During the day’s trading on the BSE on Wednesday (July 10), shares of coworking space provider Awfis rose by more than 11% to a new all-time high of INR 611.5.
However, the stock lost part of its gains and ended the day roughly 9.3% higher at INR 599.8.
Since its IPO on the stock exchanges in May, Awfis shares have been on a steep upward trajectory. The shares were listed on the BSE at INR 432.25 per share, representing a 12.8% premium over the issue price of INR 383.
the shares went up by about 40%, Since their leaflet.
Its stock flooded, With the firm being grossly profitable in the March quarter of FY24, emerging over 20% in a month.
In comparison to a net loss of INR 13.8 crore in the previous year’s quarter. Awfis noted a joint gross profit of INR 1.4 crore in Q4 FY24 Performing turnover enhanced by over 45% year on year to INR 232.3 crore in Q4.
Awfis, set up in 2015 by Amit Ramani, promises to be the country’s largest adaptable space operator, with 181 centres, over 1.1 lakh seats, and around 5.6 million square feet of billable area as of March 31, 2024. Over the years, the organisation has expanded from a coworking network to a tech-enabled workspace solutions platform, serving businesses, freelancers,startups, and SMEs.
Awfis chairman and MD Ramani recently told Inc42 that the firm is on track to exceed INR 1,100 crore in revenue in FY25 and expects to increase its EBITDA margin by 150 basis points during the year.
Awfis’ market capitalization, which competes with WeWork India and 91Springboard, is presently INR 4,163.79 crore ($498.6 million).
