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awfis ipo: Retail portion of Awfis IPO fully subscribed within hours of opening

The retail portion of Awfis Space Solutions Ltd’s initial public offering (IPO) was fully subscribed within the first few hours of the issue opening on Wednesday.

According to data released by the stock exchanges, the retail portion was subscribed 1.91 times as of 11:15 am on May 22, while the overall subscription stood at 0.47 times.

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Prior to the book-building process for its IPO, the office space sharing company had raised nearly Rs 269 crore from 32 anchor investors. Of this, the Delhi-based company raised Rs 144 crore from 19 domestic mutual funds.

The IPO, which includes a fresh share sale of Rs 128 crore and an offer-for-sale (OFS) of up to 12.2 million shares, will close on May 24.

Also read: Wait for Awfis Space Solutions to deliver stable profitability

The company has set a price band of Rs 364-383 per share, with investors able to bid for 39 shares in one lot. At the upper end of the price band, the company plans to raise around Rs 599 crore, valuing it at Rs 2,659 crore.

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About 75% of the IPO is reserved for qualified institutional bidders (QIBs), 15% for non-institutional investors, and the remaining 10% for retail investors.Promoter Peak XV Partners and other shareholders, Bisque and Link Investment Trust, are participating in the OFS.

Peak XV Partners plans to sell up to 6.6 million shares, while ChrysCapital unit Bisque will sell 5.6 million shares. Real estate investment trust Link Investment Trust will sell another 85,201 shares.

The company had earlier announced that it was reducing the size of its fresh offering, while increasing the OFS component. It originally planned a fresh issue of Rs 160 crore and its investors were looking to sell 10 million shares.