Shares of Kontor Space listed at 31.1 percent premium to issue price on October 10. The stock debuted on NSE Emerge at Rs 122 against issue price of Rs 93. Soon after, the stock hit lower circuit and was trading at Rs 115.90 at 10:10 am.
Established in 2018, Kontor Space specializes in offering space-as-a-service solutions through the rental and management of commercial properties.
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As per the prospectus, the company acquires real estate assets and/or leases properties, which are then sublet or subleased to clients, tailored to their workspace needs. This includes the option of furnishing the space according to their specific requirements on a per-seat basis. Additionally, they also undertake renovation and modernisation projects.
The offer was subscribed 70.97 times overall, 95.49 times in the retail category, and 41.87 times in the non-retail category. It raised Rs 15.62 crore via the IPO to make the payment of rental deposits of new co-working centers, carry out capex for fit-outs and general corporate purpose.
In FY23, the company's revenue from operations more than doubled year-on-year to Rs 9.17 crore from Rs 4.03 crore in FY22. Net profit also jumped multi-fold to Rs 1.87 crore from Rs 30 lakh. In FY21, however, the company had recorded loss of Rs 61 lakh.
At Rs 122, Kontor Space's trailing price-to-earnings ratio stood at 22.27x. No analyst covered this SME IPO.
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