Awfis sets Rs 364-383 price band for IPO
workspace solutions provider Awfis Space Solutions on Thursday announced a price band of Rs 364-383 per share for its initial public offering, scheduled for launch on May 22. At that price, the total proceeds from the IPO would be between Rs 576 crore and Rs 599 crore.
Awfis is the first Indian coworking services provider heading for an IPO.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Product ManagementVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitThe company expects its differentiated business model, expanding presence in tier-1 and tier-2 cities and increasing demand from large enterprises and startups to help make its public listing a success and drive future growth, founder and managing director Amit Ramani told ET on the sidelines of a pre-IPO conference in Mumbai.
The company reported operating revenue of Rs 616 crore for the nine months through December 2023. In the fiscal year ended March 31, 2023, operating revenue had more than doubled from the previous year to Rs 545 crore, according to its red herring prospectus.
It is still operating at a loss. It reported a net loss of Rs 18.9 crore for the April-December 2023 period. In FY23, net loss narrowed to Rs 46.6 crore from Rs 57.3 crore in FY22.
Ramani said Awfis is currently cash-flow positive, with earnings before interest and tax (EBIT) of Rs 67 crore.
“The profitability question
