Awfis Space Solutions, a co-working space operator, saw its initial public offering oversubscribed by two times on the first day of bidding, Wednesday. According to NSE data, the Rs 599 crore IPO received bids for 1,74,46,143 shares against the 86,29,670 shares on offer. Retail Individual Investors (RIIs) subscribed 6.02 times, while non-institutional investors subscribed 2.76 times.

Qualified Institutional Buyers (QIBs) subscribed to 30% of the offering. The IPO consists of a fresh issue of up to Rs 128 crore and an offer for sale of up to 1,22,95,699 equity shares, with a price range fixed at Rs 364-383 per share. Awfis Space Solutions raised over Rs 268 crore from anchor investors on Tuesday and the issue will close on May 27.

Promoter Peak XV Partners Investments V, along with shareholders Bisque Ltd and Link Investment Trust, are selling shares through the Offer for Sale (OFS). Peak XV holds a 22.86% stake, while Bisque and Link Investment Trust own 23.47% and 0.36% respectively. The proceeds from the fresh issue will be used for capital expenditure to establish new centers, support working capital requirements, and for general corporate purposes. Awfis offers flexible workspace solutions, catering to individual desk needs to customized office spaces for corporates. Axis Capital, Emkay Global Financial Services, ICICI Securities, and IIFL Securities are the managers handling the offer.