SMARTWORKS COWORKING SPACES IPO: ₹550 Cr Growth Chance

SMARTWORKS COWORKING SPACES IPO is a fully book-built issue with a total IPO size of ₹550.00 crores.

The entire share offering is a fresh issue worth ₹550.00 crores.

The IPO opened for subscription on July 10, 2025 and closed on July 14, 2025.

The allotment process is expected to be finalized by July 15, 2025.

The SMARTWORKS COWORKING SPACES IPO is scheduled to list on BSE and NSE, with a tentative listing date of July 17, 2025.

The price band for the SMARTWORKS COWORKING SPACES IPO has not been announced yet.

Registrar for this IPO is Link Intime India Private Limited and lead managers for SMARTWORKS COWORKING SPACES IPO are JM Financial Limited, BOB Capital Markets Limited, IIFL Securities Limited, Kotak Mahindra Capital Company Limited.

Explore more upcoming IPOs in India for comparison and investment planning.

IPO Schedule

IPO Open Date	Thursday, 10 Jul, 2025
IPO Close Date	Monday, 14 Jul, 2025
IPO Allotment Date	Tuesday, 15 Jul, 2025
Refund Initiation	Wednesday, 16 Jul, 2025
Share credit in Demat	Wednesday, 16 Jul, 2025
Listing Date	Thursday, 17 Jul, 2025

Key Details

Price Band	₹387 to ₹407 Per Share
Lot Size	36 Shares
Face Value	₹10 Per Equity Share
Total Issue Size	₹582.56 Crores
Fresh Issue	₹550.00 Crores
OFS Issue	3,379,740 Shares
Issue Type	Fresh Issue and Offer for Sale
Listing At	BSE ( BSE ) and NSE ( NSE )

Share Reservation

Investor Category	Shares Offered
QIB	75%
Retail	10%
NII/HNI	15%

Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	36	14,652
Retail (Max)	13	468	190,476
S-HNI (Min)	14	504	205,128
S-HNI (Max)	68	2448	996,336

About Smartworks Coworking Spaces Limited Company

Smartworks is an office experience and managed campus platform, recognized as the largest managed campus operator among its peers, with a total stock of 8.00 million square feet as of March 31, 2024. The company aims to enhance workplace productivity for enterprises and their employees by offering competitively priced, superior office environments with enhanced services and amenities compared to traditional workspaces.

Focusing on mid-to-large enterprises, Smartworks has cultivated a growing client base including Indian corporates, MNCs operating in India, and startups. Their campuses feature modern designs from an extensive design library, integrated proprietary technology, and amenities such as cafeterias, sport zones, convenience stores, gyms, crèches, and medical centers. These offerings aim to support employee well-being and collaboration, fostering a vibrant work atmosphere.

As of March 31, 2024, Smartworks' managed campus platform included 41 centers across 13 cities like Bengaluru, Pune, Hyderabad, Gurugram, Mumbai, Noida, and Chennai, offering 182,228 seats. Operational centers accounted for 7.21 million square feet with 163,022 seats. The company also had fit-out centers and centers yet to be handed over, contributing to the total SBA. As of the date of the DRHP the company has 43 centers with 185,467 seats.

The company's operational centers served 603 clients occupying 130,047 seats as of March 31, 2024. As of the date of the Draft Red Herring Prospectus, Smartworks has 618 Clients with 149,660 Seats, out of which 8,691 Seats are yet to be occupied at operational centers. Smartworks has also expanded its footprint to Singapore, leasing two centers with a total SBA of 35,036 square feet and serving 50 clients.

India’s commercial office stock is estimated at 841.2 million square feet as of March 31, 2024, and is projected to grow at a CAGR of 6.71% to 1,079.3 million square feet by the end of 2027. Smartworks partners with passive and non-institutional landlords, leasing entire or large bare-shell properties, demonstrating success in converting existing properties to its managed campus platform.

Smartworks Coworking Spaces Limited Financial Details

Period Ended	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	4147.08	4473.50	2859.57
Revenue	1039.36	711.39	360.24
Profit After Tax	-49.96	-101.05	-69.91
Net Worth	50.01	31.47	114.09
Reserves and Surplus	-29.01	-46.22	36.89
Total Borrowing	427.35	515.39	247.60

₹ In Crore

Key Performance Indicator

(₹ 5.18)

(99.90)%

₹ 5.19

28.12%

Offer Objectives

The Offer comprises a Fresh Issue and an Offer for Sale. The company will not receive any proceeds from the Offer for Sale. The Fresh Issue aims to raise funds, with gross proceeds up to ₹ 55 crore. These proceeds will be utilized for several key objectives.

Firstly, ₹ 14 crore is earmarked for repayment/prepayment/redemption of company borrowings. Secondly, ₹ 28.23 crore is allocated to capital expenditure for new centers, including fit-outs and security deposits. Finally, a portion, not exceeding 25% of the gross proceeds, is designated for general corporate purposes. These allocations may be adjusted based on business needs, market conditions, and management discretion.

As of March 31, 2024, the company's aggregate outstanding borrowings were ₹ 42.735 crore. The company intends to utilize ₹ 14 crore from the Net Proceeds towards repayment/prepayment/redemption of all or a portion of certain borrowings availed by our Company, including accrued interest thereon. Prepayment charges may apply, funded by internal accruals. Repaying debt will reduce financial burden and free up resources for growth. Lenders include Tata Capital Financial Services Limited, Aditya Birla Finance Limited and Deutsche Investments India Private Limited.