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Time of India

Smartworks expected to have post-IPO valuation of Rs 4,645 cr

1 2 3 Kolkata: Smartworks Coworking Spaces Limited, founded by city boy Neetish Sarda and co-founded by Harsh Binani, is likely to have a post-listing valuation of Rs 4,645 crore at the upper price band. The co-working space company, one of the leaders in the sector, is launching its IPO on July 10, with the price band fixed at Rs 387 to Rs 407 per equity share. The only listed competitor of Smartworks in this space is AWFIS, which has a current valuation of about Rs 4,800 crore. Sources said the valuation of Smartworks is at a discount based on the IPO price band. So, in actuality, it would be in line with AWFIS. This would also make Smartworks one of the most valuable companies in this segment. Smartworks will raise Rs 585 crore through a combination of fresh issue and offer for sale. The fresh issue will be Rs 445 crore. The promoters' stake in the company will go down marginally after listing, from 65% to 58.2%. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata Sources said that following growth and expansion from its own resources, the company reduced the fresh issue size from Rs 550 crore to Rs 445 crore, with OFS of Keppel and promoters reducing by half. The company has added 1.9 million sq ft between the date of the DRHP and June 30, 2025. According to the DRHP, the revenue from operations of the company almost doubled, increasing from Rs 711 crore in FY23 to Rs 1,374 crore in FY25, reflecting a CAGR of 38.9%. Meanwhile, adjusted EBITDA rose from Rs 36 crore in FY23 to Rs 172 crore in FY25, a CAGR of 117%, during the same period, and the company has about 800 corporate clients operating out of 10 million sq ft of Smartworks space. The company proposes to utilise the net proceeds towards repayment, prepayment, or redemption, in full or in part, of certain outstanding borrowings to the extent of Rs 114 crore, capital expenditure for fit-outs in the new centres and for security deposits of new centres to the extent of Rs 225 crore, with the balance amount towards general corporate purposes.