IPO Details

Bidding Dates

22 May '24 - 27 May '24

Minimum Investment

₹14,937 / 1 Lot ( 13 Shares )

Price Range

₹364 - ₹383

Maximum Investment

₹1,94,181 / 1 Lot ( 507 Shares )

Retail Discount

Not Applicable

Issue Size

₹598.93 Cr

Investor category and sub category

Retail Individual Investors  |   Non-Institutional Investors  |   Qualified Institutional Buyers (QIB)   |  

Awfis Space IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

May 22, 2024

IPO Closing Date

May 27, 2024

Basis of Allotment

May 28, 2024

Initiation of Refunds

May 29, 2024

Credit of Shares to Demat

May 29, 2024

IPO Listing Date

May 30, 2024

Cut-off time for UPI mandate confirmation

May 30, 2024

IPO Subscription Details


Day 1May 22, 2024

0.30x 2.78x 6.19x 3.61x 2.06x

Day 2May 23, 2024

0.32x 6.84x 12.35x 6.87x 4.30x

Day 3May 24, 2024

3.39x 21.02x 21.18x 10.48x 11.43x

Awfis Space IPO Subscription Status Live

Investor Category Subscription (Times)
Qualified Institutional Buyers 3.39
Non-Institutional Buyers 21.02
Retail Investors 21.18
Employees 10.48
Total 11.43

About Awfis Space Solutions Limited

Incorporated in December 2014, Awfis Space Solutions Limited is a leading workspace solution provider in India, offering a comprehensive range of flexible workspace solutions to cater to the needs of individuals, start-ups, SMEs, and large corporations.

The company's core offerings include co-working spaces, custom office solutions, and mobility services. Awfis also provides essential supporting services such as food and beverages, IT support, infrastructure services, and event hosting.

As of December 31, 2023, Awfis operates 169 centres across 16 cities in India, boasting a total of 105,258 seats within a chargeable area of 5.33 million square feet. An additional 31 centres, comprising 25,312 seats and a chargeable area of 1.23 million square feet, are currently under fit-out. The company's portfolio includes commercial assets (81.66%) and alternate assets (18.34%).

Awfis has diversified its business offerings to include in-house fit-out and facility management services. With a dedicated team of over 100 employees from hospitality backgrounds and 63 designers and project managers, Awfis is committed to delivering an exceptional workspace experience for every client.

Industry Outlook:

  1. India's office market, growing at a 6.3% CAGR (2023-2026), benefits from rising domestic occupier interest and strong global demand.
  2. Office stock surged 18x, from 46 million sq. ft. (pre-2003) to 832 million sq. ft. (2023), reflecting robust real estate investment.

Awfis Space IPO Details

Awfis Space IPO Dates

Awfis Space Solutions IPO is open from May 22, 2024, to May 27, 2024. The IPO will be listed on BSE and NSE.

Awfis Space Solutions IPO Price Band

Awfis Space Solutions is a book built issue IPO. The price band is set at ₹364 to ₹383 per share.

Awfis Space Solutions IPO Lot Size

The lot size for Awfis Space Solutions Limited’s IPO is 39 shares with a minimum investment of ₹14,937.

Awfis Space Solutions Limited IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Funding capital expenditure towards the establishment of new centres;
  2. Funding our working capital requirements and
  3. General corporate purposes.

Peer Details

There are no listed companies in India or abroad engaged in developing a similar line of product solutions to those of Awfis Space Solutions Limited.

How To Check the Awfis Space Solutions Limited Allotment Status?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app.
  • Go to the Individual order details page of the IPO that you had applied for.
  • Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.

Contact Details of Awfis Space Solutions Limited IPO

  • Registered office: C-28-29, Kissan Bhawan, Qutab Institutional Area, New Delhi 110 016, India.
  • Phone: +91 11 4106 1878
  • E-mail: cs.corp@awfis.com

IPO Financials

Particulars 9-Month period Ending on December 31, 2023 Year ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Revenue from Operations (in ₹ million) 6,336.94 5,657.87 2,787.16 2,160.20
Profit After Tax (PAT) (in ₹ million) (192.54) (466.67) (573.67) (427.01)
Cash & Cash Equivalents (in ₹ million) 59.81 (26.93) (43.79) 30.19
Net Worth 1,693.64 947.21 1,507.53
Net Worth (in ₹ million) 2,471.85 1,693.64 947.21 1,507.53
Debt to Equity Ratio(x) 0.10 0.06 0.13 0.02
Return on Capital Employed (RoCE) (%) 49.91% 25.26% 1.75% 10.88%
Diluted Earning Per Share (EPS)-in absolute ₹ (3.05) (8.11) (10.68) (8.38)

Know before investing


  1. Awfis leads India's flexible workspace market, with 169 centers across 16 cities and 105,258 seats as of December 31, 2023.

  2. Awfis's revenue grew at a CAGR of 74.85% from ₹1,783.60 million (2021) to ₹5,452.82 million (2023), showcasing robust financial performance.

  3. The MA model covers 66.43% of Awfis's seats, reducing capital expenditure per seat to ₹50,000, significantly lower than competitors' ₹80,000-₹200,000.

  4. Awfis holds the largest flexible workspace footprint in Tier 2 cities among top operators, enhancing regional economic development and workspace standards.


  1. Awfis has a history of net losses, with a restated loss of ₹466.37 million and negative EPS of ₹8.11 in Fiscal 2023.

  2. Awfis experienced negative cash flows from investing activities, with a net cash outflow of ₹1,701.07 million in Fiscal 2023.

  3. Awfis's rapid growth, with operational seats increasing from 30,253 (2021) to 79,946 (2023), may strain financial and operational resources.

  4. Awfis's business is vulnerable to macroeconomic fluctuations. With 46.26% of clients in the IT sector, the company heavily influences demand for flexible workspaces.

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Awfis Space Solutions IPO FAQs

What is Awfis Space Solutions Limited's IPO?

Awfis Space Solutions Limited IPO is a book built IPO. The IPO will be open from May 22, 2024, to May 27, 2024.

When will Awfis Space Solutions Limited's IPO be allotted?

The Basis of Allotment will happen on Tuesday, May 28, 2024.

When will Awfis Space Solutions Limited's IPO open for subscription?

The IPO subscription window will open on May 22, 2024.

What minimum lot size can retail investors subscribe to?

The lot size for Awfis Space Solutions Limited’s IPO is 39 shares with a minimum investment of ₹14,937.

When will Awfis Space Solutions Limited list on exchanges?

The listing date for Awfis Space Solutions is Thursday, May 30, 2024.

What would be the listing gains on the Awfis Space Solutions Limited IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for the Awfis Space Solutions Limited IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Awfis Space Solutions Limited's IPO?

You must complete the payment process by logging in to your UPI handle and approve the payment mandate.

Can I submit more than one application for the public issue of Awfis Space Solutions Limited using one PAN?

You can submit only one application using your PAN card.