- Price Band is fixed at ₹ 387 to ₹ 407 per Equity Share of face value of ₹ 10 each
- A discount of ₹37 per equity share is being offered to Eligible Employees Bidding in the Employee Reservation Portion
- Bids can be made for a minimum of 36 Equity Shares and in multiples of 36 Equity Shares thereafter.
NE BUSINESS BUREAU
AHMEDABAD, JULY 9
Delhi-based Smartworks Coworking Spaces, an office space rental solution platform, has on Wednesday announced a ₹582.56 crore initial public offering (IPO) in the price band of ₹387 to ₹407 per equity share of ₹10 face value. The public offer opens on Thursday, July 10, and closes on Monday, July 14, 2025. Anchor investor bidding will open and close on Wednesday, July 9, 2025.
Investors can bid for a minimum of one lot or 36 shares of Smartwork Coworking and in multiples thereof.
The issue comprises a fresh issuance of ₹445 crore and an offer-for-sale (OFS) component of 3.4 million shares aggregating to ₹137.56 crore. NS Niketan, SNS Infrarealty and Space Solutions India are the selling shareholders.
The company proposes to utilise the net proceeds for the repayment of certain outstanding borrowings amounting to ₹114 crore, capital expenditure for fit-outs in new centres, and security deposits for new centres amounting to ₹225.84 crore. The remaining funds will be used for general corporate purposes.
Smartwork Coworking Spaces is an office experience and managed campus platform. As of March 31, 2025, it is the largest managed campus operator, amongst the benchmarked operators in terms of total stock, with a lease signed portfolio of 8 million square feet. It focuses on leasing large, bare shell properties in prime locations from landlords and transforming them into fully serviced, aesthetically pleasing and tech-enabled campuses with daily-life and aspirational amenities.
As of March 31, 2025, the company served 738 clients with 152,619 seats. Currently, it has 728 clients and 169,541 seats, with 12,044 seats yet to be occupied.
It manages 50 centres in 15 cities such as Ahmedabad (Gujarat), Bengaluru (Karnataka), Pune (Maharashtra), Hyderabad (Telangana), Gurugram (Haryana), Mumbai (Maharashtra), Noida (Uttar Pradesh) and Chennai (Tamil Nadu).
The company has reserved not less than 50 per cent of the net offer for qualified institutional buyers, not more than 35 per cent for retail investors, and not more than 15 per cent for non-institutional investors.
Smartworks Coworking Spaces Limited’s revenue increased by 27% and profit after tax (PAT) dropped by 26% between the financial year ending with March 31, 2025 and March 31, 2024.
Shares of Smartworks Coworking will be listed on both the exchanges, National Stock Exchange and BSE.
MUFG Intime India, formerly Link Intime, is the registrar of the issue. JM Financial, BOB Capital Markets, IIFL Capital Services, and Kotak Mahindra Capital Company are the book-running lead managers.
