors took the lead, buying 129.81 times the portion set aside for them, and qualified institutional investors jumped to the second spot, picking 116.95 times the allotted quota.
Retail investors also looked aggressive, as their reserved portion was subscribed 54.58 times, while the part set aside for employees was booked 25.20 times.
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The workspace solutions provider launched its Rs 599-crore initial share sale on May 22, comprising a fresh issue of equity shares worth Rs 128 crore, and an offer-for-sale of 1.22 crore equity shares worth Rs 470.93 crore by the existing shareholders.
The price band for the public issue was Rs 364-383 per share.
Share Allotment
Meanwhile, investors can check their share allotment either on the BSE website or the portal of IPO registrar, by following a few easy steps.
On BSE website,
a) Select Equity in the issue type and Awfis Space Solutions Limited in the issue name
b) Enter either Application number or PAN number
c) Check box (I am not a robot) and click on Search button
On IPO registrar portal,
a) Select company name Awfis Space Solutions Limited
b) Select and accordingly enter either Application number/CAF number, Beneficiary Id, or PAN number
c) Enter Captcha and click on Search button
Given the strong subscription numbers, investors will get equity shares on a proportionate basis.
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Furthermore, the equity shares will be credited to demat accounts of successful investors by May 29, and the trading in shares will commence on the bourses from May 30.
Grey Market Premium
Given the buoyancy in the equity markets and healthy subscription numbers, Awfis IPO shares attracted strong interest in the grey market, an unofficial platform for trading in IPO shares till the listing. Shares were available at little more than 30 percent premium over the upper price band, the market observers said.
The New Delhi-based company recorded good performance on the topline, although it has been posting losses on the bottomline. It reported net loss at Rs 46.6 crore for the financial year ended March 2023, narrowing from the loss of Rs 57.2 crore in the previous year. Revenue from operations during the same period increased by 112 percent to Rs 545.3 crore from Rs 257 crore.
Despite net loss, the operating performance remained strong. EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 127.7 percent on-year to Rs 155.6 crore with margin expansion of 190 bps at 28.5 percent in FY23.
Loss for the nine months period ending December 2023 stood at Rs 18.9 crore on revenue of Rs 616.5 crore.
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