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Business News/ Markets / Awfis Space IPO to close on May 27; check latest GMP, subscription status, key dates, more.
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Awfis Space IPO to close on May 27; check latest GMP, subscription status, key dates, more.

Awfis Space Solutions offers flexible workspaces for individuals, start-ups, SMEs, and major enterprises. Awfis Space IPO GMP today is +108, indicating a ₹108 premium in the grey market. Estimated listing price is ₹491 apiece, 28.2% higher than the IPO price of ₹383.

Awfis Space Solutions IPO has opened on Wednesday, May 22, and will close on Monday, May 27. (https://www.awfis.com/)Premium
Awfis Space Solutions IPO has opened on Wednesday, May 22, and will close on Monday, May 27. (https://www.awfis.com/)

Since its launch on Wednesday, May 22, investors have shown an overwhelming interest for workspace solutions company Awfis Space Solutions' initial public offering (IPO), as seen by the issue's oversubscription. On Friday, the second day of bidding, the subscription status for the Awfis Space IPO was 11.41 times. Awfis Space Solutions IPO is scheduled to close on Monday, May 27.

The retail segment has got 21.11 subscriptions, and the non-institutional investors quota has obtained 20.99 subscriptions. The portion of qualified institutional buyers has received 3.39 times as many subscriptions. The employee portion has been booked 10.48 times.

Also Read: Awfis Space Solutions IPO Day 2: Check latest GMP, subscription status. Should you apply?

On Thursday, May 23, a large number of retail applicants applied online through Google Pay, Upstox, and Zerodha in response to the Awfis Space Solutions IPO. According to BSE data, Awfis Space Solutions' IPO subscription status was 4.28 times.

On account of Buddh Purnima, Thursday, May 23, was a bank holiday, and SEBI was closed as well. While offers were being taken, bank bids were absent; as a result, all of those bids were aggregated on Friday.Therefore, it is formally Day 2 of the Awfis Space IPO on Friday, May 24. 

Awfis Space Solutions IPO subscription status was 4.28 times on the first day of bidding.

Indian workspace solution company Awfis Space Solutions Ltd was founded in December 2014. Serving the requirements of individuals, start-ups, SMEs, and major enterprises, the organisation provides a broad range of flexible workspace options.

Also Read: Awfis Space Solutions IPO fully subscribed on day 1, retail investors bid highest; check latest GMP, subscription status

Together with customised office spaces, mobility solutions, and flexible workplaces, co-working is the company's main offering. Along with these auxiliary services, Awfis Space Solutions offers infrastructure services, food and drink, event hosting, and IT support.

According to Arun Kejriwal, founder of Kejriwal Research and Investment Services, part of the subscription has been high because Go Digit, which was not having much of a premium, did well on the listing. Because people have made money there, they feel confident about applying for this, and here, the grey market is much more active compared to Go Digit.

The company has been witnessing growth, but the issue of break-even is yet to happen. Therefore, it is likely that the company will reach break-even in this financial year, as that is the expectation. It is a competitive business, and the only way to make money is to continue to leverage.

Awfis Space IPO details.
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Awfis Space IPO details.

Let's take a look at Awfis Space IPO's grey market premium trend today.

Awfis Space IPO GMP today

Awfis Space Solutions IPO GMP today is +108. This indicates Awfis Space Solutions share price were trading at a premium of 108 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Awfis Space Solutions share price was indicated at 491 apiece, which is 28.2% higher than the IPO price of 383.

Grey market activity over the previous 11 sessions indicates that the IPO GMP is moving upward and that a robust listing is anticipated. According to researchers at investorgain.com, the lowest GMP is 0 and the maximum GMP is 165.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Awfis Space Solutions IPO opens today. Check GMP, subscription status, should you subscribe

Awfis Space IPO details

Awfis Space Solutions IPO issue size comprises of a fresh issue of 128 crore and an offer-for-sale (OFS) of up to 12,295,699 equity shares of a face value of 10 each by the promoter selling shareholder, Peak XV Partners Investments V (formerly known as SCI Investments V), offloading up to 6,615,586 equity shares; other selling shareholders, Bisque Ltd, who intends to sell up to 5,594,912 equity shares; and Link Investment Trust, who is likely to sell up to 85,201 equity shares, as per the RHP. Awfis Space Solutions IPO size is worth 599 crore.

The company intends to use the net proceeds to fund the following objectives: capital expenditure for the establishment of new centres (42.03 crore); working capital requirements (54.37 crore); and general corporate purposes.

The book running lead managers for the Awfis Space Solutions IPO are ICICI Securities Limited, Axis Capital Limited, Iifl Securities Ltd, and Emkay Global Financial Services Ltd, while the registrar is Bigshare Services Pvt Ltd.

Also Read: Awfis Space Solutions IPO: Price band set at 364-383 apiece; check issue size, key dates, more.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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Published: 25 May 2024, 01:49 PM IST
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