Smartworks Coworking IPO opens in 2 days: 10 key things to know from RHP before you subscribe to ₹582 crore issue
The company aims to raise ₹ 582 crore through the offering, which is a combination of a fresh issue of 1.09 crore shares aggregating to ₹ 445 crore and an offer for sale of 0.34 crore shares aggregating to ₹ 137.56 crore.
The IPO price band is set at ₹ 387 to ₹ 407 per share. Retail investors can apply for a minimum of 36 shares in one lot and can apply for up to 13 lots. At the upper end of the IPO price band, ₹ 407 apiece, retail investors are required to make a minimum investment of ₹ 14,652 per lot.
1. Business overview: Smartworks Coworking is described as an office experience and managed campus platform. As per the RHP report, it is the largest managed campus operator among its benchmarked peers in terms of total stock as of March 31, 2024, with a leased and managed super built-up area (SBA) of 8.00 million square feet.
2. Operational scale: In terms of operational footprint, Smartworks manages 41 centers across 13 cities as of March 31, 2024. These include key business hubs such as Bengaluru, Pune, Hyderabad, Gurugram, Mumbai, Noida, and Chennai. The total seat capacity stood at 182,228 across the managed SBA of 8.00 million square feet.
3. Focus on enterprise clients and scalable solutions: It targets a mix of Indian corporates, multinational firms operating in India, and emerging startups with higher seat requirements. The company aims to expand its relationships with such clients by offering scalable workspace solutions that can adapt to their evolving needs.
4. Value-added services and fit-out offerings: Smartworks introduced value-added services in FY23 and fit-out-as-a-service (FaaS) in 2024. These asset-light, margin-accretive initiatives include amenities like cafeterias, gyms, and crèches and offer customized office buildouts through partner-driven models, helping deepen engagement with existing clients and attract new ones.
5. Scale of operations: The company's scale has grown significantly over the past two years. From March 31, 2022, to March 31, 2024, its SBA expanded from 3.99 million square feet across 30 centers to 8.00 million square feet across 41 centers.
This includes one fit-out center and one center that had not yet been handed over by the landlord as of the reporting date. During the same period, the number of capacity seats rose from 86,416 to 182,228, reflecting a compound annual growth rate (CAGR) of 45.21%. This increase in seat capacity, which outpaced SBA growth, was attributed to the company's decision to lease larger centers and improve design efficiency.
6. Client Base: The client base is made up of Indian corporates, multinational companies, and startups. Some of its key clients include Google IT Services India Pvt. Ltd., L&T Technology Services Ltd., Bridgestone India, Philips Global Business Services LLP, Persistent Systems, Groww, and MakeMyTrip. Many of these clients have entered into long-term contracts across multiple locations. As of March 31, 2024, the company served 603 clients, collectively occupying 130,047 seats.
7. Growth and expansion: As of March 2024, Smartworks had a presence in 17 key commercial clusters, operating 32 centers covering 7.20 million square feet. Its business focus lies in catering to mid-to-large enterprises.
8. Financial Performance: The company's revenue from operations comprises income from lease rentals, ancillary services, and software fees. For FY25, the company reported revenue of ₹ 1,409.67 crore, compared to ₹ 1,113 crore in FY24 and ₹ 744 crore in FY23.
However, the company has reported net losses over the past three fiscal years, with a net loss of ₹ 63.18 crore in FY25, compared to ₹ 49.96 crore in FY24 and ₹ 101 crore in FY23.
9. Objectives of the Issue: The company proposes to utilize the net proceeds from the issue towards repayment, prepayment, or redemption (in full or in part) of certain borrowings; capital expenditure for fit-outs in new centers; security deposits for new centers; and general corporate purposes.
10. Listing and Allotment Details: The allotment of shares for the Smartworks Coworking IPO is expected to be finalized on July 15, 2025. Tentative listing on both the BSE and NSE is scheduled for Wednesday, July 17, 2025.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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