Subscribe – Long Term Awfis Space Solutions Ltd; Anand Rathi

Anand Rathi, has come out with its report on Awfis Space Solutions Ltd. The research firm has recommended to “ Subscribe – Long Term ” the ipo in its research report as on May 21 2024.

Broker Research

May 21, 2024 / 15:31 IST

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Anand Rathi, IPO report on Awfis Space Solutions Ltd

Awfis Space Solutions Ltd. is the largest flexible workspace solutions company in India as on December 31, 2023, based on total number of centers. As on December 31, 2023, they are ranked 1st among the top 5 benchmarked players in the flexible workspace segment with presence in 16 cities in India. Further, as on December 31, 2023, they are present in the maximum number of micro-markets in India. As on December 31, 2023, the company has 169 total centers1 across 16 total cities1 in India, with 105,258 total seats1 and total chargeable area1 of 5.33 million sq. ft., of which 31 centers and 25,312 seats are under fit- out1 with chargeable area aggregating to 1.23 million sq. ft. In addition, they have entered into signed letters of intent (“LOI”) with space owners for 13 additional centers, with 10,859 seats aggregating to 0.55 million sq. ft. As on December 31, 2023, they have over 2,295 clients and have presence in 52 micro markets in India.

Valuation and Outlook

The company has a large Total Addressable Market (TAM) driven by factors such as enterprise focus on flexibility, cost optimization, workforce fluidity, reverse migration, workplace evolution, focus on wellness, facilities, and amenities, as well as growth of start-ups in Tier 1 and Tier 2 cities. Looking at these factors we recommend “Subscribe – Long Term” rating to the IPO.

For all recommendations report, click here