A Positive Surge – 5 Crucial Insights into Smartworks Coworking IPO
The latest IPO in India, Smartworks Coworking Spaces Limited, is now live from July 10–14, 2025. This eagerly awaited offering presents a fresh chance for investors looking at the coworking sector’s growth story.
Company Overview
Smartworks is a leading coworking provider offering tech-enabled managed campuses across India. As of March 2025, it managed 48 centres across 13 cities, with over 8.99 million sq ft of space and more than 190,000 seats.
IPO Timeline
- Anchor investors subscription: July 9, 2025
- Public subscription: July 10–14, 2025
- Basis of allotment: July 15, 2025
- Share credit + refunds: July 16, 2025
- Listing date: July 17, 2025
Price Band
The IPO price band is set at ₹387–407 per share (face value ₹10), with an issue size of approximately ₹583 crore: ₹445 crore fresh issue and ₹138 crore offer for sale.
Lot Size
Minimum bid lot is 36 shares (₹14,652), with retail investors allowed up to 13 lots. QIBs are allotted up to 50%, NIIs 15%, and retail investors 35% of the issue.
Key Dates
- July 10–14: Subscription open
- July 15: Allotment
- July 16: Refunds & credit
- July 17: Listing on BSE & NSE
Financials
Smartworks reported revenue of ₹1,409.7 crore in FY25, up from ₹1,113.1 crore in FY24. However, losses widened to ₹63.18 crore compared to ₹49.96 crore in FY24.
Strengths
- Rapid footprint growth with ~20.8% CAGR in space management.
- Leading managed workspace provider with robust brand and corporate clientele.
Risks
- Continued net losses and debt burden to manage.
- Competitive sector with peers like Awfis entering the market.
IPO Anchor Investors Details
Smartworks allocated shares to anchor investors on July 9. Specific names have not been publicly disclosed, but allocations followed regulatory norms.
IPO Promoter Holding Details
| Promoter | Pre-IPO (%) | Post-IPO (%) |
|---|---|---|
| Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrarealty LLP, Aryadeep Realstates |
65.19% | ≈58.25% |
IPO Grey Market Premium (GMP)
The GMP is trading between +₹19 to +₹27, indicating an expected listing price of ₹406–434.
| Date | GMP (₹) | Indicative Listing Price (₹) |
|---|---|---|
| Current | +19–27 | 406–434 (with upper price band) |
Final Thoughts
Smartworks represents a strong growth-driven coworking play in the latest IPO in India. Despite its ongoing losses and sector competition, its scale, client base, and projected listing premium make it appealing. Investors with a risk appetite for long-term urban workspace demand may find this IPO compelling.