Smartworks, a leading flexible workspace provider, has gained approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
By March 31, 2024, the company had expanded to 13 cities with 41 centers covering 8 million square feet.
It recently ventured into the international market by leasing a 35,000-square-foot space in Singapore.
Since 2019, Keppel Ltd., a Singapore-based firm, has supported Smartworks with investments totaling $29 million.
Smartworks recently raised Rs 168 crore (about $20.24 million) from investors such as Keppel Ltd, Ananta Capital Ventures Fund I, Plutus Capital, and several family trusts. The company plans to spend Rs 238 crore over the next three years on fitting out new centers.
The IPO will include a fresh equity issue worth Rs 550 crore and an offer for sale (OFS) of 67.59 lakh shares, as mentioned in the Draft Red Herring Prospectus (DRHP).
Additionally, Smartworks may raise Rs 110 crore through a pre-IPO placement. It will allocate Rs 140 crore to repay loans, while the rest will go toward general corporate expenses.
The company, with 8 million sq ft and 180,000 seats, recorded Rs 1,039 crore in revenue for FY24, reflecting a 46% growth compared to the previous year.
