The Smartworks Coworking Spaces IPO closed today, July 14, 2025, after opening on July 10, 2025. The IPO aimed to raise ₹582.56 crores through a combination of a fresh issue of 1.09 crore shares aggregating to ₹445.00 crores and an offer for sale of 0.34 crore shares aggregating to ₹137.56 crores. The IPO's price band was set at ₹387 to ₹407 per share, with a face value of ₹10.
Subscription Status
As of July 14, 2025, at 10:40 AM, the IPO has been subscribed 1.22 times. On the second day, the IPO was subscribed 1.15 times. The retail portion was subscribed 1.18 times, and the Non-Institutional Investors (NII) portion was booked 1.79 times. The Qualified Institutional Buyers (QIBs) portion received 63% bids. The employee portion has been booked 1.01 times.
Grey Market Premium (GMP)
The Grey Market Premium (GMP) for Smartworks Coworking IPO is ₹22 as of July 14, 2025. Earlier, on July 11, 2025, the GMP was ₹34. This GMP suggests the company's shares may list at ₹429, a 5.41% premium. It is important to note that the GMP is an unofficial indicator and subject to market volatility. On the last day of the IPO, shares were trading at a premium of 4.7% (around Rs 19-20).
IPO Details
The IPO lot size is 36 shares, requiring a minimum investment of ₹14,652. Retail investors can apply for up to 13 lots, totaling 468 shares for an amount of ₹1,90,476. The IPO has allocated 50% of the shares for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors. A discount of ₹37 per share was offered to employees.
Financial Performance
Smartworks Coworking Spaces reported revenue of ₹1,409.67 crores in 2025 against ₹1,113.11 crores in 2024. However, the company has been loss-making, with a loss of ₹63.18 crores in 2025 compared to a loss of ₹49.96 crores in 2024. Despite these losses, Smartworks has demonstrated strong revenue growth with a CAGR of 38.9% between FY23 and FY25. The company's EBITDA margin stands at 62.4%,significantly higher than its competitor Awfis.
Objectives of the IPO
The company plans to use the IPO proceeds for the following purposes: * ₹114 crore towards reducing outstanding debt. * ₹225.8 crore for expanding office space and installing new fit-outs. * The remainder will support general corporate needs.
Company Overview
Smartworks Coworking Spaces Limited is a managed campus and office experience platform that leases bare shell properties and transforms them into fully serviced, tech-enabled office spaces. They offer additional services such as cafeterias, crèches, and smart stores. Their target customers are mid-to-large enterprises requiring over 300 seats. As of March 2025, Smartworks manages 8.99 million sq. ft. across 50 centers and has an 83.12% occupancy rate with 738 enterprise clients. The company claims to be the largest managed campus operator in India, focusing on long-term contracts with MNCs.
Allotment and Listing
The allotment for the Smartworks Coworking Spaces IPO is expected to be finalized on July 15, 2025. Allotted shares will be credited to demat accounts by July 16, 2025, and the company will be listed on BSE and NSE on July 17, 2025.
Expert Reviews
Analysts have expressed mixed opinions on the IPO. Some recommend subscribing for the long term, citing the company's strong revenue growth and market position. However, concerns remain about the company's profitability and high lease liabilities. One analyst noted that Smartworks' return on net worth remains negative, and its cash flows from core operations are yet to stabilize.
