Share Market Update: If you also invest in the stock market or IPO, then this news is of use to you. Yes, the Rs 599 crore IPO of Office Space Solutions Limited, a company involved in the office space business, will open on 22 May (Wednesday). The subscription of the IPO will start from today and will run till 24 May. Currently, the company's shares are trending with a premium of Rs 165 in the gray market. The price band of the IPO has been fixed at Rs 364-383 per share. The company said on Tuesday that Rs 268.61 crore has been raised from anchor investors on the first day of opening the issue.

The IPO size is around Rs 599 crore

The company's shares are expected to be listed on the stock exchange on May 30. As per the price band of Rs 364-383, investors can bet on 39 shares in one lot. The market cap of the company has been pegged at Rs 2,659 crore on the size of the IPO of about Rs 599 crore. Two types of shares are being sold in the IPO of Office Space Solutions. 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 are selling 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 provides flexible workspaces to work in most locations across India. Office Space Solutions provides offices to all types of companies, whether small start-ups or large multinational companies, as per their needs. You can rent just one desk from the company or you can also rent a large office space for the entire team.

Rapid growth in office space
The industry in which Office Space Solutions operates has seen rapid development in the last 20 years. Before 2003, the space used for offices in the country used to be around 4.6 crore square feet, which increased more than 18 times to 83.2 crore square feet by December 2023. The shares that have been put up for sale in the IPO of Office Space Solutions have been divided into three parts. The first 75% share can be purchased by institutional bidders like big banks, and insurance companies. The second 15 percent share is for non-institutional investors. The remaining 10% of shares are for general investors.

What will the company do with the money?
Office Space Solutions will use the money received from the sale of shares to open new offices and expand its business. Apart from this, the company will also use this money to meet daily expenses. Currently, the company's stock is traveling with a premium of Rs 165 on the gray market. The IPO will be allotted by May 28. The company is expected to be listed on the stock market on May 30.