&w=3840&q=100)
Ahead of July 10 listing, Smartworks reports ₹382 cr debt as of Apr-end
Press Trust of India New Delhi
Smartworks Coworking Spaces, which plans to launch IPO on July 10, has said that the company's total debt stood at Rs 382 crore at the end of April.
Gurugram-based Smartworks currently has 48 operational centres with over 1.9 lakh seating capacities.
"Our total outstanding borrowings as on April 30, 2025, were Rs 3,819.67 million, on a consolidated basis," the company said in a Red Herring Prospectus (RHP) filed with SEBI.
Smartworks will hit the capital market on July 10 to launch its Initial Public Offering (IPO). The issue will close on July 14.
The company has revised its IPO size downward.
The size of the fresh issue has been reduced to Rs 445 crore from the earlier planned Rs 550 crore, while the Offer For Sale (OFS) by promoters has been cut to 33.79 lakh shares from 67.59 lakh shares.
Out of the total proceeds from the fresh issue of shares, the company will use Rs 226 crore for capital expenditure related to the fit-outs in new centres and security deposits for these new centres.
It will utilise Rs 114 crore for payment of loans, and the remaining funds will be used for general corporate purposes.
Smartworks has posted a net loss of Rs 63.17 crore in the last financial year due to higher expenses than income.
Its net loss stood at Rs 49.95 crore in the preceding 2023-24 financial year.
However, the revenue from operations rose to Rs 1,374.05 crore in the 2024-25 fiscal from Rs 1,039.36 crore in the preceding year.
"These losses were on account of our total income being lower than the expenses for the relevant fiscal," the company said in the RHP.
Smartworks said it aims to generate and sustain increased revenue levels and decrease proportionate expenses in future periods to achieve profitability.
Smartworks, one of the leading co-working operators in the country, takes on lease office spaces from landlords and then sub-leases the areas to corporates.
It has an operational portfolio of 8.31 million square feet area while 0.7 million square feet is under fit-outs.
The company has taken on lease another 1.7 million square feet area from landlords, but it has not got possession to set up the centres.
The total portfolio will cross 10 million square feet, including the spaces under fit-outs and signed.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
9 minutes ago
- Time of India
Mumbai leads in land deals in H1 2025: Report
Representative image MUMBAI: The Mumbai metropolitan region closed a total of 24 land deals spanning over 433 acres in H1 2025 with total deal value estimated to be Rs 11,137 crore. An Anarock report released on Tuesday said over 2,898 acres of land were transacted in 76 deals across India in H1 2025. The total value of the land transacted during this period was Rs 30,885 crore with a revenue potential of approx. Rs 1.5 lakh crore. "Total volume of land transacted so far in 2025 is already 1.2 times the deals volume seen in the whole of 2024, which saw about 133 deals for 2,515 acres concluded," it said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
18 minutes ago
- Time of India
Vadodara's garbage piles to soon smell like lemon!
Vadodara: If you can't clean it, just perfume it! Instead of clearing the heaps of rotting garbage that filled the city with an unbearable stench, the Vadodara Municipal Corporation (VMC) decided to crush the odour by spraying fragrant powder on it. The civic body planned to procure nearly 44,000 kg of powder with a lemon fragrance, which it expected to provide some succour to citizens already battling potholed roads and strained backs. Officials said the powder, Orgo Fresh, is not toxic, and if inhaled or consumed by animals, it does not have any effects like gamaxine or other disinfectant powders. VMC has been using disinfectant powders and lime powder to ensure pathogens did not grow on the sides of roads and places where garbage was dumped. This time, the civic body decided to add a dash of lemon fragrance after experiments following the flood last year were successful. "The solid waste transfer sites in Mujmahuda and Gadheda Market near Kishanwadi were smelling bad. The powder was sprinkled on them and showed good results," said Smit Ardeshna, Chairman of the Public Works Committee that cleared the proposal. For each zone of the municipal corporation, 10,000 kg of the powder is being ordered. The demand was made by officials from some zones, after which the civic body decided to procure the powder for all four zones in the city. The powder will be provided by an agency at a rate of Rs 37 per kg, and the total quantity will cost Rs 14.8 lakh. The powder was first tried at two locations in the city after the floods last year. "We used disinfectant powders, but they cannot take care of the stench like this powder," said VMC Executive Engineer Rajendra Vasava, who also heads the central stores department that ordered the powder. The air freshener powder, however, will not be a replacement for the disinfectant powders as it cannot kill pathogens.
Time of India
18 minutes ago
- Time of India
Govt seeks WII help for green study on proposed Puri airport
1 2 Bhubaneswar: State govt wrote to the Wildlife Institute of India (WII) on Monday to seek its expertise on alleged forest and wildlife violations related to the proposed Shree Jagannath International Airport in Puri. The regional office of the ministry of environment, forests and climate change had pointed out some violations in the project, leading the ministry's Forest Advisory Committee (FAC) to put its clearance on hold. The committee advised the state govt to collaborate with WII for a study. "WII received Odisha's letter regarding the requirement of our recommendation in terms of the impact on wildlife in the case of the proposed airport project. No timeline has been fixed so far to form a team for the study and make necessary observations," Gobind Sagar Bhardwaj, director of WII, told TOI. The govt's letter to WII and the latter's response come days after the transport department expressed confidence in taking the project further with the recommendation of environmental clearance (EC) coming from the expert appraisal committee (EAC) under the ministry. EAC and FAC are two separate committees, and their mandates are different, officials said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo "Although EAC's recommendation for EC could help the govt make certain moves, there are still conditions. In addition, WII's opinion will be a factor in getting FAC's final nod," a govt source said. The airport is proposed to be developed over 471 hectares at an estimated cost of Rs 5,631 crore. Forest land to be diverted, if clearance is received, is spread over 27.88 hectares. Officials said WII's study will focus on migratory bird routes and the possible impact on Olive Ridley sea turtles and Irrawaddy dolphins close to the airport site in Brahmagiri. "FAC has also asked for a conservation and mitigation plan, requiring approval from the chief wildlife warden. It also highlighted environmental concerns about the proposed cutting of 13,000 trees currently serving as a bio-shield and coastal shelter," a govt officer said. Based on concerns of the regional office, FAC, as per minutes of its meeting on June 24, decided to seek an explanation from the state govt on building the airport in a fragile coastal belt. "The govt, with WII's help, has been asked to justify the project, giving reasons that it won't invite climate eventualities," a forest officer said.
