Smartworks Coworking Spaces Limited IPO

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Smartworks Coworking Spaces Limited IPO

Smartworks Coworking Spaces Limited is the largest managed campus operator among benchmarked peers, with a lease-signed portfolio of 8 million sq. ft. and managing 8.99 million sq. ft. as of March 31, 2025. It transforms bare-shell properties in prime locations into fully serviced, tech-enabled campuses with modern designs and amenities like cafeterias, gyms, crèches, and medical centres. Focused on mid-to-large enterprises (300+ seats), the platform delivers a premium office experience tailored to teams ranging from under 50 to over 6,300 seats.

Price Band ₹387 - ₹407
Dates 10 Jul - 14 Jul
GMP ₹27 (6.63%)
Subscriptions 1.15 times
Issue Size ₹582.56 Crs

Smartworks Coworking Spaces IPO Key Dates

Opening Date

10 Jul 25

Closing Date

14 Jul 25

Basis Of Allotment

15 Jul 25

Initiations Of Refund

16 Jul 25

Credit Of Shares

16 Jul 25

Listing Date

17 Jul 25

Smartworks Coworking Spaces IPO Objects

Repayment in full or in part, of certain borrowings availed by our Company
Capex for fit-outs in the New Centres and for security deposits of the New Centres
General corporate purposes.

Smartworks Coworking Spaces IPO Details

Price Band ₹387 - ₹407
Listing At NSE & BSE
IPO Issue Type 100% Book Built Offer
Fresh Issue ₹445.00 Cr (1.09 Cr Shares)
Offer For Sale ₹137.56 Cr (0.34 Cr Shares)
Total Issue ₹582.56 Cr (1.43 Cr Shares)
Face Value ₹10 per equity share

Smartworks Coworking Spaces IPO Lot Information

Investor Category		Lot	Shares	Amount
Retail	Minimum 1 36 14,652 Maximum 13 468 1,90,476
Small HNI	Minimum 14 504 2,05,128 Maximum 68 2,448 9,96,336
Big HNI	Minimum 69 2,484 10,10,988

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Smartworks Coworking Spaces IPO Subscription

Updated as on 11-Jul-2025 17:00:00

Investor Category	Subscription (times)	Shares Offered	Shared Bid
QIB	0.63	29,03,910	18,33,012
NII	1.79	22,17,233	39,75,948
bNII (bids above ₹10L)	1.94	14,78,156	28,71,252
sNII (bids between ₹2L to ₹10L)	1.49	7,39,077	11,04,696
Retail	1.18	51,73,543	60,78,924
Employee	1.01	1,07,142	1,08,612
Total	1.15	1,04,01,828	1,19,96,496

Smartworks Coworking Spaces IPO GMP

The estimated Grey Market Premium of Smartworks Coworking Spaces IPO is ₹27 per share (6.63%)

Disclaimer: The GMP prices displayed here reflect news related to grey market trends. We do not trade or deal in the grey market, including subject-to-rates, nor do we recommend participating in grey market trading.

Category Allocation

Particulars	Allocation
QIBs	Not more than 50% of Net Offer
Big HNIs (NII)	Not less than 10% of Net Offer
Small HNIs (NII)	Not less than 5% of Net Offer
Retail	Not less than 35% of Net Offer
Employee	₹ 3.75 Cr

Smartworks Coworking Spaces IPO Financials

(Rs. in crores)

Particulars	Mar-25	Mar-24	Mar-23
Revenue from Operations	1,374.06	1,039.36	711.39
Profit after Tax	-63.18	-49.96	-101.05
Net Worth	107.51	50.01	31.47
Total Borrowing	397.77	427.35	515.39
Total Assets	4,650.85	4,147.08	4,473.50
NAV per share (in ₹)	10.55	5.19	3.29
EPS - Basic (in ₹)	-6.18	-5.18	-10.57

The financial information presented is on a consolidated basis.

Key Performance Indicators

KPI	Values
EBITDA	62.39%
PAT	-4.48%
RONW	-58.76%
ROCE	42.30%
PE Ratio	NA
PB Ratio	38.58
Mkt Cap (in Crs.)	4,644.82

All the data pertains to FY 2024-25.
PE, PB, and market capitalization are calculated based on the Upper Price Band.

Smartworks Coworking Spaces IPO Peer Comparision

(Rs. in crores)

Particulars	Smartworks Coworking Spaces	Awfis Space Solutions
Revenue from Ops (in Crs.)	1,374.06	1,207.54
PAT (In Crs.)	-63.18	67.87
EPS - Basic	-6.18	9.75
NAV per share	10.55	65.97
RONW	-58.76%	14.78%
EBITDA	62.39%	33.30%
PAT Margin	-4.48%	5.60%
Price to earning (PE)	NA	63.18

All information pertains to FY 2024-25.
The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of July 3, 2024 for Peers

Smartworks Coworking Spaces IPO Peer Comparision

(Rs. in crores)

Particulars	Smartworks Coworking Spaces
Revenue from Ops (in Crs.)	1,374.06
PAT (In Crs.)	-63.18
EPS - Basic	-6.18
NAV per share	10.55
RONW	-58.76%
EBITDA	62.39%
PAT Margin	-4.48%
Price to earning (PE)	NA

Awfis Space Solutions
1,207.54
67.87
9.75
65.97
14.78%
33.30%
5.60%
63.18

All information pertains to FY 2024-25.
The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of July 3, 2024 for Peers

Promoter Details

Name	Shareholding
N S Niketan LLP	41.48%
S NS Infrarealty LLP	23.67%
Total	65.15%

Management Details

Name	Designation
Atul Gautam	Chairman
Neetish Sarda	MD
Sahil Jain	CFO

Company Details

Name: Smartworks Coworking Spaces Limited

Address: Unit No. 305-310, Plot No 9, 10 and 11, Vardhman Trade Centre, Nehru Place, South Delhi, Delhi – 110 019, India

Number: +91 83840 62876

Email: companysecretary@sworks.co.in

Website: www.smartworksoffice.com

Book Running Lead Managers (BRLMs)

Kotak Mahindra Capital

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IIFL Capital Services

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BOB Capital

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JM Financial

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RTAs

MUFG Intime India

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Frequently Asked questions?

Find answers to common questions that come in your mind related to IPO.

Smartworks Coworking Spaces IPO is a Mainboard IPO having an issue size of Rs. ₹582.56 Crs. Smartworks Coworking Spaces IPO is priced at ₹387 - ₹407 per share. The issue opens on 10 Jul 25 and closes on 14 Jul 25.

Smartworks Coworking Spaces IPO opens on 10 Jul 25 and closes on 14 Jul 25.

The estimated Grey Market Premium of Smartworks Coworking Spaces IPO is ₹27 per share (6.63%).

The minimum lot size of Smartworks Coworking Spaces IPO is 36 shares & the minimum application amount is Rs. 14652.

The allotment date of Smartworks Coworking Spaces IPO is 15 Jul 25.

The listing date of Smartworks Coworking Spaces IPO is 17 Jul 25.

Smartworks Coworking Spaces IPO is subscribed 1.15 times.

Smartworks Coworking Spaces IPO is priced at ₹387 - ₹407 per share.

Click the allotment link on Smartworks Coworking Spaces IPO page of IPO360.

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Smartworks is a managed office space and experience platform. It leases large bare-shell office spaces and transforms them into modern, tech-enabled, and amenity-rich smart offices
These spaces are then rented out to clients on a per-seat basis, making Smartworks a player in the co-working and flexible workspace segment.
The model allows clients to avoid the hassle and upfront investment of establishing their own office infrastructure, while still enjoying a premium workspace experience.

Target Clients & Offerings

The company primarily caters to mid to large-sized enterprises, including leading Indian corporates and multinational companies (MNCs).
Smartworks offers a range of value-added amenities such as Libraries, Cafeterias, Sports zones, Gymnasiums, Medical centers

Client Model

Smartworks leases its spaces to clients with a minimum cohort of 100 seats, focusing on bulk seat leasing.
This strategy helps optimize administrative overheads and improves operational efficiency.
The clientele consists of well-established enterprises.

Scale of Operations

Smartworks operates 8.99 million sq. ft. of office space across 54 centers in 15 cities, with a total seating capacity of 2,31,548.
The company maintains a strong occupancy rate of 89.03% across its operational centers.

Objects of the Offer

The proceeds from the issue are intended to be used for:

Repayment of high-interest borrowings, with coupon rates ranging between 10–15%.
Capital expenditure, including acquisition of new centers and payment of security deposits.

Industry Outlook

The flexible workspace industry is expected to grow at a CAGR of 18–20% over the next few years.
The share of flexible workspaces in total commercial real estate portfolios is expected to increase — from 42% in Q1 CY24 to 59% by 2026 — among companies allocating at least 10% of their office space to such formats.

Financial Highlights

The company’s revenue has grown from ₹711 crore in FY23 to ₹1,374 crore in CY25, reflecting a CAGR of 38.98%.
Operating cashflows have also grown steadily, from ₹531 crore in FY23 to ₹928.5 crore in CY25, at a CAGR of 32.18%.
While the company currently reports a negative PAT, it is largely due to the impact of Ind AS accounting for leases, which may not accurately reflect the company's underlying profitability.

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Smartworks Coworking Spaces Limited IPO

Smartworks Coworking Spaces Limited IPO

Price Band

Dates

GMP

Subscriptions

Issue Size

Smartworks Coworking Spaces IPO Key Dates

Opening Date

Closing Date

Basis Of Allotment

Initiations Of Refund

Credit Of Shares

Listing Date

Smartworks Coworking Spaces IPO Objects

Smartworks Coworking Spaces IPO Details

Price Band

Listing At

IPO Issue Type

Fresh Issue

Offer For Sale

Total Issue

Face Value

Smartworks Coworking Spaces IPO Lot Information

Smartworks Coworking Spaces IPO Subscription

Smartworks Coworking Spaces IPO GMP

Category Allocation

Smartworks Coworking Spaces IPO Financials

Key Performance Indicators

Smartworks Coworking Spaces IPO Peer Comparision

Smartworks Coworking Spaces IPO Peer Comparision

Promoter Details

Management Details

Company Details

Book Running Lead Managers (BRLMs)

Kotak Mahindra Capital

IIFL Capital Services

BOB Capital

JM Financial

RTAs

MUFG Intime India

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