AWFIS Space IPO Subscription Status

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 27th May 2024 - 05:45 pm

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Awfis Space Solutions - IPO subscription Status on Day-4

As of 5.30 pm on 27th May 2024, out of the 86.30 lakh shares on offer in the IPO (excluding anchor portion), Awfis Space Solutions saw bids for 9,334.36 lakh shares. This implies an overall subscription of 108.17X at a macro level. The granular break-up of subscriptions as of the close of the third day of the IPO of Awfis Space Solutions was as under:

Employees (24.67X)

QIBs (116.95X)

HNI / NII (129.27X)

Retail (53.23X)

The subscriptions were led by the HNI / NII investors followed by the QIB Investors and the retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was 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. Both the QIB and the HNI / NII portion saw the bulk of the subscriptions coming in on the last of the day of the IPO. The IPO has closed on Monday May 27, 2024. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Investor
Category

Subscription
(times)

Shares
Offered

Shares
bid for

Total Amount
(₹ in Crore)

Anchor Investors

1.00

70,13,483

70,13,483

268.62

Employee Quota

24.67

57,636

14,22,135

54.47

QIB Investors

116.95

46,75,656

54,68,35,497

20,943.80

HNIs / NIIs

129.27

23,37,827

30,22,21,530

11,575.08

Retail Investors

53.23

15,58,551

8,29,56,783

3,177.24

Total

108.17

86,29,670

93,34,35,945

35,750.60

Data Source: BSE

The IPO was open up to May 27, 2024, and has closed as of the end of Monday. The final subscription stands at 108.17 times. Here are some key takeaways from Day-4.

  • In the QIB portion, FPIs accounted for the bulk of the 37% of the total bids received, while the DFIs (other than mutual funds) accounted for 31.7% of the overall QIB bids. The contribution of mutual funds was just 4.9% as of the close of Day-4.
     
  • In the HNI / NII portion, the S-HNIs (Rs2 lakhs to Rs10 lakhs) was subscribed 111.54 times while the B-HNI portion (above Rs10 lakhs) was subscribed 138.15 times.
     
  • On the retail investor portion, out of the total bids for 829.58 lakh shares, a total of 717.28 lakh shares, or 86.46% of the retail bids, came in at the cut off price.

Awfis Space Solutions - IPO subscription Status on Day-3

As of 5.30 pm on 24th May 2024, out of the 86.30 lakh shares on offer in the IPO (excluding anchor portion), Awfis Space Solutions saw bids for 984.44 lakh shares. This implies an overall subscription of 11.41X at a macro level. The granular break-up of subscriptions as of the close of the third day of the IPO of Awfis Space Solutions was as under:

Employees (10.48X)

QIBs (3.39X)

HNI / NII (20.99X)

Retail (21.11X)

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. The IPO closes on Monday May 27, 2024. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Investor
Category

Subscription
(times)

Shares
Offered

Shares
bid for

Total Amount
(₹ in Crore)

Anchor Investors

1.00

70,13,483

70,13,483

268.62

Employee Quota

10.48

57,636

6,04,032

23.13

QIB Investors

3.39

46,75,656

1,58,60,286

607.45

HNIs / NIIs

20.99

23,37,827

4,90,78,146

1,879.69

Retail Investors

21.11

15,58,551

3,29,01,648

1,260.13

Total

11.41

86,29,670

9,84,44,112

3,770.41

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-3.

  • In the QIB portion, FPIs accounted for 80.95% of the total bids received, while the DFIs (other than mutual funds) accounted for 8.26% of the overall QIB bids. The contribution of mutual funds was negligible as of the close of Day-3.
     
  • In the HNI / NII portion, the S-HNIs (Rs2 lakhs to Rs10 lakhs) was subscribed 26.13 times while the B-HNI portion (above Rs10 lakhs) was subscribed 18.42 times.
     
  • On the retail investor portion, out of the total bids for 329.02 lakh shares, a total of 285.34 lakh shares, or 86.72% of the retail bids, came in at the cut off price.

 

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:

Employees (6.80X)

QIBs (0.32X)

HNI / NII (6.82X)

Retail (12.27X)

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.

Investor
Category

Subscription
(times)

Shares
Offered

Shares
bid for

Total Amount
(₹ in Crore)

Anchor Investors

1.00

70,13,483

70,13,483

268.62

Employee Quota

6.80

57,636

3,92,028

15.01

QIB Investors

0.32

46,75,656

14,82,585

56.78

HNIs / NIIs

6.82

23,37,827

1,59,36,297

374.50

Retail Investors

12.27

15,58,551

1,91,18,346

449.28

Total

4.28

86,29,670

3,69,29,256

880.57

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:

Employees (3.53X)

QIBs (0.30X)

HNI / NII (2.76X)

Retail (6.04X)

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.

Investor
Category

Subscription
(times)

Shares
Offered

Shares
bid for

Total Amount
(₹ in Crore)

Anchor Investors

1.00

70,13,483

70,13,483

268.62

Employee Quota

3.53

57,636

2,03,541

7.80

QIB Investors

0.30

46,75,656

14,02,440

53.71

HNIs / NIIs

2.76

23,37,827

64,63,275

151.89

Retail Investors

6.04

15,58,551

94,07,931

221.09

Total

2.03

86,29,670

1,74,77,187

426.69

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.

Category of Investors

Allocation of shares under IPO

Reservation for Employees

57,636 shares (0.37% of the total IPO offer size)

Anchor Allocation

70,13,483 shares (44.84% of the total IPO offer size)

QIB Shares Offered

46,75,656 shares (29.89% of the total IPO offer size)

NII (HNI) Shares Offered

23,37,827 shares (14.94% of the total IPO offer size)

Retail Shares Offered

15,58,551 shares (9.96% of the total IPO offer size)

Total Shares Offered

1,56,43,153 shares (100.00% of total IPO offer size)

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).

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