Smartworks IPO Lists Today! Will It Pop or Flop? Check GMP, Investor Response, and Listing Expectations

The shares of Smartworks Coworking Spaces Ltd, a next-generation managed office solutions company, will list on the BSE and NSE today, July 17, 2025. The IPO witnessed strong investor demand but is likely to make a subdued listing, as per grey market trends.

IPO Details: Price Band, Lot Size, and Fundraise
Price Band: ₹387–₹407 per share
Lot Size: 36 shares and multiples thereof
IPO Size: ₹582.56 crore
Fresh Issue: ₹445 crore
Offer-for-Sale (OFS): 33,79,740 shares

Strong Subscription 
The Smartworks IPO remained open for bidding from July 10 to July 14 and witnessed 13.45x total subscription, with more than 4.52 lakh applications.

Here's the response of different segments:
Qualified Institutional Buyers (QIBs): 24.41x
Non-Institutional Investors (NIIs): 22.78x
Retail Investors: 3.53x
Employees: 2.38x

 

GMP Cools Off Before Listing
Prior to its listing on the market, the grey market premium (GMP) on Smartworks shares dropped to ₹20–₹25, signaling a probable listing gain of merely 5–6%. That is lower than the ₹30 premium seen when the IPO opened — showing likely investors' nervousness.

What the Company Does
Established in 2015 and headquartered in New Delhi, Smartworks is India's premier player of customized, technology-driven managed workspaces. It serves enterprises largely looking for fully serviced, flexible office space — a trend picking up in the post-Covid period.

Positioning itself as an operator focusing on scalability, design, and amenities, Smartworks is a disruptor in the commercial real estate industry with its long-term leases and enterprise-grade offerings.

Book Running and Registrar Details
Smartworks' IPO was handled by a robust syndicate of book-running lead managers (BRLMs) such as JM Financial, IIFL Capital Services, BoB Capital Markets, and Kotak Mahindra Capital Company. They were tasked with promoting the issue, measuring investor interest through book-building, and ensuring effective allocation.

MUFG Intime India (Link Intime) served as the registrar to the issue, processing applications, allotment status, and investor grievance redressal. The presence of established merchant bankers lent credibility to the issue and helped attract investor interest from a variety of sources.

What to Look Out
Though subscription numbers indicate robust investor appetite, the weakening GMP raises alarm. Will Smartworks treat IPO investors with love or sour on debut? The market will soon find out.

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