Awfis Space Solutions Ltd Makes a Muted Debut on Dalal Street
Shares of Awfis Space Solutions Ltd made a quieter-than-expected debut on Dalal Street on Thursday. The stock began trading at Rs 435 per share on the NSE, reflecting a 13.57% premium over its issue price of Rs 383 per share. On the BSE, the stock was listed at a slightly lower premium of 12.85%, starting at Rs 432.25 per share. This muted debut can be attributed to the overall market sentiment and the company’s valuation.
Grey Market Premium Expectations
The listing was muted compared to the grey market premium (GMP) predictions. The GMP is the premium at which a stock is traded in the grey market before its official listing. Before its listing, Awfis Space Solutions commanded a premium of Rs 85-90 in the grey market, suggesting a listing pop of 22-25% over its issue price of Rs 383 per share. This indicates the market’s expectation of the stock’s performance post-listing.
IPO Details and Subscription
Awfis Space Solutions’ IPO was open for bidding from May 22 to May 27. The company offered its shares in a fixed price band of Rs 364-383 per share with a lot size of 39 shares. The IPO raised Rs 598.93 crore, including a fresh share sale of Rs 128 crore and an offer-for-sale (OFS) of up to 1,22,95,699 equity shares.
The IPO of Awfis Space Solutions was a resounding success, with an overall subscription of 108.56 times. This overwhelming response from investors, with the quota for qualified institutional bidders (QIBs) booked 116.95 times and the allocation for non-institutional investors subscribed 129.81 times, is a testament to the market’s confidence in the company. The portions reserved for retail investors and employees were also subscribed 54.58 times and 25.20 times, respectively, further underscoring the widespread interest in Awfis Space Solutions.
About Awfis Space Solutions
Incorporated in December 2014, New Delhi-based Awfis Space Solutions is India’s leading workspace solution provider. The company offers a variety of flexible workspace solutions to meet the needs of individuals, start-ups, SMEs, and large corporations. These solutions include shared offices, virtual offices, meeting rooms, and more. Awfis has expanded its services to include in-house fit-out and facility management at its centers, providing a comprehensive workspace solution for its clients.
Stay Updated With The News| Bharat Bulletin Online
Key Investors and Management
One of the key investors in Awfis Space Solutions is seasoned Dalal Street investor Ashish Kacholia, who owns a significant 5.18% stake in the company. His investment of around Rs 50 crore, made by converting his compulsorily convertible preference shares at Rs 144.27 per share in April 2024, further solidifies the company’s financial standing and instills confidence in its potential for growth.
IPO Management
IIFL Securities, ICICI Securities, Axis Capital, and Emkay Global Financial Services were the book-running lead managers for the Awfis Space Solutions IPO. These managers are responsible for underwriting the IPO, managing the book-building process, and stabilizing the stock price after listing. At the same time, Bigshare Services served as the registrar for the issue, handling the share allotment and other related tasks.
