Smartworks Coworking IPO opens on July 10, check price band, issue size, latest GMP & more

Smartworks Coworking Spaces is set to launch its initial public offering (IPO) with a price band ranging from Rs 387 to Rs 407 per share. The IPO will be open for subscription from July 10 to July 14. Investors can bid for a minimum of 36 shares and in multiples thereof.

The company has revised its IPO size downward, with the fresh issue now set at Rs 445 crore, reduced from an earlier planned Rs 550 crore. Additionally, the offer for sale (OFS) by promoters has been cut to 33.79 lakh shares from 67.59 lakh shares. The market capitalisation post-listing is expected to be between Rs 4,394 crore and Rs 4,645 crore at the upper end.

Smartworks Coworking Spaces is backed by promoters Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP, and Aryadeep Realstates Private Limited. Of the total offer, 50 per cent is reserved for qualified institutional buyers (QIB), 15 per cent for non-institutional bidders, and the remaining 35 per cent for retail investors.

The proceeds from the IPO will be utilized for various purposes. Approximately Rs 226 crore will be allocated for capital expenditure related to fit-outs in new centres and security deposits. Another Rs 114 crore is earmarked for loan repayment, with the remainder to be used for general corporate purposes.

Smartworks specialises in customised managed workspace solutions, offering tech-enabled, fully serviced office spaces. The company focuses on mid-to-large enterprises, providing amenities like cafeterias, gyms, and medical centres. Its operations are concentrated in cities such as Bengaluru, Mumbai, Hyderabad, Gurugram, and Chennai.

Between FY23 and FY25, Smartworks expanded by adding 2.83 million square feet of managed space, reflecting a compound annual growth rate (CAGR) of 20.80 per cent. As of June 30, 2025, the company manages a total of 10.08 million square feet. Revenue from operations grew from Rs 711 crore in FY23 to Rs 1,374 crore in FY25.

The largest of Smartworks' leased centres is located at Vaishnavi Tech Park in Sarjapur, Bengaluru, with a size of approximately 700,000 square feet. The company's average centre size stands at 180,000 square feet as of March 31, 2025.

JM Financial is serving as the book-running lead manager for the IPO, while MUFG Intime India (Link Intime) has been appointed as the issue's registrar. The allotment is expected to be finalised on July 15, with a tentative listing date set for July 17 on both BSE and NSE.

Key dates for the Smartworks IPO include the opening and closing dates, July 10 and 14, respectively, with the basis of allotment occurring on July 15. Investors can expect the credit of shares to their demat accounts by July 17, coinciding with the listing date. There was not much activity in the counter in grey market, leading to no premium.