Smartworks Coworking Spaces – IPO Review & Guidance by Paresh Gordhandas, CA & Research Analyst.
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.
IPO opens on 10 July 2025, Closes on 14 July 2025, Upper Price Rs. 407 Lot 36 Shares
Smartworks Coworking Spaces – IPO Review
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