Latest news with #OFS
&w=3840&q=100)
Business Standard
3 hours ago
- Business
- Business Standard
Smartworks Coworking Spaces lists at 7% premium, matches IPO GMP forecast
Shares of Smart works Coworking Spaces made a positive D-Street debut on Thursday, July 17, following the completion of its initial public offering (IPO). The company's shares listed at ₹436.10 per share on the BSE, a premium of ₹29.10 per share or 7.15 per cent over the issue price of ₹407 per share. On the National Stock Exchange (NSE), Smartworks Coworking Spaces shares listed at a slightly lower premium of ₹28 or 6.88 per cent at ₹435 apiece. Smartworks Coworking Spaces IPO listing was almost in line with the grey market's estimates. Ahead of their market debut, the unlisted shares of Smartworks Coworking Spaces were trading at ₹432 per share, reflecting a grey market premium of ₹25, or 6.14 per cent over the issue price, revealed sources tracking unofficial market activity. Smartworks Coworking Spaces IPO details The public offering of Smartworks Coworking Spaces comprised a fresh issue of 10.9 million equity shares, aggregating to ₹445 crore, and an offer for sale (OFS) of up to 3.4 million equity shares worth ₹137.56 crore. It was offered at a price band of ₹387 and ₹407 per share, with a minimum lot size of 36 shares from July 10–July 14. Smartworks Coworking Spaces IPO received a positive response from investors and ended up getting oversubscribed by 13.45 times, riding on the back of the Qualified Institutional Buyers (QIBs), who oversubscribed the category reserved for them by 24.41 times. This was followed by the Non-Institutional Investors (NIIs) at 22.78 times, and Retail Investors at 3.53 times. Smartworks Coworking Spaces will not receive any proceeds from the offer for sale. The funds raised through the OFS will go directly to the selling shareholders. The company, however, proposes to use the net proceeds from the fresh issue to repay or prepay certain borrowings, invest in capital expenditure for fit-outs in new centres, and cover security deposits for these new centres. A portion of the funds will also be directed towards general corporate purposes. About Smartworks Coworking Spaces Smartworks Coworking Spaces Ltd (SCSL), incorporated in 2015, is India's largest managed campus operator offering 8.99 mn sq. ft. of leased and managed space across 50 centers in 15 cities (as of March 2025). Catering to mid-to-large enterprises, SCSL converts bare-shell properties into fully serviced, tech-enabled campuses featuring amenities like cafeterias, gyms, crèches, medical centers, and convenience stores to boost productivity and employee well-being. As of June 2025, it had a total capacity of 231,548 seats across 48 operational centers (190,421 seats), 2 under fit-out (15,042 seats), and 4 upcoming (26,085 seats).
&w=3840&q=100)
Business Standard
2 days ago
- Business
- Business Standard
Upcoming IPO! STUDDS receives green signal from Sebi to go public; details
Upcoming IPO: Leading two-wheeler helmet manufacturer STUDDS Accessories is all set to go public, having received the green light from the market regulator, the Securities and Exchange Board of India (Sebi), for its long-awaited Initial Public Offering (IPO). The company initially submitted its draft papers to the markets regulator in 2018. However, the proposal was not executed at that time. Now, STUDDS has received Sebi's approval for its Draft Red Herring Prospectus (DRHP), which was submitted in March this year. STUDDS Accessories IPO details The public offering comprises an entirely Offer for Sale (OFS) of up to 7.78 million equity shares. From the promoters group, Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Chand Khurana are divesting up to 6.7 million equity shares, while other shareholders are divesting up to 1.08 million equity shares of the company through the public issue. The equity shares offered through the DRHP are proposed to be listed on the BSE and the National Stock Exchange of India (NSE). MUFG Intime India (formerly Link Intime India) is the registrar of the offer, while IIFL Capital Services and ICICI Securities are the book running lead managers. The price band and the minimum bid lot, the company said, will be decided in accordance with applicable laws and in consultation with the book running lead managers. STUDDS Accessories will not receive any proceeds of the Offer for Sale by the selling shareholders. "Each of the selling shareholders will be entitled to the respective proportion of the proceeds of the OFS after deducting their portion of the offer-related expenses and the relevant taxes thereon," reads the DRHP. About STUDDS Accessories STUDDS Accessories designs, manufactures, markets, and sells two-wheeler helmets under the 'Studds' and 'SMK' brands and other accessories (such as two-wheeler luggage, gloves, helmet locking devices, rain suits, riding jackets, and eyewear) under the 'Studds' brand. The company is the largest two-wheeler helmet player in India in terms of revenue in Fiscal 2023 and also the world's largest two-wheeler helmet player by volume in Calendar Year 2024. (Source: CARE Report). The company's products are sold pan-India and in more than 70 countries internationally, with key export markets situated across the Americas, Asia (excluding India), Europe, and the rest of the world. For the six-month period ended September 30, 2024, the company reported revenue from operations of ₹285.31 crore and a net profit of ₹33.24 crore. In the fiscal year 2023–24 (FY24), STUDDS Accessories reported revenue from operations of ₹1,665.1 crore and a net profit of ₹57.22 crore.
Time of India
2 days ago
- Business
- Time of India
WeWork India and Studds Accessories get Sebi nod to raise funds via IPO
The Securities and Exchange Board of India ( SEBI ) has approved the initial public offerings (IPOs) of WeWork India Management Limited and Studds Accessories Limited, clearing the way for both companies to list on Indian stock exchanges. WeWork India IPO Key Details WeWork India, one of the country's leading premium flexible workspace providers, has received SEBI's go-ahead for its IPO, which comprises an Offer for Sale (OFS) of up to 4,37,53,952 equity shares, according to the Draft Red Herring Prospectus (DRHP). The observation letter was issued on July 8, 2025. The OFS includes up to 33,458,659 shares by Embassy Buildcon LLP (the Promoter Selling Shareholder) and up to 10,295,293 shares by 1 Ariel Way Tenant Limited (the Investor Selling Shareholder). JM Financial , ICICI Securities, Jefferies India, Kotak Mahindra Capital, and 360 ONE WAM are the book-running lead managers for the issue. Live Events About WeWork India WeWork India is the exclusive licensee of the global WeWork brand in India and is majority-owned by Embassy Group, a leading real estate developer. Embassy Group has developed over 85 million sq ft of commercial real estate and sponsors Embassy REIT, India's first and Asia's largest office REIT by leasable area, as per CBRE. With clients such as Amazon Web Services, JP Morgan, Warner Bros. Discovery, and Grant Thornton, WeWork India has established a strong presence across Tier 1 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai. As of September 30, 2024, the company operated 59 centres with 94,440 desks and a leasable area of 6.48 million sq ft, with 93% of its portfolio comprising Grade A properties, as per CBRE. WeWork India also benefits from the global reach of the WeWork network, which operates approximately 600 locations across 35 countries. Studds Accessories IPO Studds Accessories, the country's largest two-wheeler helmet manufacturer, also received SEBI's approval to proceed with its IPO. The offering is entirely an offer for sale (OFS) of 77.9 lakh equity shares by the promoter group and other shareholders, as per the DRHP filed in March. Since the IPO is an OFS, the company will not raise any fresh capital, and all proceeds will go to the selling shareholders. Studds designs, manufactures, and markets helmets under the 'Studds' and 'SMK' brands. It also produces a range of motorcycle accessories, including luggage solutions, gloves, rainwear, locking devices, and riding gear. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
&w=3840&q=100)
Business Standard
3 days ago
- Business
- Business Standard
Smartworks Coworking IPO subscribed 13.45 times on final bidding day
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 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.)
&w=3840&q=100)
Business Standard
3 days ago
- Business
- Business Standard
NIIs drive demand for Smartworks Coworking Spaces IPO; GMP up 5%
Smartworks Coworking Spaces IPO subscritpion status: Non-institutional investors (NIIs) were driving the demand for the initial public offering (IPO) of workspace solutions provider Smartworks Coworking Spaces, leading to its full subscription on the final day of subscription on July 14, 2025. Smartworks Coworking Spaces IPO received bids for 1,62,51,804 shares against 1,04,01,828 on offer, resulting in an oversubscription of 1.56 times till 10:48 AM on July 14, showed the NSE data. Among the individual categories, NIIs bid the highest, oversubscribing the category reserved for them by 2.76 times. This was followed by retail investors, who bid 1.57 times. However, the response from qualified institutional buyers (QIBs) remains sluggish, as they are yet to fully subscribe to their category. They have booked 64 percent of their reserved quota. Smartworks Coworking Spaces IPO details The public offering comprises a fresh issue of 10.9 million equity shares worth ₹445 crore and an offer for sale (OFS) through which promoters and investors are selling up to 3.4 million shares worth approximately ₹137.56 crore. Smartworks Coworking Spaces IPO is being offered at a price band of ₹387-407 per share and a lot size of 36 shares. Investors can bid for a minimum of 1 lot or 36 shares of Smartworks Coworking Spaces IPO with an investment amount of ₹14,652. Smartworks Coworking Spaces will not receive any proceeds from the OFS, which will be given to shareholders divesting their stakes through the public issue. The company proposes to utilise the proceeds from the fresh issue for repayment, prepayment, or redemption (in full or part) of certain borrowings, to meet capital expenditure for fit-outs in new centres, and for placing security deposits at new centres. The company will further use the proceeds for general corporate purposes. For the public issue, the company has appointed Kfin Technologies as registrar, while GYR Capital Advisors serves as the book-running lead manager. Smartworks Coworking Spaces IPO grey market premium (GMP) today The unlisted shares of Smartworks Coworking Spaces were commanding a decent premium in the grey market on Monday. Sources tracking unofficial market activity reveled that the unlisted shares of Smartworks Coworking Spaces were trading at around ₹427 apiece, indicating a grey market premium (GMP) of ₹4.91 or 4.91 per cent over the upper end of the issue price of ₹407. Smartworks Coworking Spaces IPO allotment date, listing date As the public issue closes for subscription today, the basis for allotment of company shares is set to be finalised on Tuesday, July 15. The company's shares will be credited into demat accounts tentatively on July 16. Shares of Smartworks Coworking Spaces are slated to list on the BSE and NSE tentatively on July 17. Smartworks Coworking Spaces IPO review About Smartworks Coworking Spaces Smartworks Coworking Spaces is an office experience and managed campus platform. It was the largest managed campus operator in terms of total stock, with 8.0 million square feet of lease-signed space (according to the CBRE Report), as of March 2024. The company serves mid-to-large enterprises, including Indian corporates, MNCs, and startups. By March 2025, Smartworks had expanded its portfolio to 8.99 million square feet of leased and managed space.
