Gurugram-based Smartworks Coworking Spaces IPO opened for subscription on Thursday, July 10, 2025, after mobilising ₹173.64 crore from anchor investors. The company recently posted a net loss of ₹63.17 crore in the last financial year despite rise in income from operations.
The ₹582.56 crore IPO has a price band of ₹387-407, with a minimum lot size of ₹36 shares. It concludes on July 14, 2025.
The stock will likely list on the BSE and NSE on July 17, 2025.
IPO details & use of proceeds
The size of the fresh issue has been reduced to ₹445 crore from the earlier planned ₹550 crore, while the Offer-For-Sale (OFS) by promoters has been cut to 33.79 lakh shares from 67.59 lakh shares.
The OFS proceeds will go to promoters, and those from the fresh issue of shares will be utilised for capital expenditure (₹226 crore), payment of loans (₹114 crore) and general corporate purposes.
JM Financial, BOB Capital Markets, IIFL Capital Services and Kotak Mahindra Capital Company are the book-running lead managers, and MUFG Intime India Pvt Ltd is the registrar.
Anchor portion
Just ahead of the IPO, the company finalised the allocation of 42,66,378 equity shares to anchor investors at ₹407 per equity share, as per a regulatory filing.
The anchor portion includes: Tata Mutual Fund, Baroda BNP Paribas, Trust Mutual Fund, Axis New Opportunities AIF – Series II, SBI General Insurance Company Ltd, Aditya Birla Sun Life Insurance Company Ltd, Buoyant Opportunities Strategy II, Societe Generale, among others.
Brokerage recommendations
Market experts suggest that investors with a long-term perspective may consider participating in the IPO. Master Capital Services, Geojit and Anand Rathi recommended subscribing to the issue for long-term.
Meanwhile, Gaurav Garg of Lemonn Markets Desk, emphasised that a cautious, wait-and-watch approach may be appropriate, considering the intense competition and the presence of already-profitable peers like Awfis. Swastika Investmart highlighted that investors may apply for short term listing gain.
Current bidding status
The IPO has been subscribed 0.25 times as of 1.15 pm on day one of bidding. NIIs were booked 0.42 times, retail 0.32 times and employee portion 0.33 times.
The GMP in the range of ₹29-32 suggests 7-8 per cent implied listing gain.
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Published on July 10, 2025