Smartworks IPO records 25% subscription, analysts cautiously optimistic
Smartworks Coworking Spaces, a major player in India's managed office space scene, has kicked off its IPO aiming to raise ₹582.56 crore.
Shares are priced between ₹387-₹407 each, with the offer open till July 14, 2025, and expected to list on July 17, 2025.
Smartworks IPO comprises fresh issue, OFS; gray market premium
The IPO includes a fresh issue of ₹445 crore and an offer-for-sale worth ₹137.56 crore by promoters.
On day one, demand was strong—subscriptions hit 25% overall, with non-institutional investors leading at 42%.
The gray market is hinting at a possible listing gain of about 7-8%.
The company runs over 50 centers across 15 cities
Based in Gurugram, Smartworks runs more than 50 centers across 15 cities, offering flexible office spaces for startups, big corporates, and MNCs.
They're growing fast but reported a net loss of ₹63 crore last year.
IPO details, use of proceeds, and risk factors
Funds raised will help pay for new offices (₹226 crore), clear some debt (₹114 crore), and cover general business needs.
While Smartworks is expanding quickly, analysts recommend keeping an eye on competition from bigger, profitable rivals before jumping in.