Awfis Space Solutions IPO sees 2.03 times subscription on Day 1, retail portion booked 6x

In the fiscal year ending March FY23, the New Delhi-headquartered company improved its net loss to Rs 46.64 crore from Rs 57.2 crore in the preceding year.

Awfis Space Solutions' Rs 599-crore initial public offer (IPO) was off to a bright start on May 22, the first day of bidding, after the issue was subscribed 2.03 times. The offer received bids for 1.74 crore shares as against 86.29 lakh shares on offer.

The IPO is a mix of fresh issuance of shares worth Rs 128 crore and an offer-for-sale (OFS) of 1,22,95,699 equity shares by the existing shareholders. The price band for the issue has been fixed at Rs 364-383 per share.

Follow our live blog for all the market updates

Retail investors showed maximum interest as they bought 6.04 times their allotted quota. Non-institutional investors, or high networth individuals, purchased 2.76 times the portion reserved for them. Qualified institutional buyers (QIBs) picked 30 percent shares of the reserved portion, while the part set aside for employees was subscribed 3.53 times.

ALSO READ: Awfis Space Solutions IPO: 10 things to know before subscribing to the Rs 598-cr issue

The company mobilised Rs 268.6 crore from institutional investors via the anchor book on May 21. The company said it has finalised the allocation of 70,13,483 equity shares to anchor investors for Rs 383 per equity share.

Ashoka Whiteoak ICAV, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon Life India, Axis Mutual Fund, UTI Mutual Fund, Canara Robeco Mutual Fund, Quant Mutual Fund, Invesco India, Motilal Oswal MF, Edelweiss and Bandhan Mutual Fund participated.

READ MORE: AWFIS Space Solutions IPO: Should you subscribe to this workspace solutions provider?

Founded in 2014, Awfis Space Solutions Limited specialises in providing workspace solutions throughout India. Catering to startups, small and medium-sized enterprises (SMEs), and large corporates, it offers a wide range of flexible workspace options. In addition to workspace facilities, Awfis also provides ancillary services such as catering, IT assistance, and infrastructure support.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.