Smartworks Coworking IPO Day 2: GMP, Price Band, Subscription Status and Other Key Details

The initial public offering (IPO) of Smartworks Coworking Spaces Ltd entered its second day of bidding on 11th July, drawing steady interest from investors. The public issue, which opened on July 10, has so far received a ghood response from retail and high-net-worth investors.

The Gurugram-based is looking to raise Rs 583 crore through a combination of fresh equity and an offer-for-sale (OFS). The company has already raised Rs 174 crore from anchor investors, including Tata Mutual Fund, Axis AIF, and Aditya Birla Sun Life, indicating strong institutional interest.

Smartworks Coworking IPO: Price Band

The company has set a price band of Rs 387 to Rs 407 per share, with a discount of Rs 37 offered to eligible employees, as per a leading market tracking website. Investors can bid for a minimum of 36 equity shares and in multiples thereafter, translating to a minimum application size of Rs 13,932 at the upper end of the band.

Smartworks Coworking IPO: Grey Market Premium

As per the latest update, the IPO’s last grey market premium (GMP) stood at Rs 34 as of July 11, 2025, 10:29 AM. Based on the upper price band of Rs 407, the estimated listing price is Rs 441, implying a potential gain of 8.35% per share, as per a leading market tracking website.

Also Read: Smartworks Coworking IPO Day 1: GMP, Price Band, Subscription Status and Other Key Details | Republic World

Smartworks Coworking IPO: Subscription Status 

As of Day 2 morning, the IPO was subscribed around 0.69 times overall, with the retail portion booked at 0.82 times and the non-institutional investor (NII) segment subscribed 1.3 times. The qualified institutional buyer (QIB) portion is expected to see traction on the final day of bidding.

Smartworks Coworking IPO: Usage of proceeds

The IPO consists of a fresh issue of Rs 445 crore and an offer-for-sale worth Rs 137.6 crore. Proceeds from the fresh issue will be used for capital expenditure, debt repayment, and other general corporate purposes.

Smartworks Coworking IPO: Key dates to look out for

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. 

About the company 

Founded in 2015, Smartworks is India’s largest provider of managed office spaces, with a presence in over 250 cities and a portfolio spanning approximately 9 million square feet across 50 centres in 15 cities. The company offers flexible workspace solutions to large enterprises and start-ups alike, tapping into the growing demand for hybrid work models.

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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