Subscribe for Smartworks Coworking Spaces Ltd IPO; Deven Choksey

Deven Choksey, Smartworks Coworking Spaces Ltd

Smartworks Coworking Spaces Limited specializes in providing flexible office solutions, offering a wide variety of workspaces designed to accommodate the needs of startups, small and medium enterprises (SMEs), and larger corporations. The company delivers well-equipped office environments that support collaboration, productivity, and operational efficiency, by focusing on scalable and cost-effective workspace options, which can be tailored to the specific needs of its clients. The company has presence in key business hubs, and it aims to provide well-managed office spaces that offer flexibility and convenience, enabling businesses to optimize their operations. As the demand for adaptable work environments grows, Smartworks continues to refine its offerings to meet the evolving needs of modern organizations.

Valuation and Outlook

Smartworks Coworking Spaces initial issue is priced at 5.8x TTM EV/EBITDA compared to 14.4x of its domestic listed peer and industry avg. of 6.8x TTM EV/EBITDA of global listed peers. Moreover, the issue is priced at 20.4x FY25 EV/Adj. Cash EBITDA compared to 49.9x FY25 EV/Adj. Cash EBITDA of its domestic listed peer. We find the issue to be attractively priced and assign a “SUBSCRIBE” rating to the issue.