Smartworks Coworking IPO Date, Review, Price, GMP, Allotment Details
Smartworks Coworking IPO: Smartworks Coworking Spaces Limited, a frontrunner in India’s managed office space sector, has unveiled its Initial Public Offering (IPO) in 2025, sparking widespread interest among investors. Known for its tech-enabled, enterprise-focused workspaces, Smartworks is well-positioned to tap into the rising demand for flexible office solutions across India’s major cities. This IPO is a pivotal moment, offering investors a chance to invest in a rapidly growing industry.
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Valued at ₹582.56 crore, the IPO includes a fresh issue of ₹445 crore and an Offer for Sale (OFS) of ₹137.56 crore, aimed at fueling expansion and improving financial health. Operating 50 centers across 15 cities with 8.99 million square feet, Smartworks caters to top-tier clients like Google IT Services, Philips, and Groww, showcasing its ability to deliver tailored office solutions. The funds will support new center development, debt reduction, and operational growth.
The IPO has generated buzz, with the Grey Market Premium (GMP) suggesting potential listing gains. However, investors should note the company’s ongoing net losses due to high depreciation and capital-intensive operations. This article provides a detailed breakdown of the Smartworks Coworking IPO, covering dates, price, allotment, financials, and expert reviews to help you make informed investment decisions.
Smartworks Coworking IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | July 10, 2025 |
| IPO Close Date | July 14, 2025 |
| Allotment Date | July 15, 2025 (Tentative) |
| Listing Date | July 17, 2025 (Tentative) |
| Price Band | ₹387 – ₹407 per equity share |
| Lot Size | 36 shares (minimum order quantity) |
| Issue Size | ₹582.56 crore (Fresh Issue: ₹445 crore, OFS: ₹137.56 crore) |
| Face Value | ₹10 per share |
| Investor Quotas | QIB: 50%, Retail: 35%, NII: 15% |
| Stock Exchanges | BSE, NSE |
| Lead Managers | JM Financial, BOB Capital, IIFL Capital, Kotak Mahindra Capital |
| Registrar | MUFG Intime India Pvt Ltd (Link Intime) |
Smartworks Coworking IPO Market Lot
The minimum application for the Smartworks Coworking IPO is 36 shares, making it accessible for retail investors. At the price band of ₹387 to ₹407 per share, the minimum investment ranges from ₹13,932 to ₹14,652, with higher lots applicable for HNIs.
| Category | Shares | Amount (₹) |
|---|---|---|
| Retail (Minimum) | 36 shares | ₹13,932 – ₹14,652 |
| Retail (Maximum) | 468 shares | ₹181,116 – ₹190,476 |
| Small HNI (Minimum) | 504 shares | ₹194,868 – ₹205,128 |
| Big HNI (Minimum) | 2,052 shares | ₹793,524 – ₹835,284 |
Smartworks Coworking IPO Dates
The Smartworks Coworking IPO was open for subscription from July 10 to July 14, 2025. Share allotment is expected on July 15, 2025, with refunds and demat credits on July 16, 2025, and listing on BSE and NSE on July 17, 2025.
| Event | Date |
|---|---|
| IPO Open Date | July 10, 2025 |
| IPO Close Date | July 14, 2025 |
| Allotment Finalization | July 15, 2025 (Tentative) |
| Refund Initiation | July 16, 2025 (Tentative) |
| Demat Credit | July 16, 2025 (Tentative) |
| Listing Date | July 17, 2025 (Tentative) |
Promoters of Smartworks Coworking IPO
The promoters, Neetish Sarda and Harsh Binani, have driven Smartworks’ growth since its founding in 2015. Their strategic vision has established the company as India’s largest managed campus operator, focusing on tech-driven, enterprise-grade workspaces.
About Smartworks Coworking IPO
Since its inception in 2015, Smartworks Coworking Spaces Limited has grown to manage 8.99 million square feet across 50 centers in 15 cities, with an 89.03% occupancy rate (169,541 seats). Serving 728 clients, including Google IT Services and Philips, it leverages an asset-light model and services like fit-out-as-a-service to meet enterprise demands.
Smartworks Coworking IPO Company Financial Report
Smartworks has shown robust revenue growth, with FY 2025 revenue up 26.6% to ₹1,409.67 crore. However, a net loss of ₹63.18 crore persists due to high depreciation and capital investments, though strong EBITDA growth signals operational strength.
| Metric | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Total Revenue | ₹1,409.67 crore | ₹1,113.11 crore | ₹879.45 crore |
| Net Profit/Loss | (₹63.18 crore) | (₹49.96 crore) | (₹78.22 crore) |
| EBITDA | ₹857 crore | ₹612 crore | ₹424 crore |
| Revenue CAGR (FY23-FY25) | 38.98% | – | – |
Smartworks Coworking IPO Valuation FY2025
Valuation metrics reflect Smartworks’ growth potential but highlight challenges due to negative earnings. The IPO’s high P/BV ratio is supported by its scalable model and strong revenue trajectory.
| Metric | Value |
|---|---|
| Earnings Per Share (EPS) | Negative |
| Price-to-Earnings (P/E) | Not applicable |
| Return on Net Worth (RoNW) | Negative |
| Net Asset Value (NAV) | ₹48.45 per share |
| Price-to-Book Value (P/BV) | 8.40 |
| Return on Capital Employed | Improving |
Peer Group Comparison
| Company | P/E Ratio | Market Cap (₹ crore) |
|---|---|---|
| Awfis Space Solutions Ltd | 63.18 | 5,432 |
| Smartworks Coworking | Not applicable | ~3,800 (post-IPO est.) |
Objects of the Issue
- Capital expenditure: ₹225.8 crore for new center fit-outs and security deposits.
- Debt repayment: ₹114 crore to reduce net debt of ₹299 crore.
- General corporate purposes: Remaining funds for operational and strategic initiatives.
Smartworks Coworking IPO Review
The Smartworks IPO is an attractive proposition for investors bullish on India’s coworking sector, fueled by demand from IT, BFSI, and startups. Its 38.98% revenue CAGR, 86% client retention, and market leadership are key positives. However, persistent losses, reliance on four cities for 80% of revenue, and a high P/BV ratio are risks. Long-term investors with risk tolerance may consider subscribing, while conservative investors should await profitability signals.
Smartworks Coworking IPO Registrar
MUFG Intime India Pvt Ltd (Link Intime)
Address: C-101, 1st Floor, 247 Park, LBS Marg, Vikhroli West, Mumbai 400083, Maharashtra
Phone: +91-22-49186200
Email: smartworks.ipo@linkintime.co.in
Website: www.linkintime.co.in
IPO Lead Managers aka Merchant Bankers
- JM Financial Limited
- BOB Capital Markets Limited
- IIFL Capital Services Limited
- Kotak Mahindra Capital Company Limited
Company Address
Smartworks Coworking Spaces Limited
14th Floor, Tower D, Global Business Park, MG Road, Gurugram, Haryana 122002, India
Phone: +91-124-4829000
Email: info@smartworkspaces.com
Website: www.smartworkspaces.com
Smartworks Coworking IPO FAQs
Q1: What is the Smartworks Coworking IPO price band?
A: The price band is ₹387 to ₹407 per equity share.
Q2: When will the shares list on the exchanges?
A: The shares are expected to list on July 17, 2025, on BSE and NSE.
Q3: What is the minimum lot size for application?
A: The minimum lot size is 36 shares, costing ₹13,932 to ₹14,652.
Q4: How can I check my allotment status?
A: Visit MUFG Intime India’s website or use BSE, NSE, or brokers like Zerodha.
Q5: What is the Grey Market Premium (GMP) for the IPO?
A: As of July 10, 2025, the GMP was ₹32, suggesting a listing price of ~₹439.
Conclusion
The Smartworks Coworking IPO offers a compelling entry into India’s thriving managed workspace sector. With strong revenue growth, a scalable business model, and a robust client portfolio, Smartworks is poised for expansion. However, ongoing net losses and regional revenue concentration pose challenges. Investors should review financials and consult advisors before applying.
Disclaimer: Stock market investments involve risks. Read all scheme-related documents carefully. Views are for informational purposes only and not investment advice.
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