Smartworks Coworking Spaces IPO to open on July 10: Anchor investors buy Rs 174 crore worth shares

Smartworks Coworking Spaces IPO

Smartworks Coworking Spaces, the managed workspace solutions provider, has raised Rs 173.6 crore from 12 institutional investors via anchor book on July 9, a day before the IPO opening.

The Rs 583-crore maiden public issue is set to open for subscription on July 10 and close on July 14. The IPO is a combination of fresh issuance of shares worth Rs 445 crore, and an offer-for-sale of 33.79 lakh shares worth Rs 137.56 crore by the existing shareholders.

Promoters NS Niketan, and SNS Infrarealty, and investor Space Solutions India will be the selling shareholders in the offer-for-sale. The price band for the offer has been fixed at Rs 387-407 per share.

Smartworks Coworking Spaces in its BSE filing on Wednesday said it has finalised allocation of 42.66 lakh shares to anchor investors at a price of Rs 407 per share.

Tata Mutual Fund, Axis New Opportunities AIF, Aditya Birla Sun Life Insurance Company, Baroda BNP Paribas Mutual Fund, Sageone, SBI General Insurance Company, Trust Mutual Fund, BNP Paribas, and Societe Generale are among 12 institutional investors participated in the anchor book.

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"Out of the total allocation of 42.66 lakh equity shares to the anchor investors, 13.66 lakh shares were allocated to 3 domestic mutual funds, which have applied through a total of 4 schemes," Smartworks said.

Smartworks is an office experience and managed Campus platform, having a total SBA of 8.99 million square feet across 50 centres in 15 cities.

The company will repay its debt amounted to Rs 114 crore through fresh issue proceeds. Further, Rs 225.8 crore out of fresh issue proceeds will be used for fit-outs in the new centres and for security deposits of the new centres, and the remainder funds for general corporate purposes.

The merchant bankers handling the Smartworks IPO are JM Financial, BOB Capital Markets, IIFL Capital Services, and Kotak Mahindra Capital Company.