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Smartwork Coworking Space Ltd. IPO
Smartworks, a leading coworking space provider is launching its IPO worth ₹582.56 crores. The issue includes a fresh issue of ₹445.00 crores through 1.09 crore new shares and an offer for sale of ₹137.56 crores through 0.34 crore shares, priced between ₹387 to ₹407 per share. The opening date for Smartwork Coworking Space IPO is 10th July, 2025 while the closing date is 14th July, 2025. The IPO is expected to be listed on BSE and NSE by 17th July, 2025. The minimum lot size investment required by retail investors is ₹13,932 (36 shares), for sNII is ₹2,05,128 (14 lots i.e. 504 shares), and for bNII is ₹10,10,988 (69 lots i.e. 2,484 shares). The issue can be reserved up to 1,01,351 shares for employees which is offered at a discount of ₹37.00 to the issue price.
Company Background
Smartworks Coworking Space Limited was founded in the year 2016, and is one of the largest providers of managed office spaces in India, offering end-to-end workspace solutions. It offers ready-to-move-in offices, flexible desks, and private offices, with a focus on technology integration and value-added services. Smartworks focuses on mid-to-large range Indian corporations, MNC’s and Startups.
Operations and Product Range
Facility and Production
Smartworks is located in over 14 cities in India, headquartered at Nehru Place, Delhi, equipped with integrated technology solutions such as client SPOC portal, facial recognition access, digitised meeting room and conference room booking system, food ordering via member app, digital checklists, and app-based smart access systems for common amenities like gym, creche and game room among others aimed at enhancing experience and workflows.
Brand and Market Presence
Smartworks emerged as India’s largest and profitable provider to enterprises, serving over 500 Corporate clients, including global MNCs; its clientele expands over industries like IT/ITeS, Consulting, Finance, Engineering and Telecom. The products and services of the company include Managed office spaces, Enterprise Membership Plans, Technology Enabled Workspace (Phygital Model), Integrated Amenities, Meeting and Event Spaces, Hot Desks and shared spaces.
Revenue Channels
Smartwork primarily generates revenue through:-
- Rentals - Most of the revenue generated by the company is through leasing office workspace to SME’s, Startups and corporations
- Custom Design Services - The company provides tailored design solutions to clients through high-end technological projects.
- Platform Fees - Revenue is also generated through a small fee that is charged to the clients for accessing their digital platform services.
The company shows an increase in revenue from Rs. 1,039.36 crore in FY24 to Rs. 1,374.06 crore in FY25.
Management and Shareholding
Promoters & Shareholding
Smartwork Coworking Space IPO is promoted by Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrarealty LLP, and Aryadeep Realestates Private Limited.
Board Members
The board includes both executive and non-executive members including Harsh Binani who is an Executive Director and Atul Gautam who is Chairman and Non-Executive Director. Independent directors VK Sabburaj and Pushpa Mishra are also part of the board. Ho Kiam Kheong also serves as the Non-Executive (nominee) Director.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Smartwork Coworking Space Ltd. IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Smartwork Coworking Space Ltd. IPO Details
| Detail | Description |
|---|---|
| IPO Date | July 10, 2025 to July 14, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹387 to ₹407 per share |
| Lot Size | 36 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,43,13,400 shares (aggregating up to ₹582.56 Cr) |
| Fresh Issue | 1,09,33,660 shares (aggregating up to ₹445.00 Cr) |
| Offer for Sale | 33,79,740 shares of ₹10 (aggregating up to ₹137.56 Cr) |
| Employee Discount | ₹37.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 10,31,89,592 shares |
| Share Holding Post Issue | 11,41,23,252 shares |
Smartwork Coworking Space Ltd. IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Thu, Jul 10, 2025 |
| IPO Close Date | Mon, Jul 14, 2025 |
| Tentative Allotment | Tue, Jul 15, 2025 |
| Initiation of Refunds | Wed, Jul 16, 2025 |
| Credit of Shares to Demat | Wed, Jul 16, 2025 |
| Tentative Listing Date | Thu, Jul 17, 2025 |
| Cut-off time for UPI mandate confirmation | Thu, Jul 17, 2025 5 PM on July 14, 2025 |
Smartwork Coworking Space Ltd. IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 36 | ₹14,652 |
| Retail (Max) | 13 | 468 | ₹1,90,476 |
| S-HNI (Min) | 14 | 504 | ₹2,05,128 |
| S-HNI (Max) | 68 | 2,448 | ₹9,96,336 |
| B-HNI (Min) | 69 | 2,484 | ₹10,10,988 |
Smartwork Coworking Space Ltd. IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 65.19% |
| Share Holding Post Issue | 58.25% |
Competitive Strength:
- ● The company’s market leadership is backed by steady growth
- ● Smartworks leases and transforms large properties across India’s key clusters into ‘Smartworks’ branded campuses with high-end amenities.
- ● The company is focused on acquiring Enterprise Clients as well as emerging mid-to-large Enterprises and Startups to grow with them.
- ● Execution capabilities of Smartworks are supported by cost efficiencies, effective processes, and technology infrastructure.
- ● Financial acumen and strategic execution abilities make them capital efficient, saving their equity on capital expenditure as well as working capital.
Smartwork Coworking Space Ltd. IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 4,650.85 | 1,409.67 | -63.18 | 107.51 | 397.77 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 4,147.08 | 1,113.11 | -49.96 | -50.01 | 427.35 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 4,473.50 | 744.07 | -101.05 | 31.47 | 515.39 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROCE | 42.30% |
| Debt/Equity | 2.90 |
| RoNW | -58.76% |
| EBITDA Margin | 62.39% |
| Price to Book Value | 38.58 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -6.12 | -5.54 |
| P/E (x) |
Objective of Smartwork IPO
The objectives of Smartwork IPO is to :
- Provide repayment in full or in part of certain borrowings that are availed by the company.
- Provide security deposits for their New Centres and Capital expenditure for customization in the new centres.
- Meet the needs for general corporate purposes.
Conclusion
Smartwork Coworking Space IPO presents investors with an opportunity to participate in a company with a strong network in over 14 cities in India and 2 cities in Singapore, with a footprint of 10 million square feet. The company’s focus on the Phygital model, Fit-out offices and workspaces using High-tech facilities makes it a notable player in the industry.
RHP:
DRHP:
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Frequently asked Questions (FAQs )
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1. What is the Smartwork IPO issue size and price?
- The IPO aims to raise ₹582.56 crores, priced between ₹387 to ₹407 per share
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2.What is the minimum investment required for retail investors?
- The minimum lot size investment required by retail investors is ₹13,932 (36 shares)
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3. What are the primary objectives of the IPO?
- Repayment of borrowings availed by the company, Provide security deposits and Capital expenditure for the new centres, meet the needs for general corporate purposes.
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4. Who are the board members in Smartwork Coworking Spaces?
- Harsh Binani (Executive Director), Atul Gautam (Chairman and Non-Executive Director), VK Sabburaj and Pushpa Mishra (Independent Directors) and Ho Kiam Kheong (Non-Executive Nominee Director).
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5. How does Smartwork generate its revenue?
- Rentals and leasing, Fit-out Design Services and Digital Services fees when visiting their online platform
