Smartworks plans debt retirement and expansion with IPO proceeds
Smartworks Coworking Spaces is opening its IPO from July 10 to July 14, with shares priced between ₹387 and ₹407.
The company plans to raise about ₹583 crore to help expand its business and pay down debt.
How will the proceeds be used?
Out of the total, ₹445 crore comes from new shares while existing shareholders are selling ₹138 crore worth.
Most of the funds will go toward setting up new workspaces, paying security deposits, and clearing loans—bringing net debt down from ₹299 crore to ₹175 crore.
Focus on large enterprises
Smartworks runs 41 managed office centers in 14 cities, offering over 10 million square feet of flexible workspace.
They mainly lease big spaces to companies that need at least 300 seats—think tech hubs like Bengaluru, Mumbai MMR, Hyderabad, Gurugram, and Chennai.
Only 2nd flexible workspace brand to go public
Revenue jumped nearly 39% to ₹1,374 crore in FY25 but losses also grew to ₹63 crore.
With this IPO, Smartworks becomes only the second flexible workspace brand in India (after Awfis) to go public—a sign that demand for flexible offices is definitely on the rise.