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Smartworks Coworking Spaces IPO
13.46xsubscribed

Smartworks Coworking Spaces IPO

listed
₹13,932Min. investment

Smartworks Coworking Spaces Limited IPO Details

Price range₹387 – ₹407
IPO type
Regular
Lot size36 shares
Issue size₹582Cr
Red Herring Prospectus
Read

Smartworks Coworking Spaces 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

As on 10-Jul-25, 5:30 PM

Smartworks Coworking Spaces IPO Timeline

  1. Pre-apply
    8 Jul 2025
  2. Bid start
    10 Jul 2025
  3. Bid end
    14 Jul 2025
  4. Allotment
    15 Jul 2025
  5. Release of funds
    16 Jul 2025
  6. Demat transfer
    16 Jul 2025
  7. Listing
    17 Jul 2025

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.

Smartworks Coworking Spaces IPO Analysis

IPO REVIEW

Smartworks Coworking Spaces IPO | Analysis Video

Should you apply?

Watch our analysts break down the Smartworks Coworking Spaces IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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.

Objectives of Smartworks Coworking Spaces IPO

Capital expenditure
50.70%
The company will use ₹225.84 crore as security deposits and fit-outs for the new centres
Repayment of loans
25.60%
₹114 crore will be used to repay outstanding borrowings
General corporate purposes
23.70%
Part of the IPO proceeds will be used for general corporate purposes.

Smartworks Coworking Spaces IPO Contact Details

Company NameSmartworks Coworking Spaces Limited

How to apply for Smartworks Coworking Spaces IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Smartworks Coworking Spaces IPO FAQs

Investors can apply for the Smartworks Coworking Spaces IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Smartworks Coworking Spaces IPO is 582 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Smartworks Coworking Spaces IPO will be open between 2025-07-10 and 2025-07-14.
Smartworks Coworking Spaces IPO allotment date is 2025-07-16. For Smartworks Coworking Spaces IPO allotment status check, you can visit the website of the registrar of the IPO.
For Smartworks Coworking Spaces IPO, the IPO registrar is MUFG Intime India Private Limited. You can check Smartworks Coworking Spaces IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Smartworks Coworking Spaces IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Smartworks Coworking Spaces IPO lot size is 36 and minimum order quantity is 36.
Smartworks Coworking Spaces IPO has set the price band for its IPO at 407 per equity share with a face value of 10.