NEW DELHI: Smartworks Coworking Spaces Ltd’s initial public offering (IPO) of ₹583 crore was oversubscribed by 13.45 times by the close of bidding on Monday.
During the three-day IPO, bids reached 13,99,08,852 shares, significantly exceeding the 1,04,01,828 shares available, according to NSE data.
The Qualified Institutional Buyers (QIB) segment received 24.41 times the subscription, while Non-Institutional Investors subscribed 22.78 times. Retail Individual Investors (RIIs) saw a subscription of 3.53 times.
Additionally, Smartworks Coworking Spaces has secured ₹173.64 crore from anchor investors.
The IPO was launched last Thursday, aiming to raise nearly ₹600 crore to facilitate business expansion and debt reduction. The company has established a price range of ₹387-407 per share for the IPO.
Notably, the size of the fresh issue has been adjusted to ₹445 crore from an earlier target of ₹550 crore. The offer for sale (OFS) by promoters has also been reduced, from 67.59 lakh shares to 33.79 lakh shares.
From the fresh issue proceeds, ₹226 crore will be allocated for capital expenditures related to new centre fit-outs and security deposits. The company plans to use ₹114 crore for loan repayments, with the remainder designated for general corporate needs. Proceeds from the OFS will be directed to the promoters.
Based in Gurugram, Smartworks is a leading provider of managed flexible office spaces. The company operates 48 co-working centres with a total seating capacity of over 190,000.
JM Financial Ltd, BOB Capital Markets Ltd, and IIFL Capital Services Ltd are serving as the book-running lead managers for the IPO.
