The year 2024 is proving to be an active period for IPOs, with over a dozen companies preparing to enter the stock market. Recently, TBO Tek and Go Digit went public, and now, Awfis is slated to debut on May 22.
While TBO Tek and Go Digit were profitable up to Q3 FY24, Awfis reported a net loss of ₹19 crore during the same period. The Peak XV-backed firm disclosed its financial numbers for the nine months ending December 2023, providing insight into its financial performance for the first three-quarters of FY24.
Awfis’s revenue from operations stood at ₹616 crore during this period, surpassing the total revenue of ₹545 crore recorded in FY23. Founded in 2015, Awfis offers customized office spaces for startups, SMEs, and large corporations, including ancillary services such as food and beverages, IT support, and infrastructure services.
Income from rental services constituted 64.7% of the total operating revenue, amounting to ₹399 crores in the first three-quarters of FY24. Revenue from construction and fit-out projects, facility management, and the sale of food items also contributed to Awfis’s collections.
Additionally, Awfis generated ₹17.1 crores from non-operating activities, bringing the total revenue to ₹634 crores for the first three-quarters of FY24.
On the expenditure front, subcontracting costs, rent, and maintenance accounted for 31.6% of the total expenditure, recorded at ₹207 crore for the period. Employee benefits, brokerage, electricity, legal fees, depreciation and amortization, finance, and other overheads raised the total expenditure to ₹653 crore.
Despite these costs, Awfis managed to reduce its net losses to ₹19 crore in the first nine months of FY24, aided by its growing scale and controlled cost mechanisms. On a unit level, Awfis spent ₹1.06 to earn a rupee during this period.
Awfis will open its public bidding from May 22 to May 27, with a price band of ₹364-382 per share and a lot size of 39 shares. The disclosure of shares offered to anchor investors will be made on May 21, 2024.
In the past six months, several startups have filed their draft IPO papers and are awaiting approval from SEBI. Notable names include Ola Electric, FirstCry, MobiKwik, and Unicommerce.
The upcoming IPO marks a significant milestone for Awfis as it seeks to expand its footprint and enhance its service offerings in the competitive coworking space market.
