Awfis Space Solutions shares list at 14% premium over issue price
shares of Awfis Space Solutions listed on the exchanges on Thursday with a premium of 13.6%. The stock debuted at Rs 435 on NSE as against an issue price of Rs 383 per share.
Ahead of the listing, the company's shares traded with a GMP of Rs 125 in the unlisted market.
The issue received overwhelming response from investors with an overall subscription of over 100 times at close.
«Awfis' financial situation warrants caution Despite impressive revenue growth, the company struggles with achieving profitability. Negative cash flow and a highly competitive market pose additional challenges. While the high subscription suggests investor interest in the growing workspace sector, the financials necessitate a neutral stance,» said Shivani Nyati, Head of Wealth, Swastika Investmart.
The company said it plans to utilise the net proceeds from the fresh issue of shares for expansion and establishing new centres, working capital requirements and general corporate purposes.
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Awfis is the largest flexible workspace solutions company in India as on December 2023, based on total number of centers.
The company 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 corporations and multinational corporations.
Its operating revenue for the nine months ended December 2023 came in at Rs 616 crore. For
