Awfis Space Solutions is scheduled to finalize the basis of allotment of its shares most likely on Tuesday, May 28. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate by Wednesday. The issue of workspace solution providers saw a solid bidding from HNI and institutional investors.
New Delhi-based Awfis Space Solutions' IPO ran between May 22 and May 27, which was sold in the price band of Rs 264-383 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 stellar 108.56 times. On an individual basis, 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 was subscribed 54.58 times and 25.20 times, respectively during the three-day bidding process.
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.
The grey market premium (GMP) for Awfis Space Solutions has seen a some improvement after a bumper bidding for the issue. The company was commanding a GMP of Rs 125-130 apiece, suggesting a listing pop of 33-35 per cent to the investors from the upper end of the price band. The premium in the unofficial market stood at Rs 110-115 on Friday.
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.
Brokerage firms were mostly positive on the issue, suggesting to subscribe to it citing its strong leadership, robust potential in the market, solid supply and cost efficiency. However, some analysts are concerned over its loss making nature, increasing competition, market fluctuations and issues in retaining clients.
Axis Capital, IIFL Securities, ICICI Securities 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. Shares of the company shall be listed on both BSE and NSE likely on Thursday, May 30.
Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Go Digit General Insurance Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit.
Investors can also check the allotment status on the online portal of Bigshare Services Limited (https://ipo.bigshareonline.com/IPO_Status.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.
1) Go to the web portal of Bigshare Services Private Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You shall be required to select either one of the three modes: Application number/CAF No, Beneficiary ID, or PAN ID.
4) Enter the details of the mode you selected in Step 2
5) For security purposes, fill the captcha accurately
6) Hit Search to know your allotment status.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.