Awfis Space Shares Close At 8.6% Premium Over IPO Price

Shares of Awfis Space Solutions Ltd. closed at Rs 416.1 apiece on the BSE, a premium of 8.64% to its IPO price of Rs 383 per share. On the National Stock Exchange, the stock ended at Rs 415.95 per share, a 8% premium to the issue price.

The office space provider aims to provide accessibility, flexibility and ease of use to their customers, according to Managing Director, Amit Ramani. "Today we have 2,300 companies that are resident with us, and the overall tenure of outer client companies is 33 months which provides a lot of stability."

The business will continue to grow, the MD said. "This year we will add 44 new centres with close to to over 30,000 seats. We will continue to add tier 2 city presence as well."

The Rs 598.9 crore issue was subscribed 108.56 times on the final day of subscription led by non-institutional investors. The four-day IPO consisted of a fresh issue of equity shares, aggregating to Rs 128 crore; and an offer for sale of up to 1.23 crore equity shares, aggregating to Rs 470.93 crore by certain shareholders.

The company will use about Rs 42.03 crore from the proceeds for funding capital expenditure towards the establishment of new centres. Further, Rs 54.37 crore will be used for funding working capital requirements and general corporate purposes.

ICICI Securities Ltd., Axis Capital Ltd., IIFL Securities Ltd. and Emkay Global Financial Services Ltd. were the book-running lead managers for the issue.