Awfis Space Solutions IPO exceeds expectations, oversubscribed 108 times
What's the story
Awfis Space Solutions's Initial Public Offering (IPO) experienced a dramatic increase in investor interest today, the final day of bidding.
The issue was oversubscribed by a whopping 108 times with bids received for approximately 93.06 crore shares against the available offer of just 86.29 lakh shares.
The IPO is valued at ₹599 crore and includes a fresh issuance of shares worth ₹128 crore along with an offer-for-sale (OFS) of over one crore equity shares by existing shareholders.
Investor breakdown
Non-institutional investors lead subscription race
Non-institutional investors emerged as the leading group in the subscription race, purchasing 129.06 times of their reserved portion.
Retail investors were not far behind, subscribing at a rate of 51.82 times their allocated shares.
Qualified institutional buyers also showed significant interest, oversubscribing their reserved portion by 116.95 times.
The price band for the IPO is ₹364-383 per share. At the time of writing, the grey market premium was ₹124, meaning the stock may list at ₹507 (up ~32%).
Anchor investment
Institutional investors contribute substantially through anchor book
Institutional investors made a significant contribution to the IPO through the anchor book, investing ₹268.6 crore on May 21.
A total of 70,13,483 equity shares were allocated at ₹383 per share in this process.
Key participants in the anchor book included prominent names such as Ashoka Whiteoak ICAV, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon Life India, Axis Mutual Fund and others.