Awfis Space IPO: Issue booked 108.56 times on day 3, NIIs steal the show; check GMP, subscription status, more

Awfis Space IPO subscription status: The initial public offering of co-working space firm Awfis Space Solutions has been subscribed 108.56 times on the last day of bidding today (Monday, May 27), as per BSE data.

According to BSE data today, bids have been received for 93,68,22,510 shares of the 86,29,670 shares that were offered in the Awfis Space Solutions IPO, which opened for subscription on Wednesday, May 22.

The portion for retail investors has fetched 54.58 times subscription, while the quota for non-institutional investors has been subscribed 129.81 times. The portion for qualified institutional buyers (QIBs) has received 116.95 times subscription. The employee portion has been booked 25.20 times.

Also Read: Awfis Space Solutions IPO day 3: GMP, subscription status to review. Apply or not?

Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, said that the Awfis Space Solutions IPO has received an overwhelmingly positive response, despite knowing that the company may continue to have negative cash flows in the future and a complicated business model. Due to its first-of-its kind entry into the listing space and early mover advantage, the company may command some listing gains. Hence, we continue to recommend that only risk-taking investors "subscribe" to Awfis Space Solution Ltd.

The Awfis Space IPO subscription status was 11.41 times on Friday, the second day of bidding. On the first day of bidding, Awfis Space SolutionsIPO subscription status was 4.28 times.

Awfis Space Solutions IPO attracted a lot of retail applicants who submitted online using Google Pay, Upstox, and Zerodha, even though it was a bank holiday and SEBI was closed on Thursday, May 23 due to Buddh Purnima. The IPO subscription status for Awfis Space Solutions was 4.28 times, based on data from the BSE.

Also Read: Awfis Space IPO to close on May 27; check latest GMP, subscription status, key dates, more.

View Full Image Awfis Space Solutions IPO details

Awfis Space Solutions IPO acquired a little more than ₹268 crore from anchor investors.

15% of the net offer is set aside for non-institutional purchasers, 10% is designated for retail investors, and 75% of the offer is made available to QIBs via the book building process.

Employees bidding in the employee reserve part are eligible for a discount of ₹36 per equity share. The employee reservation section's maximum value for equity shares is ₹2 crore.

Awfis Space Solutions Ltd provides a wide array of flexible workspace options, from individual flexible desk requirements to bespoke office spaces, for start-ups, small and medium-sized enterprises, big organisations, and international corporations.

The company stated that since the MA model has been put into practice, it believes that no listed businesses in India or anywhere else have a business model and size comparable to its own. However, there have been parallels drawn with unlisted firms like Tablespace, Cowrks, We Work, and Smartworks.

Also Read: Awfis Space Solutions IPO Day 2: Check latest GMP, subscription status. Should you apply?

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.

Awfis Space IPO GMP today

Awfis Space Solutions IPO GMP today is +118 . This indicates Awfis Space Solutions share price were trading at a premium of ₹118 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the Awfis Space IPO expected listing price was indicated at ₹501 apiece, which is 30.81% higher than the IPO price of ₹383.

Grey market activity over the previous 13 sessions indicates that the IPO GMP is moving upward and that a robust listing is anticipated. According to researchers at investorgain.com, the lowest GMP is ₹0 and the maximum GMP is ₹165.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Awfis Space Solutions IPO: Workspace provider raises ₹268.61 crore from anchor investors ahead of IPO

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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