Awfis gains 13.6% on stock market debut
The share price of Awfis Space Solutions received a positive momentum from the stock market after an overwhelming response to its IPO.
Awfis Space Solutions made its debut on the Indian stock exchanges on Thursday gaining 13.6% on the NSE as against its issue price of Rs 383.
The initial public offering (IPO) of Awfis was oversubscribed 109 times receiving all round support from all categories of investors. The stock opened at Rs 435 on listing and was trading Rs 445.20 at 11 pm on the NSE.
Awfis plans to use the funds raised to expand its managed aggregation model, improve customer services, and expand into new markets, including Tier I and II cities. The company also plans to invest in operational efficiency and talent development to sustain its growth trajectory.
The positive stock market listing of Awfis will provide much needed confidence to the Indian startup ecosystem as this is the second company from this segment to go public this year. Prior to this, insurtech startup Go Digit got listed, making modest gains on debut.
There are many more Indian startups which are planning to go public this year from the likes of FirstCry, MobiKwik, Ola Electric, and Unicommerce to name a few.
Awfis provides a wide spectrum of flexible workspace solutions ranging from individual flexible desk requirements to customised office spaces to various kinds of businesses.
However, the company is yet to report a profit. It registered a revenue of Rs 565 crore for FY23 compared with Rs 278 crore earned in FY22. Awfis posted a loss of Rs 46 crore in FY23, narrowing from a loss of Rs 57 crore incurred in the previous financial year. For the first nine months of FY24, it reported a revenue of Rs 633 crore and a net loss of Rs 18 crore.
(The story was updated with a new image)
Edited by Megha Reddy