AWFIS SPACE SOLUTIONS IPO Review - Issue Date, Price, GMP, Allotment, Lot Size, and Details

Awfis Space Solutions is launching an IPO, with a book-built issue worth Rs 598.93 crores. This comprises a fresh issue of 0.33 crore shares, totaling Rs 128.00 crores, and an offer for sale of 1.23 crore shares, totaling Rs 470.93 crores. The IPO subscription period runs from May 22, 2024, to May 27, 2024. The allotment is expected to be finalized on Tuesday, May 28, 2024, and the shares will be listed on the BSE and NSE, with a tentative listing date of Thursday, May 30, 2024.

The price band for the shares is set at ₹364 to ₹383 per share. Retail investors must apply for a minimum of 39 shares, requiring an investment of ₹14,937. For sNII, the minimum investment is 14 lots (546 shares), amounting to ₹209,118, and for bNII, it is 67 lots (2,613 shares), amounting to ₹1,000,779.

ICICI Securities Limited, Axis Capital Limited, IIFL Securities Ltd, and Emkay Global Financial Services Ltd are the book-running lead managers for the IPO, with Bigshare Services Pvt Ltd acting as the registrar.

Objectives of the IPO
The Offer comprises of a Fresh Issue of 3,342,037 Equity Shares, aggregating to ₹ 1,28.00 Cr. & an Offer for Sale of 12,295,699 Equity Shares aggregating to ₹470.93 Cr.

Company proposes to utilize the Net Proceeds towards

  1. Funding capital expenditure towards establishment of new centers.
  2. Funding working capital requirements.
  3. General corporate purposes.

The number of operational centers has consistently grown from 58 centers at the end of FY21 to 84 in FY22 to 119 centers in FY23 and 169 centers (138 Operational centers & 31 underfit Centers) as at December 31, 2023. Now the company intend to leverage experience and expand operations by opening new centers in India. By establishing 45 new centers under the ‘Awfis’ format in Fiscal 2025, out of which (33 centers will be funded from internal accruals while balance 12 centers shall be funded from the Net Proceeds).

The new centers to be funded from the Net Proceeds shall be established in Mumbai, Bengaluru, National Capital Region of Delhi, Hyderabad, Pune, Chennai, Kolkata, Ahmedabad, Bhubaneswar, Chandigarh, Indore, Kochi, Nagpur and Jaipur.

Grey Market Premium(GMP) of AWFIS IPO
The Grey Market Premium is expected in the range of Rs. 70 to Rs. 135 based on the grwoth and performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganised manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purpose only.



IPO Date May 22, 2024 to May 27, 2024
Listing Date May 30, 2024
Face Value ₹10 per share
Price ₹364 to ₹383 per share
Lot Size 39 Shares
Total Issue Size ₹598.93 Cr
Fresh Issue 3,342,037 shares (aggregating up to ₹128.00 Cr)
Offer for Sale 12,295,699 shares of ₹10 (aggregating up to ₹470.93 Cr)
Issue Type Book Built Issue IPO
Listing At NSE, BSE
Share holding pre issue 66,075,779
Share holding post issue 69,417,816


Application Lots Shares Amount
Retail (Min) 1 39 ₹14,937
Retail (Max) 13 507 ₹194,181
S-HNI (Min) 14 546 ₹209,118
S-HNI (Max) 66 2,574 ₹985,842
B-HNI (Min) 67 2,613 ₹1,000,779

AWFIS SPACE SOLUTIONS IPO Timeline (Tentative Schedule)

IPO Open Date Wednesday, May 22, 2024
IPO Close Date Monday, May 27, 2024
Basis of Allotment Tuesday, May 28, 2024
Initiation of Refunds Wednesday, May 29, 2024
Credit of Shares to Demat Wednesday, May 29, 2024
Listing Date Thursday, May 30, 2024
Cut-off time for UPI mandate confirmation 5 PM on May 27, 2024


Investor Category Shares Offered Reservation %
QIB Shares Offered 11685075 Not less than 75% of the Net Issue
Retail Shares Offered 1558010 Not more than 10% of the Net Issue
NII (HNI) Shares Offered 2337015 Not more than 15% of the Net Issue
Employee Shares Offered 57636 Aggregating upto Rs. 2Cr.


Share Holding Pre Issue 41.05%
Share Holding Post Issue 39.07%


AWFIS SPACE SOLUTIONS LIMITED, provide a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customized office spaces for start-ups, small and medium enterprises (“SMEs”) as well as for large corporates and multi-national corporations. Their flexible workspace solutions cater to varied seat cohorts ranging from a single seat to multiple seats, which can be contracted by their clients for a period ranging from one hour to several years.

Company is largest flexible workspace solutions company in India as on Dec’23, based on total number of centers & is ranked 1st among the top 5 benchmarked players in the flexible workspace segment with presence in 16 cities in India.

Company is present in the maximum number of micro-markets in India with 169 total centers across 16 total cities in India, with 105,258 total seats and total chargeable area of 5.33 million sq. ft. The company has also entered into signed letters of intent (“LOI”) with space owners for 13 additional centers, with 10,859 seats aggregating to 0.55 million sq. ft. The company has 2,295+ clients and have presence in 52 micro markets in India.

The Indian office market is expected to grow at a CAGR of 6.3% from 2023 to 2026. According to the CBRE Report, India's commercial Tier 1 office stock stands at 832 million sq. ft. as of December 31, 2023. In addition, the unorganized commercial office stock across Tier 1 cities can be estimated to be approximately 600 – 730* million sq. ft. as of December 31, 2023.

As of December 31, 2023, over 85% of the commercial office stock in India, aggregating to 708 million sq. ft., pertains to Grade A category. Grade A office stock registered a CAGR of 15%, from 58 million sq. ft. in 2005 to approximately 708 million sq. ft. as of December 31, 2023.

While Grade B stock accounted for approximately 15% of the organized commercial office stock in India as of December 31, 2023. However, a diminishing trend in Grade B stock’s share is observed over the years attributable to the evolving nature of the sector, changing occupier preference leading to a higher introduction of quality Grade A assets.

Risk associated to the issue:

  • The company have a history of net losses, negative earnings per share (“EPS”) and return on net worth (“RoNW”). They need to generate and sustain increased revenues while managing expenses for profitability.
  • The company have entered into long-term fixed cost leases, i.e., SL for 1.94 million sq. ft. covering 62 total centers across 11 total cities and 9 states and 33.57% of total seats as of December 31, 2023, which may result in adverse impact in liquidity, results of operations, cash flows and profitability.
  • As of Dec’23, 67.82% of rental income from co-working spaces was derived from centers located in Bangalore, Mumbai, Pune and Hyderabad.
  • The company faces significant competitive pressures from unorganized players.
  • Operational risks are inherent as it includes rendering services at high quality standards at centers. A failure to manage such risks could have an adverse impact on business, results of operations, cash flows and financial condition.

AWFIS SPACE SOLUTIONS Limited Financial Information (Restated Consolidated)

Amount in (Rs. Crore)

Period Ended 31st Dec 23 31st Mar 23 31st Mar 22 31st Mar 21
Reserve of Surplus 228.03 139.23 64.59 120.62
Total Assets 1352.25 930.61 559.69 508.58
Total Borrowings 23.72 10.92 12.11 2.97
Fixed Assets 864.35 652.04 348.03 299.44
Cash 8.73 18.10 5.63 41.90
Net Borrowing 14.99 -7.18 6.47 -38.93
Revenue 616.50 545.28 257.05 178.36
EBITDA 195.50 176.06 90.00 90.75
PAT -18.94 -46.64 -57.16 -42.64
EPS -3.05 -8.11 -10.68 -8.38

Key Performance Indicator

KPI Values
EPS Pre IPO (Rs.) -7.06
EPS Post IPO (Rs.) -6.72
P/E Pre IPO -
P/E Post IPO -
ROCE 25.26%
P/BV 9.63
Debt/Equity 0.1
RoNW -27.54%


Company Name EPS ROCE ROE P/E (x) P/Bv Debt/Equity RoNW (%)
No direct Listed Player - - - - - - -
AWFIS SPACE SOLUTIONS Limited Contact Details


C-28-29, Kissan Bhawan, Qutab Institutional Area, New Delhi 110 016, India

E - mail:

Telephone: +91 11 4106 1878


AWFIS SPACE SOLUTIONS IPO Registrar and Lead Manager(s)

Bigshare Services Private Limited

Office No S6-2, 6th Floor Pinnacle Business Park Next to Ahura Centre Mahakali Caves Road Andheri (East), Mumbai 400 093 Maharashtra, India

Telephone: +91 22 6263 8200




Awfis Space Solutions Ltd. (ASSL) is India’s largest flexible workspace provider as of December 31, 2023, with 169 centers across 16 cities and 105,258 seats. The company has signed 13 more Letter of Intent for expansion and presence in the country. The company is backed by Amit Ramani who is also the Chairman and Managing Director of the Company. He has approximately 20 years of experience in the field of real estate and workplace solutions.

Revenue jumped from Rs. 257 Cr. in FY22 to Rs. 545.28 Cr. in FY23 showing growth of more than 112% and already clocked a revenue of Rs. 616 Crore in 9MFY24. The company has not turned profitable yet but the Losses decreased from Rs. 57 Cr. in FY22 to Rs. 46 Cr. in FY23 and further narrowed down to Rs. 18 Cr. in 9MFY24 and expected to turnaround in next financial year. The company is generating return of Capital Employed of 25.26%. WeWork, COWRKS, SMARTWORKS, TABLESPACE are the peers to the company. The Indian Office Market is expected to grow at 6.3% CAGR from 832 million sq ft. to 998 million sq ft. in FY26. The unorganised office market which is currently as big as organised office market at 600 to 730 million sq ft. will also see some shift towards organised office market. The Startup Ecosystem that is growing at rapid pace and the shift from Work from home culture to work from office will also push indian office market to grow further.

The Office market is grwoing fast and the company is performing better and expected to be profitable in FY25 and the Grey Market Premium(GMP) is also indicating a listing gain of 20% to 35%. Considering the Growth rate and Opportunity size of the market, The Risk taking Investor can apply for Listing gains and Investors can also wait for long term.


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