Latest news with #Smartworks
Indian Express
2 days ago
- Business
- Indian Express
Smartworks Coworking IPO Day 2: Issue fully subscribed; ends with 1.15 times subscription
Smartworks Coworking Spaces IPO: Today (Friday, July 11) was the second day for the subscription of initial public offering (IPO) of Smartworks Coworking Spaces Limited. The three-day subscription for Smartworks Coworking Spaces IPO opened on July 10 and will close on July 14 (Monday). Gurugram-based Smartworks, one of the leading managed flexible office space providers, currently has 48 operational co-working centres with over 1.9 lakh seating capacities. On Friday, the Smartworks Coworking Spaces IPO got subscribed 1.15 times. The IPO received bids for 1,19,96,496 shares against 1,04,01,828 shares on offer, according to NSE data. The portion for non-institutional investors received 1.79 times subscription while the quota for retail individual investors (RIIs) got subscribed 1.18 times. The category for qualified institutional buyers (QIBs) received 63 per cent subscription. Smartworks Coworking Spaces IPO has fixed the price band at Rs 387 to Rs 407 per equity share. MUFG Intime India Private Limited is the registrar for Smartworks Coworking Spaces IPO. The face value and tick size of Smartworks Coworking Spaces IPO is RS 10 and Re 1, respectively. According to the details available, the Smartworks Coworking Spaces IPO will be finalised on July 15. Smartworks Coworking Spaces Limited's shares are proposed to be listed on NSE, and BSE. The listing will likely take place on July 17. JM Financial Limited, BOB Capital Markets Limited, IIFL Capital Services Limited are the book running lead managers for Smartworks Coworking Spaces IPO. Kotak Mahindra Bank Limited and HDFC Bank Limited are the Smartworks Coworking Spaces IPO. Smartworks takes on lease office spaces from landlords and then sub-leases the areas to corporates. It has an operational portfolio of 8.31 million square feet area while 0.7 million square feet is under fit-outs. The company has taken on lease another 1.7 million square feet area from landlords, but it has not obtained possession to set up the centres. The total portfolio will cross 10 million square feet, including spaces under fit-outs and signed. (With inputs from PTI)
Time of India
2 days ago
- Business
- Time of India
Smartworks Coworking IPO subscribed 73% so far on Day 2; GMP at 7%. Check details
The initial public offering (IPO) of Smartworks Coworking Spaces, which opened for subscription on July 10, has been subscribed 73% so far on Day 2 of the bidding process, driven by strong interest from non-institutional investors (NIIs). As of 12:14 pm today, NIIs had subscribed to the issue 1.36 times, applying for 30,21,372 shares against the 22,17,233 shares reserved for them. This was followed by retail investors, who subscribed to 86% of their allotted quota. Qualified institutional buyers (QIBs), however, bid for just 5,724 shares. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Designing & Building Offices Across India Officebanao Get Quote Undo Smartworks shares were trading at a premium of Rs 30–32 in the grey market, up from Rs 25–27 before the IPO launch. This reflects a grey market premium (GMP) of about 7.4%, compared to around 6% earlier. The company is aiming to raise between Rs 576 crore and Rs 583 crore through a mix of a fresh issue and an offer for sale. The IPO is open for subscription until July 14, with the listing scheduled for July 17 on the BSE and NSE. The issue includes a fresh equity issue worth Rs 445 crore and an offer for sale of 33.79 lakh shares. The price band has been set at Rs 387–407 per share, with an employee discount of Rs 37. Investors can bid in lots of 36 shares and in multiples thereafter. Live Events Of the net proceeds, Rs 225.8 crore will be used for fit-outs and security deposits at new centres, while Rs 114 crore has been allocated for debt repayment. The remainder will be used for general corporate purposes. Founded in 2015, Smartworks is India's largest managed workspace operator by leased area, with over 8.99 million sq ft spread across 50 centres in 15 cities as of March 31, 2025. It also operates two centres in Singapore. The company primarily caters to mid-to-large enterprises across sectors such as IT, BFSI, and startups. Operating on a straight lease model, Smartworks is gradually incorporating variable rental agreements to enhance cost efficiency. Smartworks has demonstrated robust revenue growth, with operational income nearly doubling from Rs 711.39 crore in FY23 to Rs 1,374.05 crore in FY25. EBITDA improved significantly to Rs 857.26 crore in FY25. However, the company remains loss-making, reporting a net loss of Rs 63.17 crore in FY25, although margins have been improving. Also read: Orient Cables files draft papers for Rs 700 crore IPO As of March 2025, the company had an occupancy rate of 83.1%, catering to 738 enterprise clients across a total seating capacity exceeding 2 lakh. In addition to its core offerings, Smartworks provides value-added services such as wellness zones, convenience stores, and design-build (FaaS) solutions to strengthen its enterprise-focused strategy. The IPO is being managed by JM Financial , BOB Capital Markets, IIFL Securities , and Kotak Mahindra Capital. Should You Subscribe? Analysts at Anand Rathi believe the IPO is fully priced and have assigned a 'Subscribe – Long Term' rating. The brokerage notes that at the upper price band, the company is valued at a price-to-sales (P/S) ratio of 3.3x, with an EV/EBITDA of 9.7x and a post-issue market cap of Rs 46,448 million. SBI Securities, on the other hand, has issued an 'Avoid' rating for the IPO. The firm believes that other players like Awfis Space Solutions offer better investment opportunities in the coworking space, as Awfis is currently profitable and trades at a FY25 EV/Adjusted EBITDA multiple of 26.5x. Bajaj Broking has recommended a 'Subscribe for Long Term' rating, citing Smartworks' position as a leading provider of office experience and managed campus platforms, with a focus on long-term contracts with MNCs. While the company has shown strong top-line growth and positive cash EBITDA at the gross level, it continues to report net losses due to provisioning under new accounting standards. Smartworks operates with high lease liabilities under fixed-cost agreements across centres, leading to significant interest and depreciation expenses under Ind AS 116. This accounting treatment boosts EBITDA but exerts pressure on net profitability. ( Disclaimer : Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
2 days ago
- Business
- Economic Times
Smartworks Coworking IPO subscribed 73% so far on Day 2; GMP at 7%. Check details
Smartworks Coworking Spaces' IPO has seen 73% subscription on Day 2, driven by strong NII interest. The IPO aims to raise between Rs 576 crore and Rs 583 crore, with proceeds allocated for expansion and debt repayment. While analysts offer mixed recommendations, citing growth potential versus profitability concerns, the company's strong revenue growth and market position are key factors. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of .) The initial public offering (IPO) of Smartworks Coworking Spaces, which opened for subscription on July 10, has been subscribed 73% so far on Day 2 of the bidding process, driven by strong interest from non-institutional investors (NIIs).As of 12:14 pm today, NIIs had subscribed to the issue 1.36 times, applying for 30,21,372 shares against the 22,17,233 shares reserved for them. This was followed by retail investors, who subscribed to 86% of their allotted quota. Qualified institutional buyers (QIBs), however, bid for just 5,724 shares were trading at a premium of Rs 30–32 in the grey market, up from Rs 25–27 before the IPO launch. This reflects a grey market premium (GMP) of about 7.4%, compared to around 6% company is aiming to raise between Rs 576 crore and Rs 583 crore through a mix of a fresh issue and an offer for sale. The IPO is open for subscription until July 14, with the listing scheduled for July 17 on the BSE and issue includes a fresh equity issue worth Rs 445 crore and an offer for sale of 33.79 lakh shares. The price band has been set at Rs 387–407 per share, with an employee discount of Rs 37. Investors can bid in lots of 36 shares and in multiples the net proceeds, Rs 225.8 crore will be used for fit-outs and security deposits at new centres, while Rs 114 crore has been allocated for debt repayment. The remainder will be used for general corporate in 2015, Smartworks is India's largest managed workspace operator by leased area, with over 8.99 million sq ft spread across 50 centres in 15 cities as of March 31, 2025. It also operates two centres in company primarily caters to mid-to-large enterprises across sectors such as IT, BFSI, and startups. Operating on a straight lease model, Smartworks is gradually incorporating variable rental agreements to enhance cost has demonstrated robust revenue growth, with operational income nearly doubling from Rs 711.39 crore in FY23 to Rs 1,374.05 crore in FY25. EBITDA improved significantly to Rs 857.26 crore in FY25. However, the company remains loss-making, reporting a net loss of Rs 63.17 crore in FY25, although margins have been of March 2025, the company had an occupancy rate of 83.1%, catering to 738 enterprise clients across a total seating capacity exceeding 2 addition to its core offerings, Smartworks provides value-added services such as wellness zones, convenience stores, and design-build (FaaS) solutions to strengthen its enterprise-focused IPO is being managed by JM Financial , BOB Capital Markets, IIFL Securities , and Kotak Mahindra You Subscribe? Analysts at Anand Rathi believe the IPO is fully priced and have assigned a 'Subscribe – Long Term' rating. The brokerage notes that at the upper price band, the company is valued at a price-to-sales (P/S) ratio of 3.3x, with an EV/EBITDA of 9.7x and a post-issue market cap of Rs 46,448 Securities, on the other hand, has issued an 'Avoid' rating for the IPO. The firm believes that other players like Awfis Space Solutions offer better investment opportunities in the coworking space, as Awfis is currently profitable and trades at a FY25 EV/Adjusted EBITDA multiple of Broking has recommended a 'Subscribe for Long Term' rating, citing Smartworks' position as a leading provider of office experience and managed campus platforms, with a focus on long-term contracts with the company has shown strong top-line growth and positive cash EBITDA at the gross level, it continues to report net losses due to provisioning under new accounting standards. Smartworks operates with high lease liabilities under fixed-cost agreements across centres, leading to significant interest and depreciation expenses under Ind AS 116. This accounting treatment boosts EBITDA but exerts pressure on net profitability.: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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Business Standard
2 days ago
- Business
- Business Standard
Smartworks Coworking Spaces IPO day 2 update: 50% subscription, GMP at 7%
Smartworks Coworking Spaces IPO subscription status: The initial public offering (IPO) of customised managed workspace solutions provider Smartworks Coworking Spaces entered its second day, with half of the issue size booked by investo₹on the first day of bidding. The public issue, which opened on July 10, received bids for 52,21,188 equity shares against 1,04,01,828 shares on offer, resulting in a subscription of 50 per cent, according to NSE data. Among the investor categories, non-institutional investors (NIIs) have fully booked their reserved quota. Retail investors have subscribed to 57 per cent of their allocated shares, while qualified institutional buyers (QIBs) have bid for only 5,220 shares against 29,03,910 shares reserved for them. Smartworks Coworking Spaces IPO grey market premium (GMP) today In the grey market, a similar sentiment was observed. Sources tracking unofficial market activity reported that the unlisted shares of Smartworks Coworking Spaces were trading at around ₹437 apiece, indicating a grey market premium (GMP) of ₹30 or 7.37 per cent over the upper end of the issue price of ₹407. Smartworks Coworking Spaces IPO details The Smartworks Coworking Spaces IPO consists of a fresh issue of 10.9 million equity shares worth ₹445 crore, and an offer for sale (OFS) through which promoters and investors are selling up to 3.4 million shares worth approximately ₹137.56 crore. The price band for the public issue is ₹387 to ₹407 per share, and the minimum bid is for one lot, or 36 shares, which translates to an investment of ₹14,652. Smartworks plans to use the IPO proceeds for the repayment, prepayment, or redemption (in full or part) of certain borrowings, to meet capital expenditure for fit-outs in new centres, and for placing security deposits at new centres. A portion of the funds will also be used for general corporate purposes. Smartworks Coworking Spaces IPO review The IPO has received mildly favourable reviews from brokerages. Market analysts remain optimistic about the company's long-term prospects. Analysts at Anand Rathi Research and Geojit Financial Services have both recommended investors to subscribe to the Smartworks Coworking Spaces IPO for long-term prospects. READ MORE Smartworks Coworking Spaces IPO allotment date, listing date The public offering will close for subscription on July 14. Following that, the basis of allotment of Smartworks Coworking Spaces IPO shares is expected to be finalised on July 15. The company's shares will be credited into demat accounts tentatively on July 16. Shares of Smartworks Coworking Spaces are slated to list on the BSE SME platform tentatively on July 17. About Smartworks Coworking Spaces Smartworks Coworking Spaces is an office experience and managed campus platform. As of March 31, 2024, it was the largest managed campus operator among the benchmarked operators in terms of total stock, with a lease-signed portfolio of 8.0 million square feet. (Source: CBRE Report). The company focuses on mid-to-large enterprises and has built a growing client base, which includes Indian corporates, multinational companies (MNCs) operating in India, and startups. As of March 31, 2025, Smartworks has leased and manages a total super built-up area (SBA) of 8.99 million square feet.
Indian Express
3 days ago
- Business
- Indian Express
Smartworks Coworking Spaces IPO Day 1: Issue subscribed 50%
Smartworks Coworking Spaces IPO: The three-day subscription for the initial public offering (IPO) of Smartworks Coworking Spaces Limited has opened today (Thursday, July 10). The Smartworks Coworking Spaces IPO subscription will close on July 14 (Monday). Gurugram-based Smartworks, one of the leading managed flexible office space providers, currently has 48 operational co-working centres with over 1.9 lakh seating capacities. The initial public offer of Smartworks Coworking Spaces Ltd got subscribed 50 per cent on the first day of share sale. According to NSE data, IPO received bids for 52,21,188 shares against 1,04,01,828 shares on offer. The portion for non-institutional investors got fully subscribed, while the quota for Retail Individual Investors (RIIs) garnered 57 per cent subscription. Smartworks Coworking Spaces IPO has fixed the price band at Rs 387 to Rs 407 per equity share. MUFG Intime India Private Limited is the registrar for Smartworks Coworking Spaces IPO. The face value and tick size of Smartworks Coworking Spaces IPO is RS 10 and Re 1, respectively. According to the details available, the Smartworks Coworking Spaces IPO will be finalised on July 15. Smartworks Coworking Spaces Limited's shares are proposed to be listed on NSE, and BSE. The listing will likely take place on July 17. JM Financial Limited, BOB Capital Markets Limited, IIFL Capital Services Limited are the book running lead managers for Smartworks Coworking Spaces IPO. Kotak Mahindra Bank Limited and HDFC Bank Limited are the Smartworks Coworking Spaces IPO. Smartworks takes on lease office spaces from landlords and then sub-leases the areas to corporates. It has an operational portfolio of 8.31 million square feet area while 0.7 million square feet is under fit-outs. The company has taken on lease another 1.7 million square feet area from landlords, but it has not obtained possession to set up the centres. The total portfolio will cross 10 million square feet, including spaces under fit-outs and signed. (With inputs from PTI)
