NEW DELHI: Smartworks Coworking Spaces is gearing up to launch its public share sale on July 10.
The initial public offering (IPO) will run until July 14, with anchor investor bidding set for a single day on July 9, as detailed in the red herring prospectus (RHP).
The IPO size has been revised downwards; the fresh issue is now Rs 445 crore, decreased from the previously planned Rs 550 crore, and the offer for sale (OFS) has been adjusted to 33.79 lakh shares from 67.59 lakh shares.
Approximately Rs 226 crore of the total proceeds will be allocated for capital expenditures related to new centre fit-outs and security deposits, while Rs 114 crore is earmarked for loan repayments. Remaining funds will be directed towards general corporate purposes.
Smartworks Coworking Spaces Ltd is a prominent name in the office experience and managed campus sector.
The company focuses on leasing large, bare-shell properties in prime locations and converting them into fully serviced, technologically advanced campuses equipped with modern amenities.
Their campuses feature cafeterias, sports zones, gyms, medical centres, and more, creating an attractive and contemporary work environment. They cater to businesses of all sizes, particularly mid-to-large enterprises needing over 300 seats.
Smartworks operates in major cities including Bengaluru, Mumbai, Hyderabad, Gurugram, and Chennai.
Between FY23 and FY25, Smartworks expanded by adding 2.83 million sq ft of managed space, achieving a compound annual growth rate (CAGR) of 20.80%.
The company’s extensive pan-India presence, competitive pricing, and capability to lease large properties position it as a preferred partner for mid-to-large firms, as reflected in a 20.80% CAGR in managed space and a 38.98% CAGR in operational revenue during the same period.
JM Financial Ltd, BOB Capital Markets Ltd, IIFL Securities Ltd, and Kotak Mahindra Capital Company Ltd are overseeing the IPO process.
