Skip to content


Written by - Fisdom Research

May 26, 2024 9 minutes

Company Background

Awfis offers a comprehensive range of flexible workspace solutions, catering to diverse needs ranging from individual flexible desk requirements to customized office spaces tailored for startups, small and medium enterprises, and large corporations, including multinational corporations. As of December 31, 2023, Awfis stands as the largest flexible workspace solutions provider in India, boasting the highest number of centers. It holds the top rank among the top five benchmarked players in the flexible workspace segment and maintains a presence in 16 cities across the country. Additionally, Awfis serves over 2,295 clients and operates in 52 micro markets across India.

Company Key Highlights

Established in December 2014, Awfis Space Solutions Limited is a leading workspace provider in India, offering a diverse range of flexible workspace solutions tailored to individuals, startups, SMEs, and large corporations. The company’s primary offerings include co-working spaces, customized office solutions, and mobility services, complemented by ancillary services such as food and beverages, IT support, infrastructure facilities, and event hosting.

  • Leadership in a large and growing marketplace:

The company ranks first among the top five flexible workspace players in India, with a presence in 16 cities and the largest footprint in Tier 2 cities. The market for flexible workspaces is projected to reach 282 million square feet and ₹474-592 billion by 2026. Leasing is expected to grow at a CAGR of 18-19% in Tier 1 cities from 2022 to 2026, and demand in Tier 2 cities is projected to reach 8.5 to 9 million square feet by 2026, nearly 1.7 times the supply as of December 31, 2023. As the largest player, the company is well-positioned to capture this growth.

  • Innovating in the flexible workspace industry with the adoption of the MA model:

The company has revolutionized workspaces with its unique MA model, shifting away from traditional coworking practices. Awfis increased the proportion of operational seats under the MA model from 46.37% in FY2021 to 66.43% by December 31, 2023. This approach has reduced capital expenditure per seat to around ₹50,000, compared to ₹80,000-₹200,000 for top Indian operators in 2023. The MA model benefits both the space owner and the company by sharing risks and rewards. Awfis’s strong unit economics and execution expertise make the MA model a key differentiator, setting the company apart from its peers. 

  • Diverse space sourcing and demand strategies:

 The company’s diverse supply sourcing strategy caters to all segments of the Indian commercial office market, from organized to unorganized sectors, serving freelancers, startups, SMEs, and MNCs across different seat cohorts. Offerings range from value-based solutions like Awfis to 

premium options like Awfis Gold. This diversification helps de-risk the business model and drive growth. 

  • Growth through an integrated platform approach:

Awfis aims to provide customized solutions to meet the diverse needs of clients across various demographics, seat cohorts, and industry sectors. The company’s flexible workspace solutions, including Awfis Transform and Awfis Care, cover a wide range of workspace requirements. Through backward integration with Awfis Transform, it offers design and build services, and through forward integration with Awfis Care, it provides facility management services on behalf of space owners. This integrated approach caters to unique client needs, offering a comprehensive, one-stop solution and distinguishing Awfis from its competitors. 

Key Business Strengths 

  • Awfis holds the largest flexible workspace footprint in Tier 2 cities among top operators, enhancing regional economic development and workspace standards.
  • Experienced and diverse senior management team.
  • Dominance in a substantial and expanding market landscape.
  • Leading innovation in the flexible workspace industry by embracing the MA model.

Key Risks to Business

  • Awfis’s rapid expansion, marked by a significant rise in operational seats between 2021 and 2023, could potentially strain financial and operational resources.
  • The company has a history of net losses, negative earnings per share (EPS) and return on net worth (RoNW).
  • Given that the business has grown rapidly, the company may fail to manage the growth effectively.
  • The company has experienced negative cash flows in previous fiscals and may continue to have negative cash flows in the future.

Fisdom Research Assessment:

Awfis, a prominent player in India’s rapidly expanding workspace solutions market, leverages an integrated platform approach to address diverse space sourcing and demand needs. Despite showing promising top-line growth, the company faces significant challenges in achieving profitability. Awfis has experienced negative cash flow in the past and operates in a highly competitive environment that is sensitive to macroeconomic fluctuations.

Due to the company’s negative EPS, a P/E ratio cannot be calculated. Considering the potential for future growth balanced against the current financial situation and competitive landscape, we suggest a neutral stance on the Awfis IPO. 

Offer Details

Offer period 
Bid/Offer Opens On: Wednesday, May 22, 2024 
Bid/Offer Closes On: Monday, May 27, 2024 
Issue Size Price Band Bid Lot 
~ Rs.569 – Rs.599 Cr Rs. 364 – Rs.383 39 
Particulars Lots Shares Amount 
Minimum 39 RS. 14,937 
Maximum 13 507 Rs. 1,94,181 
Minimum 14 546 Rs. 2,09,118 
Maximum 66 2,574 Rs. 9,85,842 
Minimum 67 2,613 Rs. 10,00,779 

Issue Structure 

QIB Shares Offered Not less than 75% of the offer size 
Retails Shares Offered Not more than 10% of the offer size 
NII (HNI) Shares Offered Not more than 15% of the Net Issue 

Indicative IPO Timeline 

Bid/Offer Opening Date Wednesday, May 22, 2024 
Bid/Offer Closing Date Monday, May 27, 2024 
Finalization of the basis of allotment with  The designated stock exchange Tuesday, May 28, 2024 
Initiation of refunds Wednesday, May 29, 2024 
Credit of equity shares to depository  Accounts Wednesday, May 29, 2024 
Listing Date Thursday, May 30, 2024 

Other Details 

Book Running Lead Managers ICICI Securities Limited, Axis Capital Ltd, IIFL Securities Ltd, Emkay Global Financial Services Limited 
Objects of the Issue 
1) Funding capital expenditure towards the establishment of new centers. 
2) Funding the working capital requirements 
3) General corporate purposes. 
Listing At BSE, NSE 

Financial Elements 

Particulars Dec-23 Mar-23 Mar-22 Mar-21 
Total Asset (Cr.) ₹ 1,352 ₹ 931 ₹ 560 ₹ 509 
Revenue (Cr.) ₹ 616 ₹ 545 ₹ 257 ₹ 178 
PAT (Cr.) -₹ 19 -₹ 47 -₹ 57 -₹ 43 
Basic EPS -₹ 3.05 -₹ 8.11 -₹ 10.68 -₹ 8.38 
Diluted EPS -₹ 3.05 -₹ 8.11 -₹ 10.68 -₹ 8.38 
EPS for Dec-23 is not annualised 


This document is not for public distribution and is meant solely for the personal information of the authorized recipient. No part of the information must be altered, transmitted, copied, distributed, or reproduced in any form to any other person. Persons into whose possession this document may come are required to observe these restrictions. This document is for general information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy/sell any security, and is not intended for distribution in countries where distribution of such material is subject to licensing, registration, or other legal requirements. 

The information, opinions, and views contained in this document are as per prevailing conditions and are of the date appearing on this material only and are subject to change. No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. Neither Finwizard Technology Private Limited (“Fisdom”), its group companies, its directors, associates, employees, nor any person connected with it accepts any liability or loss arising from the use of this document. 

The views and opinions expressed herein are based solely on the past performance of the schemes and/or securities and do not necessarily reflect the views of Fisdom. Past performance is no guarantee and does not indicate or guide future performance. The information set out herein may be subject to updating, completion, revision, verification, and amendment, and such information may change materially. 

Investing in securities markets involves risks, including the potential loss of principal amount in part or in full. The recommendations are based on the past performance of schemes and/or securities, which is not necessarily indicative of future performance. The recommendations do not guarantee future results, and the value of the invested principal amount and investment returns may fluctuate over time. Therefore, it is essential to review your investment objectives, risk tolerance, and liquidity needs before making any investment decisions. 

While the information and data contained in this document have been obtained from sources believed to be reliable, Fisdom does not guarantee its accuracy, adequacy, completeness, timeliness, reliability, or availability of any information provided in this document. Fisdom is not responsible for any errors or omissions, regardless of the cause, or for the results obtained from the use of information contained in this document. Fisdom accepts no liability for any losses or damages arising directly or indirectly (including special, incidental, or consequential losses or damages) from the use or reliance placed on any information or data contained in this document, including, without limitation, any lost profits, trading losses, or damages resulting from any errors, omissions, interruptions, deletions, or defects in any manner contained herein. 

Readers/Investors should be aware that this document may not be suitable for all types of investors. Investors should independently evaluate any investment or strategy discussed herein. Any decision(s) based on the information contained in this report shall be the sole responsibility of the Reader/Investor. 

Fisdom is a SEBI Registered Investment Advisor (RIA) [Registration No: INA200005323] and Research Entity [Registration No: INH000010238]. This document is prepared and distributed in accordance with the SEBI (Investment Advisers) Regulations, 2013, and other relevant regulations. Please read all relevant offer documents, risk disclosure documents, and terms and conditions related to the services provided by Fisdom before making any investment decision. For more details, please visit our official websites at and 

Share the article

Get exclusive content and expert advice

Subscribe to fisdom to get regular updates in the finance world delivered to your inbox each month

Other Post

The Signal

Reviving Vi and Strengthening Indus Towers

Periodic Report

Sugar Companies Spike, JM Financial Tumbles, and RailTel Soars on New Orders and more.

Periodic Report

MapmyIndia Surges 20%, Stanley Lifestyles Raises Rs 161.1 Crore, Fertiliser Stocks Rally, Blue Dart Launches Drone Deliveries Move

Periodic Report

New Leadership at New India Assurance, Strong Growth Outlook for Muthoot Microfinance, and GST Boost for Fertilizer Stocks and more.


Subtle Strength – June 2024

Periodic Report

Infoedge’s Investment, Gensol’s Energy Project,  BHEL’s New Director (Finance) and Gokaldas Exports’ Strategic Move

Periodic Report

Zomato Gains on Acquisition News, Indus Towers Stake Sale Impacts, Sona BLW Certification Boosts, Defense Stocks Face Profit-Taking and more.

Periodic Report

Indus Towers Stake Sale, HUDCO’s Syndicated Loan, Vodafone Idea’s Equity Conversion, and Kotak Mahindra Bank’s Stake Adjustment

Periodic Report

Paras Defence’s Major Deals, BLS E-Services’ Acquisition, and HFCL’s Exemption Drive Significant Gains and more.

Periodic Report

Legal Setback for TCS, Stake Increases for Adani, Strategic Moves by Paytm, and Vodafone’s Indus Tower Sale

The Signal

Turning Point for India’s Chemical Sector

Periodic Report

EIH Associated Hotels Gains Ahead of Bonus Share Decision, Mahindra & Mahindra’s Rise , Adani Ports’ Target Price Upgrade and more.

Download one of India's best wealth management apps

Join more than one million investors and take control of your wealth

Download app