Smartworks Coworking Spaces IPO

13.46x

subscribed

Smartworks Coworking Spaces IPO

listed
₹13,932Min. investment
  1. Pre-apply
    8 Jul
  2. Bid start
    10 Jul
  3. Bid end
    14 Jul
  4. Allotment
    15 Jul
  5. Release of funds
    16 Jul
  6. Demat transfer
    16 Jul
  7. Listing
    17 Jul

About Smartworks Coworking Spaces Limited

Price range₹387 – ₹407
IPO type
Regular
Lot size36 shares
Issue size₹582Cr
Red Herring Prospectus
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Smartworks Coworking Spaces Limited IPO Overview

Smartworks Coworking Spaces IPO Date

Smartworks Coworking Spaces IPO will open for subscription on July 10, 2025, and the closing date for the IPO is July 14, 2025. After this, investors are expected to be updated about the allotment status on Tuesday, July 15, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on July 16, 2025. The shares will be listed on the NSE and the BSE on Thursday, July 17, 2025.

Smartworks Coworking Spaces IPO Price Band

The IPO includes both a fresh issue and an offer for sale. The IPO price band has been set between ₹387 to ₹407 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising an offer for sale of ₹582.56 crore.

The Smartworks Coworking Spaces IPO listing price will be determined on July 17, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Smartworks Coworking Spaces Limited IPO Lot Size

The Smartworks Coworking Spaces IPO details have been declared. The minimum lot size for an application is 36 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹582.56 crore.

Checklist

Quality analysis
Revenue growth
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Objectives

Capital expenditure
50.70%
Repayment of loans
25.60%
General corporate purposes
23.70%

Strength and Weakness

Strong market position and growth trajectory

The company has established itself as one of the largest managed campus operators among benchmarked operators in terms of total stock (market share 13.81%), with a lease signed portfolio of 8.0 msf as of FY24. The company operates 50 centres across 15 cities with a total SBA of 8.99 msf and 203,118 capacity seats as of FY25. It has achieved strong growth with a CAGR of 20.80% in total SBA managed between FY23 and FY25 and a CAGR of 38.98% in revenue from operations between FY23 and FY25.

Strategic location focus

The company strategically focuses on key clusters in Tier 1 cities, with 94.37% of its SBA under management located in these prime locations as of March 31, 2025, ensuring access to high-quality corporate clients and maintaining premium positioning in the market. The company is present in 19 out of 28 key clusters that account for around 80% of total flexible workspace stock in Tier 1 cities.

High client retention and long-term contracts

The company maintains strong client relationships with an 86.83% seat retention rate in FY25 and a weighted average total tenure of 46 months, providing revenue predictability and business stability through long-term contractual arrangements with substantial lock-in periods.

Efficient capital deployment

The company demonstrates superior financial efficiency with an average payback period of 30-32 months for mature centres, significantly shorter than the industry benchmark of 51-52 months, and maintains receivable days consistently under 10 days across recent fiscals, reflecting strong cash flow management.

Enterprise client focus

Smartworks has positioned itself as a preferred partner for mid-to-large enterprises, with 63.44% of rental revenue in FY25 coming from clients requiring more than 300 seats, and the largest client deal size exceeding 6,300 seats, demonstrating the company's ability to serve large corporate requirements.

About Smartworks Coworking Spaces Limited

Incorporated in 2015, Smartworks Coworking Spaces is an office experience and managed campus platform operating in India, with a lease signed portfolio of 8.0 msf as of March 31, 2024. The company operates a total super built-up area of 8.99 msf as of March 31, 2025, spanning 50 centres across 15 cities, including major metropolitan areas like Bengaluru, Pune, Hyderabad, Gurugram, Mumbai, Noida, and Chennai.
As of March 31, 2025, Smartworks operates 46 operational centres with 183,613 capacity seats, serving 738 clients occupying 152,619 seats. With a committed occupancy rate of 89.03% as of June 30, 2025. The company pursues multi-centre (same city) and also multi-city growth opportunities by investing in and nurturing long-term partnerships with its clients. Some of its key clients include Google IT Services India Private Limited, L&T Technology Services Limited, Bridgestone India Private Limited, Philips Global Business Services LLP and others.
The company focuses on transforming bare shell properties into fully serviced, aesthetically pleasing, and tech-enabled campuses with daily-life and aspirational amenities, targeting mid-to-large enterprises with requirements of over 300 seats. It specialises in leasing entire or large properties from landlords, particularly passive and non-institutional landlords who own approximately 70.2% of India's total commercial organised stock.
Smartworks Coworking Spaces offers value-centric pricing and a superior office experience compared to traditional workspaces, with swift turnaround times of 45 to 60 days for workspace delivery. The company has demonstrated strong growth with a CAGR of 38.37% in SBA managed in Tier 1 cities between 2020 and 2024, outpacing industry growth by more than 1.5 times.
The company serves a diverse client base, including Indian corporates, MNCs, and startups across various sectors, including information technology, engineering, insurance, energy, ed-tech, e-commerce, fintech, and consulting. In FY25, enterprise clients contributed 88.49% of total rental revenue at ₹1,134.5 crore. Meanwhile, the top five clients contributed 12.5% to overall revenue, while the top 10 clients accounted for 18.9% of total revenue.
India's commercial office stock of 883 msf as of March 31, 2025, is forecasted to grow at a CAGR of 6.7% to 1,072 msf by 2027, with flexible workspace stock in Tier 1 cities growing at approximately 23-24% CAGR from 2020 to 2024. The share of flexible workspaces in non-SEZ occupied office stock across Tier I cities increased from 7%-9% pre-2020 to 14%-16% by the end of 2024, indicating strong market momentum.
Smartworks has signed non-binding letters of intent for additional SBA of 1.46 msf across 3 centres and has expanded internationally with 2 centres in Singapore serving 83 clients. The company has also launched value-added services and fit-out-as-a-service (FaaS) as ancillary businesses that are asset-light and margin-accretive, providing additional monetisation opportunities. The company is well-positioned to benefit from India's growing flexible workspace market, which is expected to see companies with over 10% flexible office space increasing from 42% in Q1 2024 to 59% by 2026.
Now, Smartworks Coworking Spaces Limited is launching its initial public offering (IPO), which consists of a fresh issue of equity shares worth up to ₹445 crore and an offer for sale worth up to ₹137.56 crore. The total issue size of the IPO is ₹582.56 crore. Its shares will be listed on the NSE and BSE.

IPO Analysis

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Smartworks Coworking Spaces IPO
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IPO Subscription Status

Date
QIB
NII
Retail
Total
10-Jul-25
0.0 times (X)
1.0 times (X)
0.59 times (X)
0.51 times (X)
11-Jul-25
0.63X
1.78X
1.2X
1.16X
14-Jul-25
24.41X
22.54X
3.43X
13.46X

Latest News on IPO

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Smartworks Coworking Spaces Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The proposed initial share sale is a combination of a fresh issue of equity shares worth ₹550 crore and an Offer For Sale (OFS) of ₹67.59 lakh shares by promoters, according to the Draft Red Herring Prospectus (DRHP).
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Flexible workspace provider Smartworks, has received approval from the Securities and Exchange Board of India (Sebi) to raise funds through an IPO. As of March 31, 2024, Smartworks had established a presence in 13 cities with a portfolio comprising 41 centres spanning 8 million sq ft. The company has also entered the international market with leasing of 35,000 sq ft space in Singapore.
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IPO-bound flexible work space provider Smartworks has leased 470,000 sq ft office space at DLF Commercial Building in DLF City-V, Gurugram. This is the fourth managed campus for Smartworks in Gurugram, in addition to the existing campuses at Golf View Corporate Towers (Golf Course Road), RK 4 Square (Cyber City), and ASF Insignia (Vatsal Valley).
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Smartworks has raised Rs 168 crore (USD 20.24 Mn) in funding from a consortium of investors, including Keppel Ltd., Ananta Capital Ventures Fund I, and high-net-worth individuals. The promoters retain a majority shareholding in the company. The funds will be used for growth, expansion, and general corporate expenses.
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Smartworks Coworking Spaces IPO allotment: The ₹582.56 crore initial share sale, with a price band of ₹387-₹407 per share, was a mix of a fresh issuance of ₹445 crore as well as an offer for sale of ₹137.56 crore. A lot consisted of 36 shares.

3 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Smartworks Coworking Spaces IPO ?

The issue size of the Smartworks Coworking Spaces IPO is 582 Cr.

What is 'pre-apply' for Smartworks Coworking Spaces IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Smartworks Coworking Spaces IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.