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IPO listed on 30 May'24

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Awfis Space Solutions Ltd

Minimum Investment

14,937 / 39 shares

Grey market premium

150 (39% premium)

Issue price


Listing price


Listing gains


52 (14%)

Listing on

May 30, 2024

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  • Financially, Awfis stands out from its competitors with a strong balance sheet, a low debt-to-equity ratio of 0.1x, superior return ratios, and high gross asset turnover. However, its operating margins are somewhat lower.
  • The market for flexible workspaces in India has been expanding rapidly, with a growth rate of 30-40% annually over the past few years. The demand in Tier 2 cities is projected to surge to 8.5-9 million sq. ft. by 2026, outpacing supply by 1.7 times as of December 2023. As the leading player in the sector, Awfis is poised to capitalize on this burgeoning demand.
  • However, increasing competition, operation risks and client retention remain a key challenge. Moreover, despite its consistent revenue growth, the firm is yet to reach profitability.
  • Considering these factors, risk-tolerant investors seeking immediate gains from the IPO might opt to subscribe, while long-term investors should monitor the company's financial performance and expansion progress in the ensuing quarters before making investment commitments. 

About the company

Founded in

17 Dec'14

Managing director

Amit Ramani

  • Awfis Space Solutions Ltd (Awfis) stands as India's largest provider of flexible workspace solutions, leading in the number of centres operated. It offers an extensive array of options, from flexible desks for individuals to tailor-made office setups for start-ups, small and medium enterprises (SMEs), large corporations, and multinational companies.
  • The core offerings of Awfis include co-working spaces, custom office spaces, and mobility solutions. Additionally, the firm provides construction and fit-out services (Awfis Transform) and facility management services (Awfis Care). 


  • Established Market Presence: Awfis leads the flexible workspace sector among the top five benchmarked players and is active in 16 cities across India. It has the widest network in the country’s micro-markets, managing 169 centres with 105,258 seats and has letters of intent for 13 additional centres, which will add 10,859 seats. As of December 31, 2023, Awfis serves over 2,295 clients across 52 micro-markets in India.
  • Impressive Growth: Awfis has demonstrated robust growth, with its total income increasing at a Compound Annual Growth Rate (CAGR) of 62% from FY21 to FY23. Its revenue from customer contracts has also surged, growing at a CAGR of 75% from Rs 178.36 crore in FY21 to Rs 545.28 crore in FY23.
  • Increasing Customer Base: Awfis has sold 10,743, 23,981, 36,020, and 27,484 seats in FY21, FY22, FY23, and 9MFY24 respectively. Notably, 32.18% of seat sales in 9MFY24 were to existing clients, indicating strong customer retention. The firm’s client base includes 2,295 clients, with 68.57% being large corporates or MNCs, such as Capgemini, Lenovo, and Fujitsu.
  • Improving Operational Efficiency: The Managed Aggregation (MA) model boosts efficiency by balancing risks and rewards between Awfis and space owners. Since FY21, the share of operational seats under the MA model has risen from 46.3% to 66.4%, allowing Awfis to cut capital expenditure per seat to Rs 50,000, well below the industry average of Rs 80,000 to Rs 200,000. In this model, space owners contribute to fit-out infrastructure, bear capital costs, and exchange fixed rent for a minimum guarantee and a revenue/profit share under set terms.


  • Weak Track Record: Awfis has consistently reported losses over the past three years. Its future hinges on its ability to boost revenue and manage expenses effectively to reach profitability. Failure to meet these objectives could negatively affect its business operations, cash flows, and financial health.
  • Negative Financial Indicators: In the last three fiscal years, Awfis has registered an average negative Earnings Per Share (EPS) of Rs (9.01) and an average negative Return on Net Worth (RoNW) of (38.60)%.
  • Cash Flow Concerns: Awfis has encountered negative cash flows in recent fiscal years and may continue to experience such trends. Persistent or significantly negative cash flows could jeopardize its operational capabilities and growth strategies.
  • Geographic Concentration Risks: As of December 31, 2023, a substantial 67.82% of Awfis’ rental income from co-working spaces came from centres in Bangalore, Mumbai, Pune, and Hyderabad. Any negative developments in these cities could substantially impact the firm’s revenues, operations, and financial condition.


Issue details

Issue type


Issue size

598.93 crore

Fresh Issue

128 crore


470.93 crore

Price range

₹ 364 - 383

Lot size


Issue Objective

The net proceeds from the fresh issue are intended to be utilised towards:

  • Funding capital expenditure towards establishment of new centres;
  • Funding working capital requirements; and
  • General corporate purposes.



Bidding open

22 May'24


Bidding close

27 May'24


Allotment date

28 May'24


Refund date

29 May'24



30 May'24

IPO Reservations

Qualified institutional buyers


Non-institutional investors


Retail individual investors



Read the Offer Document

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© 2024 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)

This document has been issued by Liquide Solutions Private Limited for information purposes only. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment or investment strategies that may have been discussed or referred herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and / or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information / opinion herein.

Liquide Solutions Private Limited makes no warranties or representations, express or implied, on products and services offered through the platform. It accepts no liability for any damages or losses, however, caused in connection with the use of, or on the reliance of its advisory or related services.


Past performance is not indicative of future returns. Please consider your specific investment requirements, risk tolerance, goal, time frame, risk and reward balance and the cost associated with the investment before choosing a fund, or designing a portfolio that suits your needs. Performance and returns of any investment portfolio can neither be predicted nor guaranteed.


Signet Wing A, Cessna Business Park,

Bengaluru, Karnataka 560103


Whatsapp us at:

+91 636 145 3790


For assistance, write to us:


SEBI Registration Details

Name: Liquide Solutions Private Limited | RA No: INH000009816 | Reg. Type: Corporate | Validity: Perpetual  

Associated SEBI regional office: SEBI, Jeevan Mangal Building, Hayes Rd, off, Residency Rd, Shanthala Nagar, Ashok Nagar, Bengaluru, Karnataka 560025

For regulatory disclosures including the ‘Complaints disclosure’ and the SEBI ‘Investor Charter’, 

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