The initial public offer of co-working space operator Awfis Space Solutions got subscribed a whopping 108.17 times on the closing day of subscription on Monday, amid heavy participation from institutional investors.

The ₹599 crore initial share sale received bids for 93,34,36,374 shares against 86,29,670 shares on offer, according to data available with the NSE.

The portion for non-institutional investors fetched 129.27 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 116.95 times. The quota for Retail Individual Investors (RIIs) attracted 53.23 times subscription.

The initial public offer (IPO) of fresh issue of up to ₹128 crore and offer for sale of up to 1,22,95,699 equity shares began for bidding on Wednesday.

The price range for the IPO is ₹364-383 per share.

The IPO of Awfis Space Solutions was fully subscribed on the first day of bidding on Wednesday.

Awfis Space Solutions Ltd on Tuesday said it has mopped up a little over ₹268 crore from anchor investors.

Proceeds from the fresh issue will be used in funding capital expenditure towards setting up new centres, supporting working capital requirements, and general corporate purposes.

Awfis provides flexible workspace solutions, ranging from individual flexible desk needs to customised office spaces for corporates.

Axis Capital, Emkay Global Financial Services, ICICI Securities and IIFL Securities are the managers to the offer.