Smartworks Coworking Spaces IPO to open on July 10; sets price band at ₹387-407 per share

Smartworks Coworking Spaces has fixed a price band between ₹387 and ₹407 per share for its initial public offering (IPO) that will open for subscription on July 10 and conclude on July 14. Investors can bid for a minimum of 36 shares and in multiples thereof.

The implied market capitalisation after listing could be between ₹4,394 crore and ₹4,645 crore at the upper end.

The company has revised its IPO size

downward. The fresh issue has been reduced to ₹445 crore from the earlier planned ₹550 crore, while the offer for sale (OFS) by promoters has been cut to 33.79 lakh shares from 67.59 lakh shares.

Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP and Aryadeep Realstates Private Limited are the promoters of the company.

Nearly 75% of the offer will be allocated to qualified institutional buyers, 15% to non-institutional bidders, and the remaining 10% to retail investors.

About ₹226 crore from the total proceeds will be utilised for capital expenditure related to the fit-outs in new centres and security deposits for these new centres, ₹114 crore will be allocated for the payment of loans, and the remaining funds will be utilised for general corporate purposes.

Smartworks Coworking Spaces is engaged in the business of customised managed workspace solutions, offering fully serviced, tech-enabled office environments with aesthetic designs and essential amenities to meet the specific needs of enterprises and their employees.

It specialises in leasing large, bare-shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with modern amenities.

These campuses include cafeterias, sports zones, gyms, medical centres, and more, offering a modern and attractive work environment. The company cater to businesses of all sizes, with a focus on mid-to-large companies that need over 300 seats.

The company is concentrated in various cities, including Bengaluru, Mumbai Metropolitan Region, Hyderabad, Gurugram and Chennai.

Between FY23 and FY25, Smartworks expanded its operations by adding 2.83 million square feet of space under management, achieving a CAGR (compound annual growth rate) of 20.80 percent.

JM Financial is the book-running lead manager of the Smartworks Coworking IPO, while MUFG Intime India (Link Intime) is the registrar for the issue.

The allotment for the Smartworks Coworking IPO is expected to be finalised on July 15. The IPO will be listed on BSE, NSE with a tentative listing date fixed as July 17.