Awfis Space Solutions, a leading Indian coworking space provider, debuted on June 1st, with shares trading at a 13.6% premium on the NSE, starting at INR 435 against the issue price of INR 383. The stock closed at INR 421.75, up 10.11% from the IPO price. The BSE saw similar performance, with shares closing at INR 419.10. The IPO was oversubscribed 108.17 times, reflecting strong investor interest. Awfis raised INR 599 crore, including INR 128 crore for new coworking centers and working capital. With India's coworking market projected to reach INR 13,800 crore by 2025, Awfis is well-positioned for significant growth.
Awfis Space Solutions, a provider of coworking spaces in India, debuted strongly on the stock market on Thursday, June 1st. Their shares began trading at a premium on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Awfis shares started trading at INR 435 on the NSE, a 13.6% premium over the issue price of INR 383. The stock price fluctuated throughout the day, reaching a high of INR 451.45 and a low of INR 415.20, before closing at INR 421.75. This represents a gain of 10.11% from the IPO price.
On the BSE, the shares listed at INR 432.25 and closed at INR 419.10. This positive performance reflects the strong investor interest in the company. The Awfis Space IPO itself was oversubscribed a significant 108.17 times, indicating high demand for Awfis shares.
The successful IPO will provide Awfis with INR 599 crore in capital to support their growth plans. The offering included a fresh issue of shares worth INR 128 crore and an offer for sale by existing investors for INR 470.93 crore. The company also raised over INR 268 crore from anchor investors before the IPO.
Awfis plans to use the proceeds from the fresh issue for several purposes. A portion of the funds (INR 128 crore) will be used for capital expenditure, specifically the establishment of new coworking centers. Additionally, the company will allocate funds to support working capital requirements and general corporate purposes.
Awfis' successful IPO is a sign of the growing demand for coworking spaces in India. Many businesses, particularly startups and freelancers, are attracted to the flexibility (month-to-month leases), affordability, and networking opportunities offered by coworking spaces.
With a growing economy and a large young workforce, India's coworking market is expected to reach INR 13,800 crore by 2025, according to a report by JLL India. This trend presents a significant opportunity for Awfis to expand its footprint and solidify its position as a leader in the Indian coworking space.
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