Awfis Space Solutions Limited IPO Full Details

Awfis Space Arrangements Initial public offering is a book fabricated issue of Rs 598.93 crores. The issue is a blend of new issue of 0.33 crore shares conglomerating to Rs 128.00 crores and make available for purchase of 1.23 crore shares collecting to Rs 470.93 crores.

Awfis Space Arrangements Initial public offering opens for membership on May 22, 2024 and closes on May 27, 2024. The allocation for the Awfis Space Arrangements Initial public offering is supposed to be settled on Tuesday, May 28, 2024. Awfis Space Arrangements Initial public offering will list on BSE, NSE with speculative posting date fixed as Thursday, May 30, 2024.

Awfis Space Arrangements Initial public offering cost band is set at ₹364 to ₹383 per share. The base part size for an application is 39 Offers. The base measure of speculation expected by retail financial backers is ₹14,937. The base part size speculation for sNII is 14 parcels (546 offers), adding up to ₹209,118, and for bNII, it is 67 parcels (2,613 offers), adding up to ₹1,000,779.

• The organization is the biggest adaptable work area arrangements supplier in India.
• It has 2295 clients and presence in 52 miniature business sectors in India as of December 31, 2023.
• The organization checked development in its top line with decreased misfortunes for the detailed periods.
• The Initial public offering is at a negative P/E as the organization has been posting misfortunes till December 31, 2023.
• It’s an unadulterated long haul story and very much educated/cash overflow financial backers might stop moderate assets.

ABOUT Organization:
Awfis Space Arrangements Ltd. (ASSL) is the biggest adaptable work area arrangements organization in India as on December 31, 2023, in view of all out number of focuses. (Source: CBRE Report) As on December 31, 2023, it is positioned first among the main 5 benchmarked players in the adaptable work area section with presence in 16 urban communities in India. (Source: CBRE Report). Further, as on December 31, 2023, the organization is available in the most extreme number of miniature business sectors in India. (Source: CBRE Report). As on the said date, it has 169 absolute places across 16 all out urban areas in India, with 105,258 complete seats and aggregate “LOI”) with space proprietors for 13 extra habitats, with 10,859 seats conglomerating to 0.55 million sq. ft. As on December 31, 2023, ASSL has more than 2,295 clients and presence in 52 miniature business sectors in India.

The organization gives a wide range of adaptable work area arrangements going from individual adaptable work area requirements to redid office spaces for new businesses, little and medium undertakings (“SMEs”) as well with respect to enormous corporates and global enterprises. Its adaptable work area arrangements take special care of fluctuated seat companions going from a solitary seat to various seats, which can be shrunk by clients for a period going from one hour to quite a long while. Over the long run, it has developed from a cooperating space to an incorporated work area arrangements stage. While its center arrangement is collaborating arrangements which incorporates flex work areas, tweaked office spaces and portability arrangements, the organization has fabricated capacities to configuration, fabricate, keep up with and deal with an extensive variety of adaptable work area prerequisites like Awfis Change (its development and fit-out administrations business fragment) and Awfis Care (its office the executives administrations business section). ASSL likewise offers unified types of assistance going from food and refreshments, data innovation support administrations and framework administrations, for example, stockpiling and customization to occasion facilitating and meeting courses of action.

How ASSL might interpret the cutting edge labor force has helped it recognize and expect to develop inclinations and prerequisites, in this manner empowering it to give custom tailored answers for meet the differed and different requirements of clients across an assorted range of socioeconomics that it takes care of. Thus, the organization has set up a good foundation for itself as a one-stop incorporated arrangement stage for any adaptable working environment necessity. Likewise, it has two unmistakable arrangements for its work areas with their own interesting recommendations, marking, crowd, and reason. ASSL took on two separated models for obtaining and securing work areas, to be specific the straight rent (“SL”) model and the oversaw conglomeration (“Mama”) model. One of its critical techniques for space obtainment over the long run was to progress to a resource light, okay Mama model from a SL model. Under the SL model, designers or space proprietors rent space to adaptable work area administrators on conventional leases wherein regular market agreements are pertinent, including a decent month to month rental, normal region upkeep Source: CBRE Report) The capital use for fitting out the property is completely borne by it.

The organization is likewise centered around building fair size habitats to figure out some kind of harmony between functional effectiveness, ideal focus edges, inhabitance develop and local area commitment. It likewise extended business contributions and began giving in-house fit-out and office the board administrations at its focuses. Progressively, it changed into a work environment arrangements stage giving an assortment of business contributions to address client interest. Moreover, it likewise changed and overhauled a few properties across its portfolio and extended portfolio to setting up adaptable work areas in substitute resources, like shopping centers.

As of December 31, 2023, the organization was functional in 16 urban communities with functional chargeable area of 4.10 million Sq. FT., 138 functional focuses, having 79946 functional and 60038 involved seats with an inhabitance level of 75.10. Consequently, for this fronts, it has stamped consistent development. As of the said date, it had 3053 workers on its finance.

ISSUE Subtleties/CAPITAL HISTORY:
The organization is emerging with its lady combo book building course Initial public offering of new value shares issue worth Rs. 128 cr. (3342027 offers at the upper cost band), and a Proposal available to be purchased (OFS) of 12295699 offers (worth Rs. 470.93 cr. at the upper cap). Accordingly the general Initial public offering size will be of 15637726 value shares worth Rs. 598.93 cr. The organization has declared a value band of Rs. 364 – Rs. 383 for each portion of Rs. 10 each. The issue opens for membership on May 22, 2024, and will close on May 27, 2024. The base application to be made is for 39 offers and in products subsequently, from there on. Post designation, offers will be recorded on BSE and NSE. The issue comprises 22.53% of the post-Initial public offering settled up capital of the organization. From the net returns of the new value issue, the organization will use Rs. 42.03 cr. for capex on foundation of new focuses, Rs. 54.37 cr. for working capital, and the rest for general corporate purposes.

The organization has held value shares worth Rs. 2 cr. (Approx. 57642 offers) for its qualified representatives and offering them a markdown of Rs. 36 for each offer. From the rest, it has apportioned at the very least 75% for QIBs, not over 15% for HNIs and not over 10% for Retail financial backers.

The joint Book Running Lead Administrators (BRLMs) to this issue are ICICI Protections Ltd., Hub Capital Ltd., IIFL Protections Ltd., and Emkay Worldwide Monetary Administrations Ltd., while Bigshare Administrations Pvt. Ltd. is the enlistment center to the issue.

Having given beginning value shares at standard, the organization gave further value partakes in the value scope of Rs. 27.78 – Rs. 273.10 per divide among June 2015, and April 2024. The typical expense of procurement of offers by the advertisers/selling partners is Rs. 29.18, Rs. 134.80, and Rs. 156.28 per share.

Post-Initial public offering, organization’s ongoing settled up value capital of Rs. 66.08 cr. will stand upgraded to Rs. 69.42 cr. In view of the upper value band of the Initial public offering, the organization is searching for a market cap of Rs. 2658.70 cr.

Monetary Execution:
On the monetary execution front, for the last three fiscals, the organization has (on a merged premise) posted an all out pay/net benefit/ – (loss) of Rs. 216.2 cr. /Rs. – (42.64) cr. (FY21), Rs. 278.72 cr. /Rs. – (57.16) cr. (FY22), and Rs. 565.79 cr. /Rs. – (46.67) cr. (FY23). For 9M of FY24 finished on December 31, 2023, it posted an overal deficit of Rs. – (18.94) cr. on an all out pay of Rs. 633.69 cr. In this manner, however organization posted development in its pay, it continued to bring about misfortunes.

For the last three fiscals, the organization has revealed a normal negative EPS of Rs. – (9.01) and a typical negative RoNW of – (38.60) %. The issue is estimated at a P/BV of 9.63 in view of its NAV of Rs. 39.79 as of December 31, 2023, and at a P/BV of 7.08 in light of its post-Initial public offering NAV of Rs. 54.07 per share (at the upper cost band).

Because of misfortunes, its Initial public offering is valued with a negative P/E. As per the administration, it will turn net money positive by next monetary and is ready for brilliant possibilities considering the interest and supply hole in the portion it is working. The organization lead with gigantic contrast in all limits with the closest contender. It is working on a resource light model and has gotten incredible reaction from the business sectors.

Profit Strategy:
The organization has not pronounced any profits for the announced times of the proposition archive. It has taken on a profit strategy in December 2023, in light of its monetary presentation and future possibilities.

Examination WITH Recorded Companions:
According to the deal report, the organization has no recorded companions in India and abroad, be that as it may, there are not many unlisted friends for example WEWORK, COWRKS, SMARTWORK, and TABLESPACE. As of late a SME Initial public offering of Kontor Space Ltd. came in the long stretch of September 2023. This organization is in a similar fragment with neighborhood play in the territory of Maharashtra.

Dealer BANKER’S History:
The four BRLMs related with the proposition have taken care of 73 public issues in the beyond three fiscals, out of which 21 issues shut beneath the deal cost on posting date.

End/Speculation Technique
The organization is an arising pioneer in India for adaptable work area arrangements and offering all connected types of assistance under one rooftop. While it has stamped consistent development in its top line, its primary concern checked declining misfortunes. Since it posted misfortunes for the detailed periods, the issue is at a negative P/E. This is an unadulterated long haul play bet and very much educated/cash overflow financial backers might stop reserves.
Survey By Dilip Davda on May 17, 2024

Audit Creator
DISCLAIMER: No monetary data at all distributed anyplace here ought to be understood as a proposal to trade protections, or as counsel to do as such in any capacity at all. All matter distributed here is only for instructive and data purposes just and by no means ought to be utilized for settling on speculation choices. Perusers should counsel a certified monetary consultant prior to pursuing any real speculation choices, in view of the data distributed here. My surveys don’t cover GMP market and administrators courses of action. Any peruser taking choices in light of any data distributed here does so completely in spite of the obvious danger. Financial backers ought to remember that an