AWFIS Space Solutions Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹383
Per ShareLot Size
39 Shares
Minimum Investment
₹14,937
Issue Size
₹598.93 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
AWFIS Space Solutions Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
41.05%
Issue Type
Book Building
ISIN
INE108V01019
About the Company
AWFIS Space Solutions Limitedd is the largest flexible workspace solutions company in India as on December 31, 2023, based on total number of centers. The Company provides a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customized office spaces for start-ups, small and medium enterprises as well as for large corporates and multi-national corporations.
Industry Overview
Since early 2000s, India's office real estate stock has grown more than 18 times from approximately 46 million sq. ft. as of pre-2003 to approximately 832.00 million sq. ft. as of December 31, 2023. Flexible office space has long been a viable solution for freelancers, remote workers and start-ups, and is rapidly gaining ground among large enterprises, corporates and MNCs. Total market size of flexible workspace segment has more than tripled in last three to four years and projected market size in tier-1 and tier-2 cities is projected to be approximately 105 million sq. ft. by 2026.
Company History
Awfis Space Solutions Limited was incorporated as `Awfis Space Solutions Private Limited' at Delhi, as a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated December 17, 2014, issued by the RoC. Thereafter, the Company was converted from a private limited company to a public limited company, pursuant to a resolution passed in the extraordinary general meeting of its Shareholders held on November 24, 2023 and the name of the Company was changed to `Awfis Space Solutions Limited' with a fresh certificate of incorporation dated December 5, 2023, issued to the Company by the RoC.
Products & Services
- AWFIS Space Solutions Limited provides a wide spectrum of flexible workspace solutions.
Growth Strategy
- Continue to build an industry leading capital efficient model.
- Expand in new and existing markets.
- Enhance its product and service offerings.
- Improving operational efficiency.
- Its Flexible Workspace Solutions.
Customer Base
Start-ups, small and medium enterprises as well as for large corporates and multi-national corporations.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 1,56,39,638* equity shares of face value of Rs. 10 each of the company ("Equity Shares") for cash at a price of Rs. 383 per equity share (including a share premium of Rs. 373 per equity share) ("Offer Price") aggregating to Rs. 598.93*^ crores ("Offer"). The offer comprises a fresh issue of 3,347,454* equity shares aggregating to Rs. 128.00*^ crores ("Fresh Issue") and an offer for sale of 12,295,699* equity shares ("Offered Shares") aggregating to Rs. 470.93* crores, comprising, 6,615,586* equity shares aggregating to Rs. 253.38* crores by peak xv partners investments v (formerly known as sci investments v) ("peak xv" or the "promoter selling shareholder"), 5,594,912* equity shares aggregating to Rs. 214.29* crores by bisque limited and 85,201* equity shares aggregating to Rs. 3.26* crores by link investment trust (collectively, the "selling shareholders" and such offer for sale of equity shares by the selling shareholders, the "Offer for Sale"). The offer included a reservation of 57,636* equity shares, aggregating to Rs. 2.00*^ crores (constituting 0.08% of the post offer paid-up equity share capital of the company) for subscription by eligible employees (the "employee reservation portion"). The offer less the employee reservation portion is hereinafter referred to as the "net offer". The offer and the net offer constituted 22.53% and 22.45%, respectively, of the post-offer paid-up equity share capital of the company. The company, in consultation with the book running lead managers, offered a discount of 9.40% (equivalent of Rs. 36 per equity share) to the offer price to eligible employees bidding under the employee reservation portion ("Employee Discount"). *Subject to finalisation of basis of allotment. ^After employee discount The face value of the equity share is Rs. 10 each. The offer price is 38.3 times the face value of the equity shares.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Leadership in a large and growing marketplace.
- Innovating in the flexible workspace industry with the adoption of its MA model.
- Diverse space sourcing and demand strategies.
- Growth through an integrated platform approach.
- Delivering strong financial and operating metrics;
- The company has a history of net losses, negative earnings per share ("EPS") and return on net worth ("RoNW"). The company need to generate and sustain increased revenues while managing its expenses to achieve profitability, and its inability to achieve these goals may have an adverse effect on its business, results of operations, cash flows and financial condition.
- The company has experienced negative cash flows in previous Fiscals and may continue to have negative cash flows in the future.
- Its business has grown rapidly, including the company revenue from contract with customers that has grown at a CAGR of 74.85% from Rs.1,783.60 million in Fiscal 2021 to Rs.5,452.82 million in Fiscal 2023, and its may fail to manage its growth effectively.
- Its growth may be negatively impacted by macroeconomic factors.
- The company may not be able to attract new clients in sufficient numbers, continue to retain existing clients, a portion of whom enter into service agreements ("Client Agreements") with short-term commitments, or agree sufficient rates to sustain and increase its client base or at all.