Shares of the coworking startup Awfis soared, hitting a 20% upper circuit and achieving a new 52-week high of INR 757.20 per share during intraday trading on the BSE. The stock began Thursday’s session at INR 631 per share, an increase of over 2% from the previous close.
Despite reaching a new high, the stock closed at INR 703.95 per share, marking an 11.56% increase for the day. Awfis made its debut on Dalal Street on May 30, with shares listing at a 12.8% premium on the BSE.
At the closing price of INR 703.95, the stock was 62.8% above its listing price of INR 432.25 per share and 83.7% higher than its issue price of INR 383 per share. The Awfis IPO, which included a fresh issue of shares worth INR 128 crore and an offer for sale of up to 1.23 crore shares, was highly demanded, being oversubscribed 108.56 times on the final bidding day.
Founded in 2015 by Amit Ramani, Awfis is the largest flexible space operator in India, with 181 centers, approximately 1.1 lakh seats, and about 5.6 million square feet of chargeable area as of March 31, 2024. Initially a coworking network, Awfis has evolved into a tech-enabled workspace solutions platform, serving enterprises, freelancers, startups, and SMEs.
The Delhi NCR-based startup first turned profitable in Q4 of FY24, reporting a profit after tax (PAT) of INR 1.4 crore on an operating revenue of INR 232.3 crore. Recently, Awfis managing director and chairman Amit Ramani expressed confidence in the startup’s continued growth and profitability.