₹ 364 - ₹ 383
22-May-2024 - 27-May-2024
₹ 14937.00



22-May-2024 - 27-May-2024

₹ 364 - ₹ 383

Price Band

₹ 14937.00

Minimum Investment


Bid Lot


  • Face Value - ₹ 10/- Per Share

  • Listing at NSE,BSE

  • 39,962 Application Required in Retail for 1 Time.

  • Registrar : Bigshare Services Pvt. Ltd

IPO Details

Fresh Issue aggregating to Rs. 128 Cr and Offer for Sale Up to 12,295,699 Equity Shares

Category % Shares/Amount
QIB 75% 11,689,139 Shares Rs.447.69 Cr
HNI 1 5% 779,275 Shares Rs.29.85 Cr @ 1427 Form 1X
HNI 2 10% 1,558,552 Shares Rs.59.69 Cr @ 2854 Form 1X
Retail 10% 1,558,551 Shares Rs.59.69 Cr @ 39963 Form 1X

BRLMs: Axis Capital, ICICI Securities, IIFL Securities, Emkay Global Financial Services

Application Require for 1 Time

Retail (Upto 2 Lakh) HNI (2 Lakh to 10 Lakh) HNI (Above 10 Lakh)
39963 Form 1X 1427 Form 1X 2854 Form 1X

IPO Lot Size

Category Lots Shares Amount
Retail (Upto 2 Lakh) 1 39 ₹ 14,937
Retail (Upto 2 Lakh) 13 507 ₹ 194,181
S-HNI (2 Lakh to 10 Lakh) 14 546 ₹ 209,118
S-HNI (2 Lakh to 10 Lakh) 66 2574 ₹ 985,842
B-HNI (Above 10 Lakh) 67 2613 ₹ 1,000,779

IPO Timeline

  • Open Date

  • Close Date

  • Basis of Allotment Date

  • Initiation of Refunds

  • Credit Shares to Demat A/c

  • IPO Listing Date


Subscription as on
27-May-2024 17:03

Category Book Size Subscription No. of Times
QIB 4,675,656 ₹ 179.08 Cr. 546,835,497 ₹ 20943.80 Cr. 116.95x
HNI (<10 LAKH) 779,275 ₹ 29.85 Cr. 86,900,229 ₹ 3328.28 Cr. 111.51x
HNI2 (>10 LAKH) 1,558,552 ₹ 59.69 Cr. 215,307,651 ₹ 8246.28 Cr. 138.15x
RETAIL 1,558,551 ₹ 59.69 Cr. 82,846,881 ₹ 3173.04 Cr. 53.16x
Total 8,572,034 931,890,258 108.71x
Category Book Size Subscription No. of Times
QIB 4,675,656 ₹ 179.08 Cr. 546,835,497 ₹ 20943.80 Cr. 116.95x
HNI (<10 LAKH) 779,275 ₹ 29.85 Cr. 86,900,229 ₹ 3328.28 Cr. 111.51x
HNI2 (>10 LAKH) 1,558,552 ₹ 59.69 Cr. 215,307,651 ₹ 8246.28 Cr. 138.15x
RETAIL 1,558,551 ₹ 59.69 Cr. 82,846,881 ₹ 3173.04 Cr. 53.16x
Total 8,572,034 931,890,258 108.71x

*Excluding Anchor

Total No. of Application Approx : ~1965809 (49.19 Appwise)

Disclaimer: The above-mentioned information / data are sourced from the websites of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) and are subject to change on real time basis. For updated information / data you can visit their respective website. The information / data provided herein above are for information purpose only and provided "AS IS" and "AS AVAILABLE" basis and without warranty, express or implied. We do not guarantee or warrant the accuracy, adequacy or completeness of the information received through the said websites. “We” hold not responsibility of any kind as regard to any discrepancies, errors, omissions, losses or damages. “We” including its affiliates and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of information / data received through the said websites. The recipient alone shall be fully responsible / are liable for any decision taken on the basis of such information / data. All recipients should before acting upon the said information make their own investigation, seek appropriate professional advice.

About Company

  • The Company was incorporated as ‘Awfis Space Solutions Pvt. Ltd’ on December 17, 2014. Thereafter, the Company was converted to a public limited and the name was changed to ‘Awfis Space Solutions Ltd’ on December 5, 2023.  Awfis 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.
  • Awfis is the largest flexible workspace solutions company in India as on December 31, 2023, based on total number of centers and ranked 1st among the top 5 benchmarked players in the flexible workspace segment with presence in 16 cities in India. Furthermore, Awfis has 2,295+ clients and has presence in 52 micro markets in India.
  • In addition to offering core co-working solutions the company has built capabilities to design, build, maintain and manage a wide range of flexible workspace requirements such as Awfis Transform (construction and fit-out services business segment) and Awfis Care (facility management services business segment).
  • Awfis has 169 total centers across 16 total cities in India, with 105,258 total seats and total chargeable area of 5.33 million sq. ft., of which 31 centers and 25,312 seats are under fit-out with chargeable area aggregating to 1.23 million sq. ft.
  • The company’s flexible workspace solutions cater to varied seat cohorts ranging from a single seat to multiple seats, which can be contracted by the clients for a period ranging from one hour to several years.
  • The company has differentiated models for sourcing and procuring workspace i.e. SL (Straight Lease) Model and the MA (Managed Aggregation) Model. Awfis has increased its focus on the lower-risk, asset light MA model and as of December 31, 2023, 66.43% of its centers are under the MA model, based on total seats.
  • The company’s capital expenditure per seat was ~ ? 50,000 in FY2022 and 2023 and 9 months ended December 31, 2023, while the average capital expenditure, per seat in 2023 by top operators in India typically ranged between ? 80,000 and ? 200,000.
  • The company’s Revenue from Contract with customers has grown at a CAGR of 74.85% from ? 178.36 Cr to ? 545.28 Cr. The total borrowings were ? 10.92 Cr in FY 2023. The ROCE was 25.26% in FY 2023. The ROCE increased by 4.59 times from FY 2021 to 9 months ended December 31, 2023.
Read More


Competitive Strength 

  • Leadership in a large and growing marketplace
  • Innovating in the flexible workspace industry with the adoption of the MA model
  • Diverse space sourcing and demand strategies
  • Growth through an integrated platform approach 
  • Delivering strong financial and operating metrics
  • Experienced and diverse senior management team

 Business Strategies 

  • Continue to build an industry leading capital efficient model
  • Expand in new and existing markets
  • Enhance the product and service offerings
  • Improving operational efficiency

Company Promoters

Amit Ramani is the Chairman and Managing Director of the Company. Rajesh Kharabanda is an Additional Director (Non-Executive) of the Company. Arjun Bhartia is a Non-Executive Director of the Company. Anil Parashar is an Independent Director on the Board of the Company. Radhika Jaykrishna is an Independent Director of the Company. Sanjay Shah is an Independent Director of the Company. Ravi Dugar is the CFO of the Company. Amit Kumar is the Company Secretary and Compliance Officer of the Co

Company Financials

Awfis Space Solutions Limited Financial Information (Restated Consolidated)

Awfis Space Solutions Limited's revenue increased by 103% and profit after tax (PAT) rose by 18.4% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended 31 Dec 2023 31 Mar 2023 31 Mar 2022 31 Mar 2021
Assets 1,352.25 930.61 559.69 508.58
Revenue 633.69 565.79 278.72 216.02
Profit After Tax -18.94 -46.64 -57.16 -42.64
Net Worth 247.19 169.36 94.72 150.75
Reserves and Surplus -265.56 -204.30 -223.37 -167.12
Total Borrowing 23.72 10.92 12.11 2.97
Amount in ? Crore

Objects of the Issue

The Company proposes to utilize the Net Proceeds towards funding the following objects (collectively, the "Objects"):.

  • Funding capital expenditure towards the establishment of new centres;
  • Funding the working capital requirements and
    • General corporate purposes

How to Apply

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    Once you accept the mandate, Application is submitted successful.

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Frequently Asked Questions

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