Image Source: Times Of India
Smartworks Coworking Spaces Ltd has launched its ₹582.56 crore IPO today, July 10, aiming to strengthen its footprint in India’s flexible office space market. The issue comprises a ₹445 crore fresh issue and a ₹137.56 crore offer for sale, with a price band of ₹387–₹407 per share.
Key highlights:
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Anchor investors have already pumped in ₹173.64 crore, including Tata Mutual Fund, SBI General Insurance, and Societe Generale
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Grey market premium stands at ₹29–₹32, indicating a listing price of ₹436–₹439
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IPO closes on July 14; allotment expected by July 15 and listing on July 17
Business overview:
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Smartworks operates 50 centres across 15 Indian cities and 2 in Singapore, with over 2 lakh seats and 83.1% occupancy
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Revenue surged from ₹711 crore in FY23 to ₹1,374 crore in FY25; EBITDA doubled to ₹857 crore
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Despite growth, net loss widened to ₹63.17 crore in FY25 due to high operating costs
Use of proceeds:
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₹226 crore for fitouts and security deposits for new centres
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₹114 crore for debt repayment
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Remaining funds for general corporate purposes
Should you apply?
Analysts offer mixed views. Anand Rathi recommends a longterm subscribe, citing Smartworks’ assetlight model and scalable operations. Others urge caution due to ongoing losses and capital intensity.
Sources: Business Standard, Economic Times, CNBC TV18, Moneycontrol, Chittorgarh, IPOWatch, MSN India, Smartworks RHP, PTI, BSE filings
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