Awfis Space Solutions Limited has received a clean report from its monitoring agency, CARE Ratings, regarding the utilization of ₹128.0 crore raised through its Initial Public Offering. As of the quarter ended March 31, 2026, the company has successfully deployed the funds in accordance with the objectives outlined in its offer document, including capital expenditure for new centers and working capital requirements, with no deviations observed.
Financial Utilization Summary
Following the review for the quarter ended March 31, 2026, it has been confirmed that Awfis Space Solutions has adhered strictly to its proposed deployment plan. The total issue size of ₹128.0 crore has been effectively managed, with nearly the entire amount utilized toward its intended business objectives. The company recorded no deviations from the objects stated in its offer document.
Breakdown of Fund Deployment
The funds were allocated across four primary areas, all of which have seen successful implementation or are on track:
- Funding capital expenditure for new centers: ₹42.03 crore (Fully utilized).
- Working Capital Requirements: ₹54.37 crore (Fully utilized).
- General Corporate Purpose: ₹20.63 crore (Fully utilized).
- Issue related expenses: ₹10.97 crore (₹9.60 crore utilized, with a minor balance remaining for pending invoices).
Strategic Progress
The company has demonstrated consistent execution of its expansion strategy. Projects targeted for completion by March 31, 2025, were successfully finalized on schedule. The remaining balance of ₹1.37 crore, held in the public issue account, is earmarked specifically for settling final issue-related expenses. There have been no delays in project implementation, and the board has reported no concerns regarding the viability of these investments.
Source: BSE
