Awfis Space Solutions IPO subscribed 11.40 times

The initial public offering (IPO) of co-working space operator Awfis Space Solutions got subscribed 11.40 times on Friday.

The Rs 599-crore initial share sale received bids for 9,83,73,951 shares against 86,29,670 shares on offer, as per NSE data.

The portion for retail individual investors (RIIs) fetched 21.08 times subscription, while the quota for non-institutional investors got subscribed 20.98 times.

The part for qualified institutional buyers (QIBs) received 3.39 times subscription.

The IPO of Awfis Space Solutions, which will end on Monday, was fully subscribed on the first day of bidding on Wednesday.

The IPO has a fresh issue of up to Rs 128 crore and an offer for sale of up to 12,295,699 equity shares.

The IPO is in a price range of Rs 364-383 per share.

Awfis Space Solutions Ltd on Tuesday said it has mopped up a little over Rs 268 crore from anchor investors.

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Promoter Peak XV Partners Investments V (formerly known as SCI Investments) as well as shareholders Bisque Ltd and Link Investment Trust are offloading shares through the OFS.

Peak XV holds a 22.86% stake in Awfis, while Bisque and Link Investment Trust own 23.47% and 0.36% stake, respectively, in the company.

Proceeds from the fresh issue will be used in funding capital expenditure towards setting up new centres, supporting working capital requirements, and general corporate purposes.

Awfis provides flexible workspace solutions, ranging from individual flexible desk needs to customised office spaces for corporates.

Axis Capital, Emkay Global Financial Services, ICICI Securities, and IIFL Securities are the managers to the offer.