Office-sharing Startup Awfis IPO Opens on May 22

Awfis Space Solutions, a coworking space provider, hoping to raise up to Rs 128 crore, will begin its initial public offering (IPO) on May 22. the IPO's subscription window will begins on May 22 and run until May 27.

On April 23, the Securities and Exchange Board of India (Sebi), a market regulator, granted the office-sharing company the go-ahead.

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The firm stated that it plans to use the net earnings from the new share offering for general corporate objectives, working capital needs, and centre establishment and expansion.

In FY23,according to Awfis,Operating revenue more than doubled from Rs 257 crore in FY22 to Rs 545 crore. From April to December 2023, the operating revenue of the company increased to Rs 616 crore. 

However, Awfis is still losing money. From April to December 2023, the company declared an after-tax loss of Rs 18.9 crore. Its net loss for FY23 was Rs 46.6 crore, down from Rs 57.3 crore for FY22.

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