Latest news with #NeetishSarda
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Business Standard
5 days ago
- Business
- Business Standard
Smartworks Coworking aims to 'scale up' business after market debut
Smartworks Coworking Spaces, the shared office space provider which made a market listing this week, aims to 'scale further' after adding 1.5 million square feet to its portfolio from January to March 2025. The Gurugram-based company has added an average of 1.3 million square feet of office space each year since 2022. 'Over the past three years, we have expanded to 10 million from 6 million square feet. In the first three months of 2025 alone, we added another 1.5 million square feet, bringing our total to over 11.5 million square feet,' Neetish Sarda, managing director of Smartworks, told 'Business Standard' in a telephonic conversation. 'Given the strong potential of the Indian market, we are confident in our ability to scale further. Despite operating on a high base, we have maintained a 35 per cent growth rate over the last couple of years, and we expect this momentum to continue,' he said without elaborating on the number. The company on Thursday listed at Rs 445.1, a near 10 per cent premium to its issue price and taking its market cap to Rs 5,067 crore. Its initial public offering (IPO) follows that by Awfis Space Solutions, which listed last year and now has a market cap of over Rs 4,662 crore. Public listings by WeWork India, Indiqube and DevX are in the works, driven by demand for co-working office spaces across markets and sectors. According to Anarock, co-working spaces were the second highest demand-generating segment for leased office spaces from January to June. Smartworks said it seeks a 'self-sustaining growth cycle', driven by cash inflows and demand for new and Grade A office spaces, alongside co-working and flex spaces. In FY25, the company reported Rs 250 crore in rental revenue. While overall revenue grew sevenfold and cash profits tripled, adjustments under Deloitte's audit process impacted the reported financials and resulted in a net loss of Rs 63 crore in FY25, the company said. Harsh Binani, executive director of Smartworks, said the company is expanding to 'high-performing cities' beyond India's top seven and scaling up its presence with larger buildings and increased capacity. The expansion will add to its portfolio of 54 offices in 14–17 cities in India, as well as in Singapore. 'In the new cities we're entering, we typically launch with one or two centres.' Smartworks has a client base of around 728 companies, including Google, Larsen & Toubro, Nothing, Groww, and Ernst & Young. The shared office space provider currently offers a total seat capacity of over 2.3 lakh across its centres. Binani noted that the company has increased its profits 3.5 times and doubled its revenue over the past two years, a momentum it intends to continue. 'We're currently growing 1.5 times faster than any other player in the market, and we expect this momentum to continue.' With the IPO, the total offer size comprises a fresh issue of equity shares aggregating up to Rs 445 crore and an offer for sale of up to 3,379,740 equity shares by certain existing shareholders. Smartworks has allocated Rs 114 crore from the proceeds for debt reduction and Rs 226 crore for fit-outs. Smartworks made its debut on the NSE and BSE, following the successful completion of its IPO. The company's shares listed at Rs 436.10 on the BSE, marking a premium of Rs 29.10. On the NSE, the stock opened slightly lower at Rs 435, reflecting a premium of Rs 28 per share.
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Business Standard
5 days ago
- Business
- Business Standard
Smartworks eyes 35% annual growth post-IPO amid rising office demand
Gurugram-based shared office space provider and D-Street debutant Smartworks Coworking Spaces aims to maintain an annual growth rate of 35 per cent, having added 1.5 million square feet to its overall portfolio within the January–March 2025 period, versus an average of 1.3 million for each year since 2022. 'Over the past three years, we have expanded to 10 million from 6 million square feet. In the first three months of 2025 alone, we added another 1.5 million square feet, bringing our total to over 11.5 million square feet,' said Neetish Sarda, managing director, Smartworks. 'Given the strong potential of the Indian market, we are confident in our ability to scale further. Despite operating on a high base, we have maintained a 35 per cent growth rate over the last couple of years, and we expect this momentum to continue.' The company's oversubscribed IPO, which listed at Rs 445.1 — a near 10 per cent premium to its issue price — taking its market cap to Rs 5,067 crore, follows Awfis Space Solutions, which listed last year and now has a market cap of over Rs 4,662 crore. A slew of public listings by co-working space providers including WeWork India, Indiqube and DevX are in the works, largely driven by the increasing demand for co-working office spaces across markets and sectors. According to Anarock, co-working spaces were the second-highest demand-generating segment for leasing office spaces in the January–June period, during which net office space absorption rose to 26.8 million sq ft, up 40 per cent from the same period a year earlier. Smartworks is aiming for a self-sustaining growth cycle, driven by strong cash inflows on the back of rising demand for new and Grade A office spaces, alongside co-working and flex spaces. In FY25, the company reported Rs 250 crore in rental revenue. While overall revenue grew sevenfold and cash profits tripled, adjustments under Deloitte's audit process impacted the reported financials, resulting in a net loss of Rs 63 crore for the fiscal year, the company said. Harsh Binani, executive director, said the company is expanding into high-performing cities beyond the top seven and scaling up its presence with larger buildings and increased capacity, which will add to its current portfolio of 54 offices across 14–17 cities in India, as well as in Singapore. 'In the new cities we're entering, we typically launch with one or two centres.' Smartworks has a client base of around 728 companies, including prominent names such as Google, Larsen & Toubro, Nothing, Groww and Ernst & Young. The shared office space provider currently offers a total seat capacity of over 2.3 lakh across its centres. Binani noted that the company has increased its profits 3.5 times and doubled its revenue over the past two years — a momentum it intends to continue. 'We're currently growing 1.5 times faster than any other player in the market, and we expect this momentum to continue.' With the IPO, the total offer size comprises a fresh issue of equity shares aggregating up to Rs 445 crore and an offer for sale of up to 3,379,740 equity shares by certain existing shareholders. Smartworks has allocated Rs 114 crore from the proceeds for debt reduction and Rs 226 crore for fit-outs. On Thursday, co-working space provider Smartworks made its stock market debut on the NSE and BSE, following the successful completion of its initial public offering (IPO). The company's shares listed at Rs 436.10 on the BSE, marking a premium of Rs 29.10. On the NSE, the stock opened slightly lower at Rs 435, reflecting a premium of Rs 28 per share.
Business Standard
5 days ago
- Business
- Business Standard
Smartworks Coworking Spaces jumps on debut
Shares of Smartworks Coworking Spaces were currently trading at Rs 461.50 at 10:30 IST on the BSE, representing a premium of 13.39% compared with the issue price of Rs 407. The scrip was listed at Rs 436.10, exhibiting a premium of 7.15% to the issue price. So far, the stock has hit a high of Rs 469 and a low of Rs 436. On the BSE, over 12.48 lakh shares of the company were traded in the counter so far. The initial public offer of Smartworks Coworking Spaces received was subscribed 13.45 times. The issue opened for bidding on 10 July 2025 and it closed on 14 July 2025. The price band of the IPO is fixed between Rs 387 and 407 per share. The issue comprised a fresh equity issue of Rs 445 crore and an offer for sale (OFS) of 3,379,740 sharesincluding 8,00,000 shares by promoters and 25,79,740 shares by investor shareholder Space Solutions India. Within the promoter OFS, NS Niketan LLP will offload 4,90,000 shares and SNS Infrarealty will sell 3,10,000 shares. Post-issue, Space Solutions India will retain a 19% stake. Of the net proceeds from the fresh issue, Rs 114 crore will be used to repay or prepay certain borrowings, Rs 225.84 crore will go towards capital expenditure for fit-outs and security deposits for new centers and the balance will be used for general corporate purposes. The companys total consolidated borrowings stood at Rs 381.97 crore as of 30 April 2025. Smartworks Coworking Spaces (SCSL), promoted by Neetish Sarda, Harsh Binani, and Saumya Binani, is Indias largest managed campus operator by leased and managed space. As of March 2025, it operates 8.99 million sq ft across 50 centers in 15 cities, with a seat capacity of over 2 lakh. The company follows an asset-light model, leasing large bare-shell properties and converting them into tech-enabled campuses with modern amenities. Its top marketsPune, Bengaluru, Hyderabad, and Mumbaiaccounted for over 75% of FY25 rental revenue. SCSL served 728 clients as of June 2025, with enterprise clients contributing nearly 88% of rental income. Lease rentals made up over 93% of FY25 revenue. The company plans to expand into variable rental and management contract models going forward. Ahead of the IPO, Smartworks Coworking Spaces on Wednesday, 9 July 2025, raised Rs 173.64 crore from anchor investors. The board allotted 42.66 lakh shares at Rs 407 each to 13 anchor investors. The firm reported a consolidated net loss of Rs 63.18 crore and sales of Rs 1,374.06 crore for the twelve months ended on 31 March 2025.
Mint
5 days ago
- Business
- Mint
Healthy Debut! Smartworks Coworking Spaces shares list at ₹435 on NSE, up 6.88% from IPO price
Smartworks Coworking Spaces IPO listing: Shares of Smartworks Coworking Spaces made a decent debut on the bourses on Thursday, July 17, listing at ₹ 435 on NSE, a premium of 6.88 percent over their issue price of ₹ 407. Meanwhile, on BSE, the stock listed at ₹ 436.10, up 7.15 percent. Smartworks Coworking Spaces' initial public offering (IPO), with a total issue size of ₹ 582.56 crore, was open for bidding from July 10 to July 14. The offering received a healthy response from investors, closing with a subscription of 13.92 times. The IPO attracted bids for 14 crore shares compared to the 1 crore shares on offer. The retail investor category was subscribed 3.69 times while the non-institutional investor (NII) segment witnessed 23.68 times subscription. Meanwhile, the qualified institutional buyer (QIB) portion was bid the most, 24.92 times. Moreover, the employee quota was booked 2.51 times in the three days of bidding. The IPO was a combination of a fresh issue of 1.09 crore shares aggregating to ₹ 445 crore and an offer for sale of 0.34 crore shares aggregating to ₹ 137.56 crore. Its promoters include Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP, and Aryadeep Realstates Private Limited. The IPO had a lot size of 36 shares, with the minimum investment amount for retail investors fixed at ₹ 13,932. Additionally, the issue featured a reservation of up to 1,01,351 shares specifically for employees, who were offered a discount of ₹ 37 per share on the final issue price. According to the company's draft red herring prospectus, the net proceeds will be primarily directed towards repaying or prepaying certain outstanding borrowings, either fully or partially. Additionally, a portion of the funds will be allocated for capital expenditure related to fit-outs in new centres and for securing deposits at these new locations. The remainder of the proceeds will be used for general corporate purposes. Smartworks Coworking Spaces garnered ₹ 173.64 crore from anchor investors on Wednesday, July 9, 2025, ahead of its initial public offering. JM Financial Limited acted as the book-running lead manager for the IPO, while MUFG Intime India Private Limited (Link Intime) served as the registrar to the issue. Smartworks Coworking Spaces Limited, founded in 2015, focuses on delivering customised managed office solutions tailored for modern enterprises. The company offers fully serviced, tech-enabled workspaces that combine functional design with essential amenities to support productivity and employee comfort. Smartworks primarily serves mid-to-large-sized organisations, including Indian corporates, global MNCs, and emerging startups. Its campuses are built with employee well-being in mind, featuring amenities like cafeterias, gyms, crèches, and medical facilities — all seamlessly integrated with smart technologies and contemporary interiors. As of March 31, 2025, Smartworks had a client base of 738 and managed 152,619 seats. Currently, it serves 728 clients with a total seat capacity of 169,541, out of which 12,044 seats remain unoccupied.
Mint
5 days ago
- Business
- Mint
Healthy Debut! Smartworks Coworking Spaces shares list at ₹435 on NSE, up 6.88% from IPO price
Smartworks Coworking Spaces IPO listing: Shares of Smartworks Coworking Spaces made a decent debut on the bourses on Thursday, July 17, listing at ₹ 435 on NSE, a premium of 6.88 percent over its IPO price of ₹ 407. Meanwhile, on BSE, it listed at ₹ 436.10, up 7.15 percent from issue price. The initial public offering (IPO), with a total issue size of ₹ 582.56 crore, was open for bidding from July 10 to July 14. The offering received an healthy response from investors, closing with a subscription of 13.92 times. The IPO attracted bids for 14 crore shares compared to the 1 crore shares on offer. The retail investor category was subscribed 3.69 times while the non-institutional investor (NII) segment witnessed 23.68 times subscription. Meanwhile, the qualified institutional buyer (QIB) portion was bid the most, 24.92 times. Moreover, the employee quota was booked 2.51 times in the three days of bidding. The IPO was a combination of fresh issue of 1.09 crore shares aggregating to ₹ 445 crore and offer for sale of 0.34 crore shares aggregating to ₹ 137.56 crore. Its promoters include Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP, and Aryadeep Realstates Private Limited. The IPO had a lot size of 36 shares, with the minimum investment amount for retail investors fixed at ₹ 13,932. Additionally, the issue featured a reservation of up to 1,01,351 shares specifically for employees, who were offered a discount of ₹ 37 per share on the final issue price. According to the company's draft red herring prospectus, the net proceeds will be primarily directed towards repaying or prepaying certain outstanding borrowings, either fully or partially. Additionally, a portion of the funds will be allocated for capital expenditure related to fit-outs in new centres and for securing deposits at these new locations. The remainder of the proceeds will be used for general corporate purposes. Smartworks Coworking Spaces garnered ₹ 173.64 crore from anchor investors on Wednesday, July 9, 2025, ahead of its initial public offering. JM Financial Limited is acting as the book-running lead manager for the IPO, while MUFG Intime India Private Limited (Link Intime) serves as the registrar to the issue. Smartworks Coworking Spaces Limited, founded in 2015, focuses on delivering customised managed office solutions tailored for modern enterprises. The company offers fully serviced, tech-enabled workspaces that combine functional design with essential amenities to support productivity and employee comfort. Smartworks primarily serves mid-to-large-sized organisations, including Indian corporates, global MNCs, and emerging startups. Its campuses are built with employee well-being in mind, featuring amenities like cafeterias, gyms, crèches, and medical facilities — all seamlessly integrated with smart technologies and contemporary interiors. As of March 31, 2025, Smartworks had a client base of 738 and managed 152,619 seats. Currently, it serves 728 clients with a total seat capacity of 169,541, out of which 12,044 seats remain unoccupied. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
