Awfis Space Solutions Limited IPO

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22nd – 27th May 2024
30 May 2024
₹364 – ₹383
39 shares (₹14937)

About


Awfis Space Solutions Limited is launching its IPO. The IPO opens for subscription on May 22, 2024, and will close on 27th May.

What do Awfis Space Solutions Limited do?

Incorporated in December 2014, Awfis Space Solutions Limited operates as a provider of flexible workspace solutions in India. As of December 31, 2023, the company manages 169 centers across 16 cities, encompassing 105,258 seats and a chargeable area of 5.33 million square feet. Additionally, there are 31 centers under fit-out with 25,312 seats and a chargeable area of 1.23 million square feet.

The company provides a variety of workspace configurations, catering to a range of client needs from single-seat options to setups for multiple seats. Services offered include co-working spaces, customized office setups, and mobility solutions. Additional support services include food and beverages, IT support, infrastructure services, and event hosting. They also offer construction and fit-out services under the Transform brand, and facility management services under the Care brand. As of December 31, 2023, they serve over 2,295 clients.

What is the issue size of Awfis Space Solutions Limited IPO?

The public offering is a book-built issue valued at Rs 598.93 crores. It includes a fresh issue of 0.33 crore shares, amounting to Rs 128.00 crores, and an offer for sale of 1.23 crore shares, totaling Rs 470.93 crores.

Financials of Awfis Space Solutions Limited IPO (₹ crores)

Financial Year Total Assets Total Revenue Profit After Tax EBITDA
EPS
March 31, 2021 508.58 216.02 (-42.64) 90.74 (-8.38)
March 31, 2022 559.69 278.72 (-57.16) 89.99 (-10.68)
March 31, 2023 930.61 565.79 (-46.64) 176.06 (-8.11)
December 31, 2023 1,352.25 633.69 (-18.94) 195.49 (-3.05)

Schedule/Timeline of Awfis Space Solutions Limited IPO

Issue Period 22nd May to 27th May 2024
Deadline for accepting UPI mandate  Until 5 PM on the issue closing day
Finalization of Allotment May 28, 2024
Initiation of Refunds May 29, 2024
Credit of Shares May 29, 2024
Date of Listing May 30, 2024
Mandate end date June 11, 2024
Anchor Investors Lock-In End Date (50% of the investment) June 27, 2024
Anchor Investors Lock-In End Date (Remaining investment) August 26, 2024

Note: Given that the above schedule is tentative, it should be noted that the anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares, and 90 days after for the remaining portion.

Risk factors to consider:

History of Losses: The company has a history of net losses, negative EPS, and RoNW. It needs to generate and sustain increased revenues while managing expenses to achieve profitability. Failure to do so may adversely affect business, operations, cash flows, and financial condition.

Client Acquisition and Retention: Attracting new clients and retaining existing ones, many of whom have short-term service agreements, is crucial. The inability to secure or maintain sufficient client agreements may negatively impact business and financial performance.

Partnership with Space Owners: The MA model requires partnering with space owners on profit or revenue-sharing terms. The inability to attract new space owners on favorable terms may hinder business growth and profitability.

How do I apply to the Awfis Space Solutions Limited IPO?

You can apply for the Awfis Space Solutions Limited IPO using any supported UPI app by following two steps:

  • Enter your bid on Kite
  • Accept the UPI mandate on your phone

On acceptance of the mandate, the bid amount will get blocked in your bank account. Click here to learn more.

Where do I check the allotment status for Awfis Space Solutions Limited IPO?

You can check the allotment status for the Awfis Space Solutions Limited IPO on the website of the Registrar and Transfer agent. Alternatively, you can also check the allotment status on the NSE website.