Smartwork Coworking Spaces IPO: Here's how it fares against other industry players

Smartworks Coworking Spaces Ltd is coming with an IPO of ₹582 crore, which is a combination of fresh issue and offer for sale. The IPO will comprise ₹445 crore worth of fresh issue and ₹137 crore worth of offer for sale. The IPO opens on July 10 and closes on July 14 with an issue price band of ₹387 to ₹407 per share. Investors can apply for a lot size of 36 shares.

The company is one of the largest co-working companies in India and manages leased commercial spaces across the country in 18 cities. The company managed campus platform consists of a total SBA of 8.99 million square feet across 50 Centres in 15 cities such as Bengaluru(Karnataka), Pune(Maharashtra), Hyderabad (Telangana), Gurugram (Haryana), Mumbai(Maharashtra), Noida (Uttar Pradesh) and Chennai (Tamil Nadu), with 203,118 Capacity Seats, as of March 31, 2025.

Topline

Smartworks Coworking Spaces remains one of the leading players in terms of topline, with nearly ₹1,409 crore worth of total income as of FY25 vs ₹1,260 crore for Awfis Space Solutions for the same year. The latest data for Table Space Technologies and WeWork India Management is not available. However, for FY24, the revenue for these companies stood at ₹906 crore and ₹1665 crore.

Smartwork Coworking Space saw a revenue growth of 32% YoY for FY25 vs 42.2% for Awfis Space Solutions in the similar period. The topline growth comes on the back of strong expansion across categories and geographies.

Operational Efficiency

In terms of operational efficiency, Smartworks Coworking reported an EBITDA of ₹857 crore for FY25 vs ₹659 crore in the previous year. On the other hand, Awfis Space Solutions reported an EBITDA of ₹402 crore as compared to ₹245 crore in the same period last year. However, the Smartwork Space Solutions held a superior position when compared on the EBITDA margin. Smartwork Space Solutions recorded an EBITDA margin of 62.3% for FY25 vs 33% of Awfis Space Solutions. After Smarwork Space Solutions, only WeWork India holds similar operating margins at 63% as of FY24.

Other operational parameters

Smartwork Space Solutions operates in 15 cities with 50 centres across the country, vs 18 cities and 230 centres by Awfis, making it one of the largest coworking companies in India in terms of geographical presence. Smartworks holds an occupancy rate of 83% vs 73% of Awfis and one of the largest seating capacities at 1,83,613 seats at operational centres. Meanwhile, the Awfis Space solutions held the operational seat capacity of 134,121 seats