Smartworks Coworking Spaces IPO to open on July 10; fresh issue size trimmed to Rs 445 crore

Smartworks Coworking Spaces IPO

Smartworks Coworking Spaces is set to launch its initial share sale for public subscription on July 10.

The initial public offering (IPO) will conclude on July 14, and the bidding for anchor investors is scheduled to open for a day on July 9, according to the red herring prospectus (RHP).

The company has revised its IPO size downward. The fresh issue has been reduced to Rs 445 crore from the earlier planned Rs 550 crore, while the offer for sale (OFS) by promoters has been cut to 33.79 lakh shares from 67.59 lakh shares.

About Rs 226 crore from the total proceeds will be used for capital expenditure related to the fit-outs in new centres and security deposits for these new centres, Rs 114 crore will be allocated for the payment of loans, and the remaining funds will be utilised for general corporate purposes.

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Smartworks Coworking Spaces is a leading platform for office experiences and managed campuses.

It specialises in leasing large, bare-shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with modern amenities.

These campuses include cafeterias, sports zones, gyms, medical centres, and more, offering a modern and attractive work environment. The company cater to businesses of all sizes, with a focus on mid-to-large companies that need over 300 seats.

The company is concentrated in various cities, including Bengaluru, Mumbai Metropolitan Region, Hyderabad, Gurugram and Chennai.

Between FY23 and FY25, Smartworks expanded its operations by adding 2.83 million square feet of space under management, achieving a CAGR (compound annual growth rate) of 20.80 percent.

Its strong pan-India presence, competitive pricing, and ability to lease entire or large properties make it a preferred partner for mid-to-large enterprises. This is reflected in the 20.80 percent CAGR in space managed and a 38.98 percent CAGR in revenue from operations during the same period.

JM Financial, BOB Capital Markets, IIFL Securities, and Kotak Mahindra Capital Company are managing the company's IPO process.