The shares of one of the leading providers of co-working solutions gained 8 percent to ₹ 78 per share on Wednesday after the company expanded its presence in Navi Mumbai after signing a LOI to establish a new co-working center.
At 1:00 p.m., Kontor Space Ltd. shares were trading at ₹ 75.2 a share, up 4.23 percent from the previous close price on the stock exchange, and the company has a market capitalization of ₹46.5 crores.
As per the company’s official filing, Kontor Space Limited has recently entered into a Letter of Intent (LOI) to establish a new co-working center in Mahape, Navi Mumbai. This strategic decision signifies the inauguration of the company’s sixth center within the Mumbai Metropolitan Region, aimed at extending its footprint in Navi Mumbai.
The upcoming co-working facility is designed to accommodate approximately 400 seats, spanning a total area of 23,300 sq. ft. It is scheduled to commence operations in the second quarter of 2024.
With the launch of the Mahape center, Kontor Space Limited’s total co-working seat capacity is set to rise to an impressive 2,200 seats.
Kontor Space Limited specializes in providing co-working services through leasing and managing commercial spaces, with a focus on technological expertise and fostering collaboration.
Currently operating across five key locations including Thane, Pune, Fort, BKC (Mumbai), Andheri, and Mahape, Kontor Space boasts over 73,000 sq. ft of co-working spaces and more than 2,200 seats.
The company made its debut on the NSE Emerge platform in October 2023 with an IPO of ₹15.62 Crore. In the last month alone, the company’s stock has witnessed a gain of 6.5 percent.
As part of its growth strategy, Kontor Space aims to achieve a seat capacity of 10,000 by the fiscal year 2026, with an interim target of reaching 5,000 seats by fiscal year 2025.
During the fiscal year Q2 FY23 to Q2 FY23, the company witnessed significant growth in revenue, with a 45 percent annual increase from ₹3.20 crores to ₹4.65 crores. Simultaneously, there was a remarkable surge in net profit, soaring by 123 percent from ₹0.43 crores to ₹0.96 crores.
Written by Omkar Chitnis
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