Smartworks IPO Opens: Google’s Office Provider Eyes Rs 583 Cr - GMP, Price Band & Key Details Inside

Smartworks Coworking Spaces Ltd, which is engaged in the business of customised managed workspace solutions, offering fully serviced, tech-enabled office environments, is all set to launch its initial public offering (IPO) on July 10. 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 Rs138 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 tracking website.

Smartworks Coworking IPO: Price band 

Smartworks has set the price band for the IPO between 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 

Market buzz around the IPO remains strong, with shares of Smartworks commanding a grey market premium (GMP) of Rs 28, as of the latest update on July 9, 2025, at 9:32 AM, as per a leading market tracking website. This suggests an estimated listing price of Rs 435 per share—₹28 higher than the upper price band of Rs 407—implying a potential gain of approximately 6.88% on listing day, claimed the same website.

Also Read: IPO-bound Smartworks Coworking Spaces posts Rs 50 cr loss last fiscal on higher expenses | 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 centers, 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 

Ahead of the IPO, the company completed its anchor book allocation on July 9. The allotment of shares is expected to be finalized on July 15, with refunds and credit to demat accounts scheduled for July 16. The listing is likely to take place on July 17 on both the BSE and NSE.

Smartworks Coworking IPO: financial performance 

Its revenue surged from Rs 711 crore in FY23 to Rs 1,374 crore in FY25, while EBITDA rose sharply from Rs 36 crore to Rs 172 crore during the same period. However, it reported a net loss of Rs 63 crore in FY25.

About the company 

Founded in 2016, Smartworks operates more than 10 million square feet of flexible office space across 15 cities and 50 centers. It serves a diverse base of nearly 800 corporate clients. Smartworks 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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