Smartworks IPO to open on July 10, to raise Rs 445 crore
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Flexible workspace provider Smartworks will hit the capital markets on July 10 with its IPO to raise Rs 445 crore. The offer will close on July 14.In December last year, Smartworks had received approval from the Securities and Exchange Board of India (Sebi) to launch an initial public offering(IPO).According to the Red Herring Prospectus (RHP) filed on Friday, IPO will comprise a fresh issue of equity shares worth Rs 445 crore, reduced from Rs 550 crore in DRHP and an offer for sale (OFS) of 3.3 million shares, reduced from 6.759 million shares earlier.As on June 30, 2025, the company has a total footprint of 10.08 million sq ft and it grew at a CAGR of 20.80% between FY23 and FY25. The company added 2.83 million sq ft area in last 2 years.Company's revenue from operations increased from Rs 711 crore in FY23 Rs 1,374 crore in FY25.As per the RHP, company earned 31.90% rental revenue from multi-city clients out of total rental revenue for fiscal 2025.In FY25, 19 clients occupying 5,931 seats terminated agreement with Smartworks without serving the notice period, which is much more than from 2024 when 7 clients occupying 1,058 seats terminated the agreement.'We primarily generate revenues by charging lease rentals for the workspaces provided to our clients within our centres. We enter into agreements with our clients, for periods typically ranging from two years to five years. We have in the past experienced, and may continue to experience, pre-mature termination of agreements with our clients,' company has said in RHP.Smartworks has initiated legal proceedings against a former client before the commercial court at Bengaluru on account of the client terminating their agreement during the lock-in period without payment of the outstanding lease rentals due for the remainder of the lock-in period.Smartworks has two centres in Singapore with a total area of 35,036 square feet.The company is present in Tier 1 and Tier 2 cities such as Bangalore, Hyderabad, Chennai, Mumbai, Pune, among others.The company has four lease signed centres in India above 500,000 square feet in size, with the largest center of approximately 700,000 square feet, located in Vaishnavi Tech Park in Sarjapur, ORR in Bengaluru. As of March 31, 2025, company's average Centre size is 180,000 square feet.
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