Awfis Space Solutions Ltd. gained over 7% after market open on Wednesday after it partnered with Nyati Group for an additional 3 lakh square feet of Grade-A workspace in Pune.
The company said the deal signed on Tuesday is the largest under the Managed Aggregation model and will significantly expand Awfis' presence in the city.
"With this addition, Awfis now has a total of half a million sq. ft, Grade-A flexible workspace with the Nyati Group, a leading real estate developer in Pune, West India. This association strengthens our partnership and accelerates growth and innovation in Pune's business ecosystem," a statement said.
Awfis will introduce premium flexible workspaces in Nyati Group's prime commercial properties of Nyati Empress in Viman Nagar and Nyati Enthral in Kharadi. The collaboration will add 1,67,206 sq. ft built up of highly sought-after office in the two thriving business districts.
The location has proximity to key residential areas like Kalyani Nagar, Koregaon Park, Sakore Nagar, and Bund Garden.
Awfis is a flexible workspace solutions company which offers coworking and customised managed offices, mobility solutions, Awfis Transform (design and build), and Awfis Care (facility management).
Shares of Awfis advanced over 7.5%, before paring gains to trade 1% higher at Rs 775.2 apiece by 10:15 a.m. The benchmark NSE Nifty 50 was flat.
The stock has risen 83% since listing on the bourses in May. Total traded volume so far in the day stood at 3 times its 30-day average. The relative strength index was at 57.
The sole analyst tracking Awfis has a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 2.4%.
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