Smartworks Coworking Spaces IPO gets subscribed 13.45 times
Smartworks Coworking Spaces Ltd
garnered 13.45 times subscription on the closing day of bidding on Monday.
The three-day IPO received bids for 13,99,08,852 shares against 1,04,01,828 shares on offer, as per NSE data.
The portion for Qualified Institutional Buyers (QIBs) attracted 24.41 times subscription. Non-Institutional Investors part got subscribed 22.78 times and Retail Individual Investors (RIIs) part received 3.53 times subscription.
Smartworks Coworking Spaces has raised Rs 173.64 crore from anchor investors.
The IPO of Smartworks Coworking Spaces hit the capital market on Thursday last week to raise nearly Rs 600 crore as the company intends to expand its business and reduce debt.
The company has fixed a price band of Rs 387-407 per share for its IPO.
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.
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. The OFS proceeds will go to promoters.
Gurugram-based Smartworks, one of the leading managed flexible office space providers, has 48 operational co-working centres with over 1.9 lakh seating capacities.
JM Financial
Ltd, BOB Capital Markets Ltd and IIFL Capital Services Ltd are the book-running lead managers to the IPO.
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