Smartworks Coworking IPO Day 1: GMP, Price Band, Subscription Status and Other Key Details

The initial public offering (IPO) of Smartworks Coworking Spaces Ltd opened for subscription today. The company is looking to raise around Rs 583 crore through a combination of fresh equity and an offer-for-sale (OFS).

The public issue, which will close for subscription on July 14, includes a fresh issue worth Rs 445 crore and an offer-for-sale component of around Rs 138 crore by existing shareholders. If priced at the upper end, Smartworks’ post-listing valuation is expected to be around Rs 4,645 crore, as per a market tracking website.

Smartworks Coworking IPO: Price Band

Smartworks has set the price band at Rs 387 and Rs 407 per share, with a face value of Rs 10. Investors can bid for a minimum of one lot comprising 36 shares, amounting to Rs 13,932 at the lower price band and Rs 14,652 at the higher end. Retail investors are required to apply for at least one lot, which translates to a total minimum investment of Rs 14,652 at the cap price.

Smartworks Coworking IPO: Grey Market Premium

The company's last GMP is Rs 32, last updated on July 10th, 2025, at 09:35 AM. With the price band capped at Rs 407, the estimated listing price is Rs 439, which implies an expected gain of approximately 7.86% per share, as per a market tracking website.

Smartworks Coworking IPO: Subscription Status

As of 10:09 AM on Day 1, the IPO was subscribed 0.03 times overall. Within this, the retail individual investor (RII) segment was subscribed 0.03 times, while the non-institutional investor (NII) category saw a subscription of 0.05 times, as per a market tracking website.

Also Read" Smartworks IPO Opens: Google’s Office Provider Eyes Rs 583 Cr - GMP, Price Band & Key Details Inside | Republic World

Smartworks Coworking IPO: Usage of Proceeds

The company revealed that the funds raised from the IPO will be primarily used to repay outstanding debt, finance the fit-out of new office centres, and cover security deposits for leased properties. A part of the proceeds will also go toward general corporate purposes. The company plans to repay Rs 114 crore in debt and earmark around Rs 226 crore for capital expenditure and deposits.

Smartworks Coworking IPO: Key Dates

The IPO opened on July 10, 2025, and will close on July 14. The basis of allotment is expected to be finalized by July 15, followed by refunds and demat credit around July 16. Smartworks is likely to list on both BSE and NSE on July 17.

Smartworks Coworking IPO: Financial Performance

The company's topline has seen robust growth — from Rs 711 crore in FY23 to Rs 1,374 crore in FY25 — clocking a compound annual growth rate (CAGR) of nearly 39%. EBITDA also saw a significant jump, rising from Rs 36 crore to Rs 172 crore over the same period. However, it reported a net loss of Rs 63 crore in FY25.

About the company

Founded by Neetish Sarda, Smartworks operates an asset-light model offering managed office spaces to enterprises across India. As of March 2025, it manages over 9 million sq ft of leased space across more than 50 centres in 15 cities. The company serves upwards of 800 clients, including corporates in IT, BFSI, and startups.

The company provides managed office spaces to a diverse range of clients, including large Indian corporates and global MNCs, such as Google, L&T Technology Services, Bridgestone India Private Limited, Philips Global Business Services LLP, Persistent Systems Limited, Billionbrains Garage Ventures Private Limited (Groww), MakeMyTrip (India) Private Limited, etc.

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