The coworking space provider Awfis’ initial public offering (IPO) received an overwhelming response on the final day of bidding, with the issue being oversubscribed by 108.56 times.
According to data from the Bombay Stock Exchange (BSE), the IPO saw bids for a staggering 93.68 crore shares compared to the 86.29 lakh shares that were on offer.
This robust demand underscores the market’s strong interest in the company’s public debut.
Qualified institutional buyers (QIBs) demonstrated significant interest, placing bids for 54.68 crore shares against the 46.75 lakh shares reserved for them.
This resulted in an oversubscription rate of 116 times, highlighting the confidence institutional investors have in Awfis’ growth potential and business model.
Following closely were non-institutional investors (NIIs), who bid for 30.34 crore shares against the 23.27 lakh shares allocated to them, leading to an impressive oversubscription rate of 129.8 times.
Retail individual investors (RIIs) also showed substantial interest in the IPO.
They placed bids for 8.5 crore shares, significantly exceeding the 15.58 lakh shares available for them, resulting in an oversubscription of 54.58 times.
The enthusiasm among retail investors reflects the growing popularity of coworking spaces and the promising future they see in Awfis.
Furthermore, shares reserved for employees saw a healthy increase in subscriptions on the final day.
Employees bid for 14.52 lakh shares compared to the 57,636 shares reserved, leading to an oversubscription rate of 25.2 times.
This strong participation from employees indicates their belief in the company’s prospects and their commitment to its success.
Following this successful IPO, Awfis shares will be listed on both the BSE and the NSE.
The company aims to raise INR 599 crore through the public offer at the upper end of the price band set at INR 364 to INR 383.
The IPO includes a fresh issue of shares worth INR 128 crore and an offer for sale (OFS) component of up to 1.23 crore shares, with investors like Peak XV Partners and Bisque Limited selling stakes through the OFS.
Founded in 2015, Awfis has evolved into a tech-enabled workspace solutions platform and plans to use part of the IPO proceeds to expand its coworking setups across major Indian cities.
