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Smartworks Coworking IPO subscribed 13.45 times on final bidding day
Press Trust of India New Delhi
The ₹583-crore initial public offer of Smartworks Coworking Spaces Ltd garnered 13.45 times subscription on the closing day of bidding on Monday.
The three-day IPO received bids for 13,99,08,852 shares against 1,04,01,828 shares on offer, as per NSE data.
The portion for Qualified Institutional Buyers (QIBs) attracted 24.41 times subscription. Non-Institutional Investors part got subscribed 22.78 times and Retail Individual Investors (RIIs) part received 3.53 times subscription.
Smartworks Coworking Spaces has raised ₹173.64 crore from anchor investors.
The IPO of Smartworks Coworking Spaces hit the capital market on Thursday last week to raise nearly ₹600 crore as the company intends to expand its business and reduce debt.
The company has fixed a price band of ₹387-407 per share for its IPO.
The size of 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.
Of the total proceeds from the fresh issue of shares, the company will use ₹226 crore for capital expenditure related to the fit-outs in new centres and security deposits for these new centres.
It will utilise ₹114 crore for payment of loans, and the remaining funds will be used for general corporate purposes. The OFS proceeds will go to promoters.
Gurugram-based Smartworks, one of the leading managed flexible office space providers, has 48 operational co-working centres with over 1.9 lakh seating capacities.
JM Financial Ltd, BOB Capital Markets Ltd and IIFL Capital Services Ltd are the book-running lead managers to the IPO.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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