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:
- India's office market, growing at a 6.3% CAGR (2023-2026), benefits from rising domestic occupier interest and strong global demand.
- 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:
- Funding capital expenditure towards the establishment of new centres;
- Funding our working capital requirements and
- 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.
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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 |
|---|---|---|---|
| Revenue from Operations (in ₹ million) | 6,336.94 | 5,657.87 | 2,787.16 |
| Profit After Tax (PAT) (in ₹ million) | (192.54) | (466.67) | (573.67) |
| Cash & Cash Equivalents (in ₹ million) | 59.81 | (26.93) | (43.79) |
| Net Worth | 1,693.64 | 947.21 | 1,507.53 |
| Net Worth (in ₹ million) | 2,471.85 | 1,693.64 | 947.21 |
| Debt to Equity Ratio(x) | 0.10 | 0.06 | 0.13 |
| Return on Capital Employed (RoCE) (%) | 49.91% | 25.26% | 1.75% |
| Diluted Earning Per Share (EPS)-in absolute ₹ | (3.05) | (8.11) | (10.68) |
Know before investing
Strengths
4Awfis leads India's flexible workspace market, with 169 centers across 16 cities and 105,258 seats as of December 31, 2023.
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.
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.
Awfis holds the largest flexible workspace footprint in Tier 2 cities among top operators, enhancing regional economic development and workspace standards.
Risks
4Awfis has a history of net losses, with a restated loss of ₹466.37 million and negative EPS of ₹8.11 in Fiscal 2023.
Awfis experienced negative cash flows from investing activities, with a net cash outflow of ₹1,701.07 million in Fiscal 2023.
Awfis's rapid growth, with operational seats increasing from 30,253 (2021) to 79,946 (2023), may strain financial and operational resources.
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.
