AWFIS Space IPO Subscription Status

Awfis Space Solutions - IPO subscription Status on Day-2

As of 5.15 pm on 23rd May 2024, out of the 86.30 lakh shares on offer in the IPO (excluding anchor portion), Awfis Space Solutions saw bids for 369.18 lakh shares. This implies an overall subscription of 4.28X at a macro level. The granular break-up of subscriptions as of the close of the first day of the IPO of Awfis Space Solutions was as under:

The subscriptions were led by the retail investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. The past experience has been that, the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Data Source: BSE

The IPO is open up to May 27, 2024, at which point we will know the final subscription status of the IPO. Here are some key takeaways from Day-2.

• In the QIB portion, DFIs (other than mutual funds) accounted for 88.09% of the overall QIB bids. The contribution of mutual funds and FPIs was negligible.
   
• In the HNI / NII portion, the S-HNIs (Rs2 lakhs to Rs10 lakhs) was subscribed 10.01 times while the B-HNI portion (above Rs10 lakhs) was subscribed 5.22 times.
   
• Out of the total retail bids of 191.18 lakh shares, a total of 171.30 lakh shares, or 89.60% of the retail bids, came in at the cut off price.

Awfis Space Solutions IPO Subscription Status on Day-1

As of 5.30 pm on 22nd May 2024, out of the 86.30 lakh shares on offer in the IPO (excluding anchor portion), Awfis Space Solutions saw bids for 174.77 lakh shares. This implies an overall subscription of 2.03X at a macro level. The granular break-up of subscriptions as of the close of the first day of the Awfis Space Solutions IPO was as under:

The subscriptions were led by the retail investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Data Source: BSE

The IPO is open up to May 26, 2024, at which point we will know the final subscription status of the IPO.

Awfis Space Solutions – Share allocation across categories

The entire anchor allocation was made at the upper end of the price band of ₹383 per share. This includes the face value of ₹10 per share plus a share premium of ₹373 per share, taking the anchor allocation price to ₹383 per share. Let us focus on the anchor allotment portion ahead of the Awfis Space Solutions Ltd IPO, which saw the anchor bidding opening and also closing on 21st May 2024. Post the anchor allocation, here is how the overall allocation looked.

Here it must be noted that the 70,13,483 shares allocated to the anchor investors on 21st May 2024, were actually reduced from the original QIB quota; and only the residual amount would be available to QIBs in the IPO. That change has been reflected in the table above, with the QIB IPO portion reduced to the extent of the anchor allocation. As a result, the QIB quota has reduced from 74.73% before the anchor allocation to 29.89% after the anchor allocation. The overall allocation to QIBs includes the anchor portion, so the anchor shares allotted has been deducted from the QIB quota for the purpose of the public issue.

About the Awfis Space Solutions IPO

The IPO of Awfis Space Solutions will be open from May 22nd, 2024 to May 26th, 2024; both days inclusive. The stock of Awfis Space Solutions has a face value of ₹10 per share and the price band for the book building IPO has been set in the range of ₹364 to ₹383 per share. The IPO of Awfis Space Solutions will be a combination of a fresh issue of shares and offer for sale (OFS) component. The fresh issue brings in funds into the company, but is also EPS and equity dilutive. On the other hand, OFS is just a transfer of ownership. The fresh issue portion of the IPO of Awfis Space Solutions comprises the issue of 33,42,037 shares (33.42 lakh shares approximately), which at the upper price band of ₹383 per share will translate into a fresh issue size of ₹128 crore.

The offer for sale (OFS) portion of the IPO of Awfis Space Solutions comprises the sale / offer of 1,22,95,699 shares (122.96 lakh shares approximately), which at the upper price band of ₹383 per share will translate into an OFS size of ₹470.93 crore. Out of the OFS size of 122.96 lakh shares, 1 promoter shareholder Peak XV Partners Investments will offer (66.16 lakh shares). Out of the 2 other selling shareholders, Bisque Limited will offer (55.95 lakh shares), and Link Investment Trust will offer (0.85 lakh shares). Thus, the total IPO of Awfis Space Solutions will comprise of a fresh issue and an OFS of 1,56,37,736 shares (156.38 lakh shares approximately) which at the upper end of the price band of ₹383 per share aggregates to total issue size of ₹598.93 crore. The IPO of Awfis Space Solutions will be listed on the NSE and the BSE on the IPO mainboard.

The fresh funds will be used for funding capex of new centres, and for working capital requirements. The company has been promoted by Amit Ramani and Peak XV. The IPO will be lead managed by ICICI Securities, Axis Capital, IIFL Securities, and Emkay Global Financial Services; while Bigshare Services Private Ltd will be the IPO registrar.

Read more about Awfis Space Solutions IPO

Next Steps in the Awfis Space Solutions

The issue opens for subscription on 22nd May 2024 and closes for subscription on 27th May 2024 (both days inclusive). The basis of allotment will be finalized on 28th May 2024 and the refunds will be initiated on 29th May 2024. In addition, the demat credits are expected to also happen on 29th May 2024 and the stock will list on 30th May 2024 on the NSE and the BSE. Awfis Space Solutions Ltd will test the appetite for private sector new age realty stocks in India. The credits to the demat account to the extent of shares allotted will happen by the close of 29th May 2024 under ISIN (INE108V01019).