Smartworks Coworking IPO awaits SAT verdict
The Securities Appellate Tribunal (SAT) will announce its decision on the Smartworks Coworking IPO case tomorrow, just ahead of the company's planned stock market debut on July 17.
The ₹583 crore IPO wrapped up yesterday, and so far, SAT hasn't stopped share allotments while it reviews final arguments.
NGO's concerns vs strong investor interest
An NGO called Infrastructure Watchdog has challenged the IPO, claiming Smartworks hid financial disputes and used questionable funds.
The company firmly denies this, saying everything's above board and pointing out that the NGO doesn't even own shares.
Despite this legal tussle, investor enthusiasm is strong—non-institutional bids were nearly 23 times oversubscribed, retail over 3.5 times, and big names like Tata Mutual Fund are backing it.