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Smartworks IPO Sees Strong Finish with 4.15x Subscription; GMP Signals Mild Upside

Updated: July 14, 2025 16:51

Image Source : IPO Central
Smartworks Coworking Spaces wrapped up its threeday IPO bidding process on July 14 with an overall subscription of 4.15 times, driven by robust demand from institutional and affluent investors. The company aims to raise up to Rs 583 crore through a mix of fresh equity and offerforsale.
 
Key highlights from the final bidding day:
  • Noninstitutional investors led the charge, subscribing 8.33 times their allocated portion.
  • Qualified institutional buyers followed with 4.5 times subscription, while retail investors booked 2.35 times.
  • The IPO price band was set at Rs 387–407 per share, with a minimum lot size of 36 shares.
Grey Market Premium (GMP) insights:
  • The GMP stood at Rs 15–17, indicating a listing price of around Rs 424.
  • This translates to a potential listing gain of approximately 3.7 to 4.2 percent.
  • While not explosive, the GMP reflects moderate investor optimism and healthy sentiment.
Valuation and outlook:
  • Analysts at Anand Rathi and Bajaj Broking have issued a Subscribe–Long Term rating, citing Smartworks’ strong operating metrics and scalable business model.
  • The company’s focus on managed campuses and longterm contracts with MNCs positions it well in the flexible workspace segment.
  • Listing is scheduled for July 17 on both BSE and NSE, with allotment expected on July 15.
Smartworks’ IPO performance suggests growing confidence in newage commercial real estate plays, especially those catering to hybrid work models and enterprise clients.
 
Sources: Economic Times, News18, Goodreturns, Upstox.

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