The initial public offering of Awfis Space Solutions Ltd received a spectacular response from investors with the share sale recording subscription of 108.56 times on the third and final day of the issue.
The offering of 8.63 million shares, excluding the anchor investors’ portion, received bids for 934.3 million shares, stock-exchange data showed.
Institutional investors bid for almost 117 times the quota set aside for them. Non-institutional investors placed bids for nearly 129.5 times the portion of shares reserved for them. Retail investors' quota was covered 53 times.
The co-working space provider had filed its preliminary papers with the Securities and Exchange Board of India in December last year. The company received regulatory approval for a public listing last month.
The IPO involved a fresh issue of shares by Awfis to raise Rs 128 crore, down from Rs 160 crore planned earlier, and an offer for sale by two of its investors.
Venture capital firm Peak XV Partners, previously known as Sequoia Capital India and Southeast Asia, and private equity firm ChrysCapital modified their plan to mint money from Awfis IPO, as they look to grab bigger cheques by selling part of their stakes.
Peak XV is offloading more than 6.6 million shares during the IPO while ChrysCapital is divesting almost 5.68 million. Previously, the VC firm planned to sell a tad more than 5 million shares while the PE firm looked to sell 5.01 million when Awfis filed its draft IPO documents in December last year.
Ahead of the IPO, Peak XV sold shares worth Rs 38.3 crore of Awfis to Ashoka India Equity Investment Trust Plc.
Awfis enables users to book work-desks, private cabins, meeting rooms and business centres. Beyond workspace, the company offers capabilities in design, construction, maintenance, and management of flexible workspaces, along with allied services, including food and beverages, IT support, and infrastructure services such as storage and customization, along with event hosting and meeting arrangements.
Awfis has raised nearly Rs 450 crore from private market investors. It last raised private capital in Series E round in 2022 from investors including Ashish Kacholia, Rajesh Kumar Gupta, Rajiv Goel, Ramesh Kumar Sharma and the family office of Havells India Ltd. In 2019, ChrysCapital participated in Series D round funding of Awfis.