Awfis Space Solutions extends IPO closing date to May 27
What's the story
Awfis Space Solutions has announced the extension of its initial public offering (IPO) closing date from May 24 to May 27.
This decision was made despite the issue being fully subscribed across all categories.
The price band for the IPO remains unchanged at ₹364-383 per share.
Awfis, a co-working space company headquartered in Delhi, India, was founded by Amit Ramani in 2015 and operates in 16 cities nationwide.
IPO subscription
Awfis IPO oversubscribed, investors show strong interest
The initial share sale of Awfis, worth ₹599 crore, was subscribed 11.4 times during the period of May 22-24.
A total of 9.73 crore equity shares were purchased by investors, surpassing the IPO size of 86.29 lakh equity shares.
Retail and non-institutional investors led the buying spree, purchasing 21.08 times and 20.98 times their allotted quotas, respectively.
IPO details
Awfis IPO comprises fresh issuance and offer-for-sale
The Awfis IPO comprises a fresh issuance of shares worth ₹128 crore and an offer-for-sale of 1.22 crore equity shares valued at ₹470.93 crore at the upper price band.
Established in 2014, Awfis provides flexible workspace solutions for start-ups, SMEs, and large corporations.
The change in the closing date has led to adjustments in the further IPO schedule.
Schedule adjustment
Revised schedule for Awfis IPO allotment and trading
Due to the change in the closing date, Awfis will now finalize the basis of allotment of IPO shares on May 28 instead of May 27.
Equity shares are expected to be credited to demat accounts by May 29.
Trading in Awfis IPO shares, initially set to commence on May 29, will now begin on May 30.
Grey market performance
Awfis IPO shares attract premium in grey market
Market observers have noted that Awfis IPO shares have attracted a significant premium in the grey market.
The shares are trading at around a 25-30% premium over the upper price band.
This indicates strong investor interest and confidence in the company's prospects, reflecting positively on the upcoming official trading commencement on May 30.