Smartworks IPO to Open on July 10: Revised Issue Size at ₹445 Crore

New Delhi, July 5, 2025: Smartworks Coworking Spaces Ltd is set to launch its Initial Public Offering (IPO) for public subscription on July 10, with the issue closing on July 14. The bidding for anchor investors will open on July 9, as per the company’s red herring prospectus (RHP).

IPO Size Revised Downward

The company has revised its IPO size:

• Fresh Issue: Reduced to ₹445 crore from the previously planned ₹550 crore.
• Offer for Sale (OFS): Cut to 33.79 lakh shares from the earlier 67.59 lakh shares.

Utilisation of Proceeds

Smartworks plans to deploy the IPO proceeds as follows:

• ₹226 crore for capital expenditure, including fit-outs and security deposits at new centres.
• ₹114 crore to repay loans.
• The remaining funds will be used for general corporate purposes.

About Smartworks

Smartworks is a leading platform for managed office campuses, catering primarily to mid-to-large enterprises requiring 300+ seats. The company is known for transforming large, bare-shell spaces into fully serviced, tech-enabled campuses featuring:

• Cafeterias
• Sports zones
• Gyms
• Medical centres
• Modern amenities for an enhanced work experience

Key Growth Metrics (FY23 to FY25)

• Space under management grew by 2.83 million sq ft, registering a CAGR of 20.80%.
• Revenue from operations saw a CAGR of 38.98% over the same period.

The company’s pan-India footprint includes major cities such as Bengaluru, Mumbai Metropolitan Region, Hyderabad, Gurugram, and Chennai. Its ability to lease and manage large campuses at competitive pricing has made it a preferred partner for corporates.

Lead Managers to the Issue

The IPO is being managed by:

• JM Financial Ltd
• BOB Capital Markets Ltd
• IIFL Securities Ltd
• Kotak Mahindra Capital Company Ltd

Smartworks’ IPO marks a significant step in its expansion strategy, aiming to strengthen its infrastructure and consolidate its position in India’s growing flexible workspace market.

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