Smartworks Coworking Spaces shares list at 7% premium at Rs 435 per share on NSE

The ₹582.56-crore book-built IPO saw strong demand, being subscribed 13.92 times by investors. Ahead of the IPO, Smartworks raised ₹173.6 crore from institutional investors such as Tata Mutual Fund, Axis New Opportunities AIF, SBI General Insurance, BNP Paribas, and others.

Smartworks revised its IPO size down from an earlier planned ₹550 crore fresh issue to ₹445 crore, and reduced the offer for sale by promoters to 33.79 lakh shares from 67.59 lakh. Post IPO, the promoter holding declined from 65% to 59%.

Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP, and Aryadeep Realstates Private Limited are the promoters. The IPO proceeds will primarily be used for capex towards fit-outs in new centres, security deposits, loan repayments, and general corporate purposes.

The company offers customised, tech-enabled workspace solutions, leasing large bare-shell properties in prime locations and converting them into fully-serviced campuses with cafeterias, sports zones, gyms, and medical centres. Its operations are spread across Bengaluru, Mumbai, Hyderabad, Gurugram, and Chennai.

Between FY23 and FY25, Smartworks grew its managed space by 2.83 million sq. ft., at a CAGR of 20.8%, while adjusted EBITDA grew more than 3.5x to ₹172 crore in FY25. The company’s net debt currently stands at about ₹300 crore.

JM Financial acted as the book-running lead manager and Link Intime was the registrar for the IPO.