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Share Market Update: If you also invest in stock market or IPO then this news is for you. The IPO of Rs 599 crore of Office Space Solutions Limited, a company related to office space business, will open today (May 22). The IPO will remain open till May 24. At present the company's shares are trading at a premium of Rs 165 in the gray market. The price band of the IPO has been fixed at Rs 364-383. The company said on Tuesday that it has raised Rs 268.61 crore from anchor investors on the first day of opening of the issue.
The size of the IPO is Rs 599 crore and
The company's shares are expected to be listed on the stock exchange on May 30. According to the price band of Rs 364-383, an investor can place bets on 39 shares in one lot. The size of the IPO is around Rs 599 crore, while the market cap of the company is Rs 2659 crore. Two types of shares are being sold in Office Space Solutions IPO. Under the first sale, the company will issue new shares worth Rs 128 crore. The second sale will be through OFS, in which existing shareholders will sell their shares. Under this offer, 1,22,95,699 shares worth Rs 490.72 crore are being sold.
What does the company do?
Office Space Solutions offers flexible working spaces across the largest number of locations in India. Office Space Solutions provides office space to every company, be it a small start-up or a big multinational company, as per their requirement. You can rent just one desk from a company or get a larger office space for a team.
Rapid growth in office space
Office space solutions serving the industry have grown rapidly over the past 20 years. Before 2003, the usable office space in the country was about 46 million square feet, which is expected to increase 18 times to 832 million square feet by December 2023. In an Office Space Solutions IPO, the shares that are being offered for sale are divided into the first tranche. The first 75% can be bought by institutional investors like big banks, insurance companies. Another 15 percent is for non-institutional investors and the remaining 10 percent is for retail investors.
What will the company do with the funds?
The company will use the proceeds from the sale of shares in Office Space Solutions to open new offices and expand its business. Apart from this, the company will use this fund to meet the working capital requirement. Even in the gray market, the company's shares are trading at a premium of Rs 165, which means investors can make good profits.
