Awfis Space Solutions IPO extended to May 27, GMP in double-digit

Workspace solution provider Awfis Space Solutions has decided to extend the closing date for its initial public offering to May 27 from May 24, despite the issue being fully subscribed across categories. The price band remained unchanged at Rs 364-383 per share.

The Rs 599-crore initial share sale was subscribed 11.4 times during May 22-24, with investors buying 9.73 crore equity shares against the IPO size of 86.29 lakh equity shares.

Retail investors and non-institutional investors were at the forefront of supporting the issue, buying 21.08 times and 20.98 times the allotted quotas respectively. Investors picked 3.39 times shares in the qualified institutional investors category, while the portion set aside for employees was subscribed 10.43 times.

The IPO comprises a fresh issuance of shares worth Rs 128 crore and an offer-for-sale of 1.22 crore equity shares worth Rs 470.93 crore at the upper price band.

Established in 2014, Awfis offers flexible workspace solutions for start-ups, SMEs, and large corporations.

With the change in closing date, the further IPO schedule has also been changed. The company will finalise the basis of the allotment of IPO shares on May 28 instead of May 27, and the equity shares will be credited to demat accounts by May 29.

The trading in shares was supposed to take place on May 29, which now will commence on the bourses from May 30.

Awfis IPO shares attracted good premium in the grey market, trading at around 25-30 percent premium over the upper price band, market observers said. The grey market is an unofficial platform for trading in IPO shares till the listing.