Smartworks Coworking Spaces will open its initial public offering (IPO) for public subscription on July 10, with the issue closing on July 14. As per the red herring prospectus (RHP), bidding by anchor investors will take place a day earlier, on July 9.
The company has scaled down the size of the IPO. The fresh issue has been reduced to ₹445 crore from the previously proposed ₹550 crore, while the promoters’ offer for sale (OFS) has been slashed to 33.79 lakh shares from 67.59 lakh shares.
Smartworks Coworking Spaces Ltd plans to allocate around ₹226 crore from its IPO proceeds towards capital expenditure for fit-outs at new centres and security deposits for these properties. An additional ₹114 crore will go towards loan repayment, while the remaining funds will be used for general corporate purposes.
Smartworks is a prominent provider of office experiences and managed campuses. The company focuses on leasing large, bare-shell spaces in prime locations and converting them into fully serviced, tech-enabled campuses equipped with modern amenities. These facilities often include cafeterias, gyms, sports zones, medical centres, and more, creating a dynamic and contemporary work environment.
Smartworks primarily serves businesses of varying sizes, with a strong emphasis on catering to mid-to-large enterprises requiring over 300 seats. Its operations span across key Indian cities such as Bengaluru, Mumbai Metropolitan Region, Hyderabad, Gurugram, and Chennai.
From FY23 to FY25, the company expanded its managed space by 2.83 million sq ft, registering a compound annual growth rate (CAGR) of 20.80%. Its pan-India presence, cost-effective offerings, and capacity to lease entire or large properties have made it a preferred choice among mid-to-large companies. This is also evident in its 20.80% CAGR in space under management and a 38.98% CAGR in revenue from operations during the same period.
