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Smartworks Coworking ₹582 crore IPO kicks of today; should you apply or not
Ahead of the opening of the issue, Smartworks raised around ₹174 crore from anchor investors. The company allotted 4.27 million equity shares at the upper price band of ₹407 per share with a face value of ₹10 per share to 13 anchor investors, according to the exchange filing.
Out of the total allocation, 32.04 per cent was allocated to three domestic mutual funds, including Tata Mutual Fund, Baroda BNP Paribas and Trust Mutual Fund, which have applied through a total of four schemes.
Other investors are Axis New Opportunities AIF - Series II, SBI General Insurance Company Ltd, Aditya Birla Sun Life Insurance Company Ltd, Buoyant Opportunities Strategy II, Societe Generale, among others.
Smartworks Coworking IPO GMP
The unlisted shares of Smartworks were trading at ₹439 in the grey market, up ₹32 or 7.8 per cent from the upper end price, according to sources tracking unofficial market activities.
Smartworks Coworking IPO: Should you subscribe or not?
Anand Rathi Research - Subscribe for long term
According to analysts at Anand Rathi Research, Smartworks runs a cost-efficient and scalable model with fit-out and operating costs significantly lower than industry benchmarks. The company is also shifting to an asset-light strategy through variable rental and management contracts, improving capital efficiency. Additional revenue streams like value-added services and Fit-out-as-a-Service further strengthen its business.
"At the upper price band, the company is valued at P/S of 3.3x with EV/Ebitda of 9.7x and market cap of ₹4,644.8 crore post issue of equity shares," the brokerage said in a research note.
Analysts believe that the IPO is fully priced and recommend a 'Subscribe- Long term' rating to the IPO.
Smartworks Coworking IPO details
Smartworks Coworking is a book-built issue comprising a fresh issue of 10.9 million equity shares aggregating to ₹455 crore and an offer for sale (OFS) of 3.4 million shares aggregating to ₹137.56 crore. NS Niketan, SNS Infrarealty and Space Solutions India are the selling shareholders.
Smartworks IPO is available at a price band of ₹387-407 per share, with a lot size of 36 shares. Accordingly, investors can bid for a minimum of one lot or 36 shares of Smartworks and in multiples thereof. According to the red herring prospectus (RHP), the company intends to utilise the net fresh issue proceeds to repay debt and capital expenditure for fit-outs in the New Centres and for security deposits of the New Centres. The remaining funds will be used for general corporate purposes.
The three-day subscription window to bid for the issue will conclude on Monday, July 14, 2025. Following the closure of the subscription window, the basis of allotment of shares is likely to take place on Tuesday, July 15, 2025.
Shares of Smartworks are scheduled to make their D-street debut on Thursday, July 17, 2025, by listing on the BSE and NSE.
MUFG Intime India, formerly Link Intime, is the registrar for the issue. JM Financial, BOB Capital Markets, IIFL Capital Services, and Kotak Mahindra Capital Company are the book-running lead managers.
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