IPO-bound Awfis reports Rs 616 Cr income in first 9 months of FY24


The year 2024 is turning out to be IPO season as over a dozen companies are ready to make their debut on the stock exchange. In the past 10 days, two companies – TBO Tek and general insurance Go Digit went public. Now, Awfis is slated to get listed on May 22.

While TBO Tek and GoDigit were profitable till Q3 FY24, Awfis was in the red during the same period with a loss of Rs 19 crore. The Peak XV-backed firm has disclosed its financial numbers for the nine months period ending December 2024. Let’s analyze its financial performance for the three quarters of the last fiscal year.

Awfis’s revenue from operations stood at Rs 616 crore during the first three quarters (March -Dec ’23) of FY24. In FY23, the firm’s total revenue was recorded at Rs 545 crore.


Founded in 2015, Awfis offers customized office spaces for startups, SMEs, and large corporations including ancillary services like food and beverages, IT support, and infrastructure services among others.

Income from rental services formed 64.7% of the total operating revenue which stood at Rs 399 crore in the first three-quarters of FY24. Revenue from construction and fit-out projects, facility management, and the sale of food items were other sources for collections for Awfis.

It also added Rs 17.1 crore from non-operating activities tallying the firm’s total revenue to Rs 634 crore in the first three quarters of FY24.

On the cost side, its subcontracting cost and rent & maintenance cumulatively formed 31.6% of the overall expenditure which was recorded at Rs 207 crore (Q1-Q3) FY24. Its employee benefits, brokerage, electricity, legal fees, depreciation and amortization, finance and other overheads took the total expenditure to Rs 653 crore in the same period.

The growing scale and controlled cost mechanism helped Awfis to reduce its net losses to Rs 19 crore in the first 9 months of FY24. On a unit level, it spent Rs 1.06 to earn a rupee in the above-mentioned period.

Awfis will open its public bidding from 22nd -27th May with a price band of Rs 364-382 per share having a lot size of 39 shares. While the disclosure of shares offered to anchor investors will be made on 21st May 2024.

In the past six months, a clutch of startups have filed their draft IPO papers and are waiting for the approval from SEBI. The notable names include Ola Electric, FirstCry, MobiKwik, and Unicommerce.

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