Healthy Debut! Smartworks Coworking Spaces shares list at ₹435 on NSE, up 6.88% from IPO price
The initial public offering (IPO), with a total issue size of ₹ 582.56 crore, was open for bidding from July 10 to July 14. The offering received an healthy response from investors, closing with a subscription of 13.92 times.
The IPO attracted bids for 14 crore shares compared to the 1 crore shares on offer. The retail investor category was subscribed 3.69 times while the non-institutional investor (NII) segment witnessed 23.68 times subscription. Meanwhile, the qualified institutional buyer (QIB) portion was bid the most, 24.92 times. Moreover, the employee quota was booked 2.51 times in the three days of bidding.
The IPO was a combination of fresh issue of 1.09 crore shares aggregating to ₹ 445 crore and offer for sale of 0.34 crore shares aggregating to ₹ 137.56 crore.
Its promoters include Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP, and Aryadeep Realstates Private Limited.
The IPO had a lot size of 36 shares, with the minimum investment amount for retail investors fixed at ₹ 13,932. Additionally, the issue featured a reservation of up to 1,01,351 shares specifically for employees, who were offered a discount of ₹ 37 per share on the final issue price.
According to the company's draft red herring prospectus, the net proceeds will be primarily directed towards repaying or prepaying certain outstanding borrowings, either fully or partially. Additionally, a portion of the funds will be allocated for capital expenditure related to fit-outs in new centres and for securing deposits at these new locations. The remainder of the proceeds will be used for general corporate purposes.
Smartworks Coworking Spaces garnered ₹ 173.64 crore from anchor investors on Wednesday, July 9, 2025, ahead of its initial public offering.
JM Financial Limited is acting as the book-running lead manager for the IPO, while MUFG Intime India Private Limited (Link Intime) serves as the registrar to the issue.
Smartworks Coworking Spaces Limited, founded in 2015, focuses on delivering customised managed office solutions tailored for modern enterprises. The company offers fully serviced, tech-enabled workspaces that combine functional design with essential amenities to support productivity and employee comfort.
Smartworks primarily serves mid-to-large-sized organisations, including Indian corporates, global MNCs, and emerging startups. Its campuses are built with employee well-being in mind, featuring amenities like cafeterias, gyms, crèches, and medical facilities — all seamlessly integrated with smart technologies and contemporary interiors.
As of March 31, 2025, Smartworks had a client base of 738 and managed 152,619 seats. Currently, it serves 728 clients with a total seat capacity of 169,541, out of which 12,044 seats remain unoccupied.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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