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08 May 2024

Awfis Space Solutions Limited IPO

Awfis Space Solutions Ltd. (‘Awfis’) is the largest flexible workspace solutions company in India based on the total number of centers (as of December 31, 2023).  They provide a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customized office spaces for start-ups, small and medium enterprises (“SMEs'') as well as for large corporations and multinational corporations. Their flexible workspace solutions cater to varied seat cohorts ranging from a single seat to multiple seats, which can be contracted by the clients for a period ranging from one hour to several years. While their core solution is co-working solutions which includes flex workspaces, customized office spaces and mobility solutions, they have built capabilities to design, build, maintain and manage a wide range of flexible workspace requirements such as Awfis Transform and Awfis Care.

Awfis Space Solutions IPO is a book-built issue of Rs 598.93 crores. The issue is a combination of fresh issue of 0.33 crore shares aggregating to Rs 128.00 crores and offer for sale of 1.23 crore shares aggregating to Rs 470.93 crores. Awfis Space Solutions IPO price band is set at ₹364 to ₹383 per share. The minimum lot size for an application is 39 Shares. ICICI Securities Limited, Axis Capital Limited, Iifl Securities Ltd and Emkay Global Financial Services Ltd are the book running lead managers of the Awfis Space Solutions IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

Awfis Space Solutions IPO Overview

Detail	Description
IPO Date	May 22, 2024 to May 27, 2024
Listing Date	[.]
Face Value	₹10 per share
Price Band	₹364 to ₹383 per share
Lot Size	39 Shares
Total Issue Size	15,637,736 shares (aggregating up to ₹598.93 Cr)
Fresh Issue	3,342,037 shares (aggregating up to ₹128.00 Cr)
Offer for Sale	12,295,699 shares of ₹10 (aggregating up to ₹470.93 Cr)
Issue Type	Book Built Issue IPO
Listing At	BSE, NSE
Share holding pre issue	66,075,779
Share holding post issue	69,417,816

Awfis Space Solutions IPO Timeline (Tentative Schedule)

Detail	Description
IPO Open Date	Wednesday, May 22, 2024
IPO Close Date	Monday, May 27, 2024
Basis of Allotment	Tuesday, May 28, 2024
Initiation of Refunds	Wednesday, May 29, 2024
Credit of Shares to Demat	Wednesday, May 29, 2024
Listing Date	Thursday, May 30, 2024
Cut-off time for UPI mandate confirmation	5 PM on May 27, 2024

Awfis Space Solutions IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	39	₹14,937
Retail (Max)	13	507	₹194,181
S-HNI (Min)	14	546	₹209,118
S-HNI (Max)	66	2,574	₹985,842
B-HNI (Min)	67	2,613	₹1,000,779

Awfis Space Solutions IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Net Issue
Retail Shares Offered	Not more than 10% of the Net Issue
NII (HNI) Shares Offered	Not more than 15% of the Net Issue

Awfis Space Solutions IPO Promoter Holding

Share Holding Pre Issue	41.05%
Share Holding Post Issue

Company & Financials

Incorporated in December 2014, Awfis Space Solutions Limited is a workspace solution provider in India. The company offers a wide range of flexible workspace solutions, catering to the needs of individuals, start-ups, SMEs and large corporations. The company's core solution is co-working, including flexible workspaces, custom office spaces and mobility solutions. Awfis Space Solutions Limited also provide supporting services such as food and beverages, IT support, infrastructure services and event hosting. As of December 31, 2023, the company operates 169 centers across 16 cities in India, with a total of 105,258 seats and a chargeable area of 5.33 million sq. ft. additionally, 31 centers with 25,312 seats are currently under fit-out, with a chargeable area totaling 1.23 million sq. ft. The company has expanded its business offerings and now provides in-house fit-out and facility management services at its centers.

Awfis Space Solutions Limited Financial Information

Period Ended	31 Dec 2023	31 Mar 2023	31 Mar 2022	31 Mar 2021
Assets	1,352.25	930.61	559.69	508.58
Revenue	633.69	565.79	278.72	216.02
Profit After Tax	-18.94	-46.64	-57.16	-42.64
Net Worth	247.19	169.36	94.72	150.75
Reserves and Surplus	-265.56	-204.30	-223.37	-167.12
Total Borrowing	23.72	10.92	12.11	2.97
Amount in ₹ Crore

Key Performance Indicator

KPI	Values
ROCE	37.43%
Debt/Equity	0.1
RoNW	-7.66%
P/BV	9.63

Objectives of Awfis Space Solutions IPO

The Company proposes to utilize the Net Proceeds towards funding the following objectives:

● Funding capital expenditure towards the establishment of a new center.
● Funding the working capital requirements.
● General corporate purposes.

Awfis Space Solutions IPO Review

The company is an emerging leader in India for flexible workspace solutions and providing all related services under one roof. While it has marked steady growth in its top line, its bottom line marked declining losses. Since it posted losses for the reported periods, the issue is at a negative P/E. This is a pure long term play bet and well-informed/cash surplus investors may park funds.

FAQs for Awfis Space Solutions IPO

What is Awfis Space Solutions IPO?

Awfis Space Solutions IPO is a main-board IPO of 15,637,736 equity shares of the face value of ₹10 aggregating up to ₹598.93 crores. The issue is priced at ₹364 to ₹383 per share. The minimum order quantity is 39 Shares.
When will Awfis Space Solutions IPO?

The Awfis Space Solutions IPO opens on May 22, 2024 and closes on May 27, 2024.
What is the lot size of Awfis Space Solutions IPO?

Awfis Space Solutions IPO lot size is 39 Shares, and the minimum amount required is ₹14,937.
When Awfis Space Solutions IPO allotment?

The finalization of Basis of Allotment for Awfis Space Solutions IPO will be done on Tuesday, May 28, 2024, and the allotted shares will be credited to your demat account by Wednesday, May 29, 2024.
When is Awfis Space Solutions IPO listing date?

The Awfis Space Solutions IPO listing date is not yet announced. The tentative date of Awfis Space Solutions IPO listing is Thursday, May 30, 2024.