Shares of Awfis Space Solutions Ltd made a muted debut at Dalal Street on Thursday, less than expectations of the investors and market participants. The stock kicked off trading at Rs 435 apiece on NSE, a premium of 13.57 per cent over its issue price of Rs 383 per share. Similarly, the stock was listed at a premium of 12.85 per cent at Rs 432.25 on BSE. However, the listing has been on a muted line compared to the grey market premium (GMP). Ahead of its listing, Awfis Space Solutions was commanding a premium of Rs 85-90 in the grey market, suggesting a listing pop of 22-25 per cent to the investors on listing over its issue price of Rs 383 apiece. Awfis Space Solutions' IPO was open for bidding May 22 and May 27. The company offered its shares in the fixed price band of Rs Rs 364-383 per share with a lot size of 39 shares. The company raised a total of Rs 598.93 crore through its primary offering, which included a fresh share sale of Rs 128 crore and offer-for-sale (OFS) of up to 1,22,95,699 equity shares. The issue was overall subscribed a whopping 108.56 times. The quota for qualified institutional bidders (QIBs) was booked 116.95 times and the allocation for non-institutional investors was subscribed 129.81 times. The portions reserved for retail investors and employees were subscribed 54.58 times and 25.20 times, respectively during the bidding process. New Delhi-based Awfis Space Solutions, incorporated in December 2014, is a workspace solution provider in India. The company offers a wide range of flexible workspace solutions, catering to the needs of individuals, start-ups, SMEs, and large corporations. It has expanded its business offerings and now provides in-house fit-out and facility management services at its centers. According to the DRHP of the company, Seasoned Dalal Street investor Ashish Kacholia owned 34,65,691 equity shares or 5.18 per cent stake in the company who invested about Rs 50 crore in the company converting his compulsorily convertible preference share shares at Rs 144.27 apiece in April 2024. IIFL Securities, ICICI Securities, Axis Capital and Emkay Global Financial Services are the book running lead managers of the Awfis Space Solutions IPO, while Bigshare Services is the registrar for the issue.