Kontor Space’s overall offering was oversubscribed by 70.97 times, with the retail category oversubscribed by 95.49 times and the NII (Non-Institutional Investor) category oversubscribed by 41.87 times.
On October 10, shares of Kontor Space were listed at a premium of 31.1 percent compared to the issue price. The stock made its debut on NSE Emerge at Rs 122, surpassing the initial issue price of Rs 93. However, shortly thereafter, the stock hit the lower circuit and was trading at Rs 115.90 at 10:10 am.
Kontor Space, founded in 2018, specializes in providing space-as-a-service solutions by renting and managing commercial properties.
According to the prospectus, the company acquires real estate assets and/or leases properties, which are then sublet or subleased to clients, customized to meet their workspace requirements. This includes the option to furnish the space according to their specific needs on a per-seat basis. Additionally, they also undertake renovation and modernization projects.
The IPO was oversubscribed significantly, with an overall subscription rate of 70.97 times. In the retail category, it was oversubscribed by 95.49 times, and in the non-retail category, it saw an oversubscription rate of 41.87 times. The IPO successfully raised Rs 15.62 crore, which will be used for purposes such as covering rental deposits for new co-working centers, carrying out capital expenditures for fit-outs, and addressing general corporate needs.
In the fiscal year 2023 (FY23), the company experienced substantial growth in its revenue from operations, more than doubling from Rs 4.03 crore in FY22 to Rs 9.17 crore. Additionally, the net profit saw a significant increase, jumping from Rs 30 lakh to Rs 1.87 crore in the same period. It’s worth noting that in FY21, the company had recorded a loss of Rs 61 lakh.
As of the listing at Rs 122, Kontor Space’s trailing price-to-earnings (P/E) ratio stood at 22.27x. It’s important to mention that no analysts covered this SME IPO.
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Disclaimer: The information provided above regarding Kontor Space’s financial performance in FY23, including revenue and net profit figures, is based on publicly available data. Always conduct thorough research and seek advice from financial experts or analysts before making investment choices.