NEW DELHI: Smartworks Coworking Spaces Ltd’s initial public offering (IPO) was subscribed 1.15 times by the end of the second day of bidding on Friday.
According to NSE data, the IPO received bids for 1,19,96,496 shares, surpassing the 1,04,01,828 shares available.
The non-institutional investor category saw a subscription rate of 1.79 times, while retail individual investors (RIIs) subscribed 1.18 times. Qualified institutional buyers (QIBs) had a 63% subscription rate.
Smartworks Coworking Spaces has secured Rs 173.64 crore through anchor investors.
Launching on Thursday, the IPO aims to raise nearly Rs 600 crore to facilitate business expansion and debt reduction.
The company has set a price band of Rs 387-407 per share, with the IPO closing on July 14.
The size of the fresh issue has been lowered to Rs 445 crore from Rs 550 crore, and the offer for sale (OFS) by promoters has decreased to 33.79 lakh shares from 67.59 lakh.
At the upper end of the price range, the estimated size of the IPO is now Rs 583 crore, valuing the company at approximately Rs 4,645 crore.
From the fresh issue proceeds, Rs 226 crore will be allocated for capital expenditures related to new center fit-outs and security deposits; Rs 114 crore will go toward loan repayments; and remaining funds will be designated for general corporate purposes. OFS proceeds will benefit the promoters.
Based in Gurugram, Smartworks is a top provider of managed flexible office spaces, boasting 48 operational co-working centers with a combined seating capacity of over 1.9 lakh.
JM Financial Ltd, BOB Capital Markets Ltd, and IIFL Capital Services Ltd are the lead managers for the IPO.
