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

Awfis Space Solutions IPO price band: The Awfis Space Solutions Limited IPO price band has been fixed in the range of ₹364 to ₹383 per equity share of the face value of ₹10. The Awfis Space Solutions IPO date of subscription is scheduled for Wednesday, May 22, and will close on Monday, May 27. The allocation to anchor investors for the Awfis Space Solutions IPO is scheduled to take place on Tuesday, May 21. Bids can be made for a minimum of 39 equity shares and in multiples of 39 equity shares thereafter. 

The floor price is 36.4 times of the face value and the cap price is 38.3 times of the face value of the equity shares. As per company's advertisement on the Financial Express (FE), since basic and diluted EPS for the financial year 2023 on restated consolidated financial information of the company is negative, P/E ratio will not be ascertainable. The weighted average return net worth for fiscals 2023, 2022, and 2021 is 38.60%.

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The offer is being made through the book building process, with qualified institutional buyers (QIBs) getting 75% of the net offer, non-institutional buyers reserving 15% of the net offer, and retail buyers reserving no more than 10%. Employees bidding in the employee reserve segment are eligible for a discount of ₹36 per equity share. The employee reservation portion has equity shares aggregating up to ₹2 crore.

 Awfis Space Solutions Ltd provide a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customised office spaces for start-ups, small and medium enterprises as well as for large corporates and multi-national corporations. 

The company's promoters include Amit Ramani, an individual promoter, and Peak XV, a promoter selling shareholder. As of the date of this Red Herring Prospectus (May 14), the promoters together held 27,444,403 equity shares, representing 41.05% of their company's pre-Offer issued, subscribed, and paid-up equity share capital on a fully diluted basis.

Tentatively, Awfis Space Solutions IPO basis of allotment of shares will be finalised on Tuesday, May 28, and the company will initiate refunds on Wednesday, May 29, while the shares will be credited to the demat account of allottees on the same day following refund. Awfis Space Solutions share price is likely to be listed on BSE and NSE on Thursday, May 30.

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Awfis Space Solutions 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.

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