July 17, 2025
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What is the latest news relating to Smartworks Coworking Spaces IPO?
Smartworks raises Rs 173.64 cr from anchor investors ahead of IPO
Smartworks Coworking Spaces has raised Rs 173.64 crore from anchor investors ahead of its initial public offer (IPO).
The company has finalised the allocation of 42,66,378 equity shares to anchor investors at Rs 407 per equity share.
Out of the total allocation of 42,66,378 shares to the anchor Investors, 32.04 per cent were allocated to three domestic mutual funds, which have applied through a total of four schemes.
These three domestic mutual funds are Tata Mutual Fund, Baroda BNP Paribas and Trust Mutual Fund.
Other investors are Axis New Opportunities AIF – Series II, SBI General Insurance Company Ltd, Aditya Birla Sun Life Insurance Company Ltd, Buoyant Opportunities Strategy II, Societe Generale, among others.
Subscription Status
| QIB | B HNI X | S HNI X | NII X | RII X | Total X |
| 24.92 | 14.62 | 28.21 | 23.68 | 3.69 | 13.92 |
| Applications: 4,52618 | |||||
| Subscription Review: Pace of application has been good even on the third day |
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Who are the promoter of Smartworks Coworking Spaces IPO?
NEETISH SARDA, HARSH BINANI, SAUMYA BINANI, NS NIKETAN LLP, SNS INFRAREALTY LLP AND ARYADEEP REALESTATES PRIVATE LIMITED are the promoters of the company.
What are the Objects of Smartworks Coworking Spaces IPO?
The Offer comprises the Fresh Issue and the Offer for Sale.
The net proceeds of the Offer are proposed to be utilised by the Company in the following manner:
1. Repayment/ prepayment/ redemption, in full or in part, of certain borrowings availed by the Company Rs. 114 Cr.
2. Capital expenditure for fit-outs in the New Centres and for security deposits of the New Centres; Rs. 225.84 Cr.
3. General corporate purposes.
A Note on the business of Smartworks Coworking Spaces?
Smartworks is an office experience and managed Campus platform. It is the largest managed campus operator, amongst the benchmarked peers, in terms of total stock as of March 31, 2024. It has leased, and it manages a total SBA of 8.00 million square feet as of March 31, 2024. It strives to make Enterprises and their employees in India more productive at work by providing value-centric pricing and superior office experience vis-à-vis traditional workspaces, with access to enhanced services and amenities.
Landlords, especially passive and non-institutional, benefit from the transformation of their bare shell properties into ‘Smartworks’ branded, fully serviced managed Campuses. It focuses on mid-to-large Enterprises and have built a growing Client base, which includes Indian corporates, MNCs operating in India and startups.
It equips its Campuses with modern and aesthetically pleasing designs using its extensive design library, integrated proprietary technology solutions and amenities such as cafeterias, sport zones, Smart Convenience Stores, gymnasiums, crèches and medical centres. Some of these amenities take care of the daily needs of the employees of its Clients, and some are aspirational in nature, leading to collaborative workspace and team building. These aspects are likely to enhance well-being, fostering a vibrant and engaging work atmosphere.
For more information, click: www.smartworksoffice.com
Smartworks Coworking Spaces IPO GMP grey market premium, review, Subscription, allotment, listing estimate
Smartworks Coworking IPO Details |
|
| IPO opens on | 10 July 2025 |
| IPO closes on | 14 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 14313400 Shares / Rs 582.56 Crore |
| * Fresh Issue | 10933660 Shares/ Rs. 445 Crore |
| * Offer for Sale | 33,79,740 shares/ Rs.137.56 Crore |
| Face Value per share: | Rs. 10 |
| Price Band | Rs. 387-407 |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 36 Shares |
| Listing will at | BSE, NSE |
| Shares offered in Smartworks? | Shares | Rs. in Crore |
| QIB (50 %) | 28626800 | 291.28 |
| NII (15 %) | 2147010 | 87.38 |
| RII (35 %) | 5009690 | 203.90 |
| Employees | – | – |
| Total Shares | 14313400 | 582.56 |
| Retail portion oversubscribed by | ?Forms. | |
| How to apply in Smartworks IPO? | Amount Rs. |
|
| Min Retail Appli | 36 | 14652 |
| Max Retail Appli | 468 | 190476 |
| Small HNI (Min) | 504 | 205128 |
| Small HNI (Max) | 2448 | 996336 |
| Big HNI Application | 1013472 | 1010988 |
What is the timetable of
|
|
| IPO opens on | 10 July 2025 |
| IPO Closes on | 14 July 2025 |
| IPO Allotment on | 15 July 2025 |
| Unblocking of ASBA | 16 July 2025 |
| Credit of Shares | 16 July 2025 |
| Listing on | 17 July 2025 |
| Registered Office of the company | |
| Unit No. 305-310, Plot No 9, 10 and 11, Vardhman Trade Centre, Nehru Place, South Delhi, Delhi – 110 019 |
|
| Who are the Lead Managers of Smartworks IPO? JM Financial Limited BOB Capital Markets Limited IIFL Securities Limited Kotak Mahindra Capital Company Ltd. |
|
| Registrar to IPO | |
| Mufg Intime India Pvt. ltd. |
Smartworks Coworking Financials
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 4,650.85 | 4,147.08 | 4,473.50 |
| Revenue | 1,409.67 | 1,113.11 | 744.07 |
| Profit After Tax | -63.18 | -49.96 | -101.05 |
| EBITDA | 857.26 | 659.67 | 424 |
| Net Worth | 107.51 | 50.01 | 31.47 |
| Reserves and Surplus | 4.69 | 29.01 | -46.23 |
| Total Borrowing | 397.77 | 427.35 | 515.39 |
| Amount in Rs. Crore | |||
Key Financial indicators
| KPI | Values |
| ROCE | 42.30% |
| Debt/Equity | 2.9 |
| RoNW | -58.76% |
| EBITDA Margin | 62.39% |
| EPS Rs. | |
| PE Ratio |
How Smartworks Coworking IPO compares with the Peers?
Peer Comparison.
| As on the date of DRHP | FV | Total | PE |
| Rs. | Income | Ratio | |
| Rs. In Crore | |||
| Smartworks | 10 | 1039 | N.A. |
| Awfis Space | 10 | 849 | N.A. |
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Smartworks Coworking IPO Review
Smartworks Coworking Spaces – IPO Review & Guidance
Smartworks is a leading office experience and Managed Campus platform, offering end-to-end workspace solutions tailored for mid-to-large enterprises across India. As of March 31, 2024, it was the largest managed campus operator in India, with a signed lease portfolio of 8.0 million sq. ft and a managed area of 8.99 million sq. ft as of March 31, 2025.
Smartworks transforms large bare-shell commercial spaces from passive and non-institutional landlords into fully branded, serviced, tech-enabled campuses, delivering modern design, high utility, and aspirational amenities. These include cafeterias, sport zones, Smart Convenience Stores, crèches, gyms, and medical centres—fostering vibrant work environments and boosting employee well-being.
The company currently operates 50 centers across 15 Indian cities, including Bengaluru, Pune, Hyderabad, Mumbai, and Gurugram, with a total capacity of 203,118 seats. As of March 31, 2025, it served 738 clients with an occupancy rate of 83.12%. It has also expanded internationally with two centers in Singapore.
Smartworks has developed a unique and scalable business model by partnering with landlords to take over entire properties and standardize workspace delivery across design, facility management, and tech infrastructure. This approach enables clients to focus solely on their business, while Smartworks handles all workspace-related needs.
The company has demonstrated strong EBITDA growth over recent years. However, due to high depreciation expenses, it has reported net losses for the past three years—similar to high-growth startups like Zomato and Blinkit that continue to command premium market valuations.
Chanakya’s View:
While the IPO is from a loss-making company, we believe Smartworks has strong long-term potential due to its scalable model, large addressable market, and increasing preference for managed campuses. The company is well-positioned to benefit from India’s growing commercial office space demand.
🔎 Our Guidance: Apply
We expect strong listing performance and long-term appreciation.
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Smartworks Coworking Spaces IPO GMP
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