IPO Details
Bidding Dates
22 May 24 - 27 May 24
Price Range ₹
364 - 383
Total Equity
₹ 330.52Cr
Lot Size
39
Exchange Status
BSE,NSE
IPO Doc
Subscription Rate
Non-Institutional Investor
54.58×
Qualified Institutional Buyers
116.95×
Employees
25.20×
Retail Investors
54.58×
Total subscription Rate
108.56×
IPO Timeline
Offer start
22 May 2024
Offer end
27 May 2024
Allotment
28 May 2024
Refund initiation
29 May 2024
Demat transfer
29 May 2024
Listing
30 May 2024
Offer start
22 May 2024
Offer end
27 May 2024
Allotment
28 May 2024
Refund initiation
29 May 2024
Demat transfer
29 May 2024
Listing
30 May 2024
About Company
Established in December 2014, Awfis Space Solutions Limited operates as a workspace solutions provider in India. The company delivers a diverse range of flexible workspace solutions tailored to the requirements of individuals, startups, SMEs, and large enterprises. At its core, Awfis Space Solutions Limited specializes in coworking, offering flexible workspaces, personalized office solutions, and mobility services. Additionally, the company provides ancillary services such as food and beverage provisions, IT support, infrastructure assistance, and event hosting. As of December 31, 2023, the company manages 169 centers spread across 16 cities in India, boasting a total of 105,258 seats and a chargeable area spanning 5.33 million sq. ft. Furthermore, it has 31 centers under fit-out, comprising 25,312 seats and a chargeable area of 1.23 million sq. ft. Awfis Space Solutions Limited has diversified its offerings by venturing into in-house fit-out and facility management services at its centers. Among its portfolio, 81.66% of the centers are commercial assets, while 18.34% are alternate assets. With a dedicated team of over 100 employees, primarily from hospitality backgrounds, the company ensures personalized service for each client. Additionally, it employs a team of 63 designers and project managers to elevate industry standards and enhance customer experiences.
Year Founded
17-12-2014
Promotor Details
Amit Ramani
Promoter Holdings Details
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Percentage | 40.02 | 28.56 |
| Share Capital | 26444403 | 19828817 |
Offer to Public
86,29,670.00 Cr
Project Details
- Funding capital expenditure towards establishment of new centers - 420.3cr
- Funding our working capital requirements - 543.7cr
Objectives
- Funding capital expenditure towards establishment of new centers
- Funding our working capital requirements
- andGeneral corporate purposes.
Highlights
- Awfis is the largest flexible workspace solutions provider in India, demonstrating significant market dominance and the ability to attract and retain a diverse clientele.
- The company boasts a high Net Promoter Score (NPS) of 70% as of June 30, 2023, indicating strong customer satisfaction and loyalty, which are critical for sustained growth and market leadership.
- Awfis employs a comprehensive platform strategy that creates a network effect, enhancing customer and space owner engagement. This approach not only serves each segment's primary clientele but also fosters cross-selling opportunities and improves retention.
- The company has demonstrated impressive financial performance, with revenue from customer contracts growing at a CAGR of 74.85% from Fiscal 2021 to Fiscal 2023. This financial strength underscores the company’s ability to expand and invest in new opportunities.
- Beyond providing flexible workspaces, Awfis offers a range of supporting services including food and beverages, IT support, infrastructure services, event hosting, and in-house fit-out and facility management services. This diversification enhances client value and contributes to overall business resilience.
Challenges
- Awfis has a history of net losses, including a restated loss of ₹466.37 million in Fiscal 2023 and a negative EPS of ₹8.11. This persistent financial underperformance could impact investor confidence and the company’s ability to raise capital.
- The company has experienced negative cash flows, particularly from investing activities, with a net cash outflow of ₹1,701.07 million in Fiscal 2023. Continued negative cash flows could strain the company’s liquidity and operational capabilities.
- Awfis’s rapid expansion, with operational seats increasing from 30,253 in 2021 to 79,946 in 2023, may lead to challenges in managing financial and operational resources effectively. Inadequate management of this growth could result in inefficiencies and increased operational risks.
- The company is susceptible to macroeconomic fluctuations and any slowdown in the global or Indian economy, particularly in the IT sector. With 46.26% of its clients in the IT sector, any adverse changes in this industry could significantly impact Awfis’s demand for flexible workspaces.
- There is a risk that Awfis may not generate sufficient revenue to cover its current and future expenses. Failure to achieve adequate revenue growth could harm the company's business operations, cash flow, and overall sustainability.
Financials
| Years | Total Assets | Share Capital | Profit After Tax | Consolidated Net Profit | Adjusted EPS |
|---|---|---|---|---|---|
| 2021 | 5,085.81 | 1,695.22 | -426.42 | -426.42 | -14.1508 |
| 2022 | 5,596.88 | 1,695.22 | -175.67 | -175.67 | -9.0894 |
| 2023 | 9,306.05 | 2,250.96 | -466.37 | -466.37 | -15.4765 |
| 2024 | 13,980.79 | 3,645.72 | -571.56 | -571.56 | -18.9673 |
