Latest news with #SmartworksCoworkingSpacesLimited
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)
India Today
3 days ago
- Business
- India Today
Smartworks Coworking Spaces IPO open for bidding: Should you subscribe?
The initial public offering (IPO) of Smartworks Coworking Spaces Limited opened for subscription on Thursday, July 10, company, which provides customised managed office spaces, plans to raise Rs 582.56 crore through this IPO. The offer consists of a fresh issue worth Rs 445 crore and an offer for sale (OFS) of Rs 137.56 bidding window for the IPO will remain open until Monday, July 14. Investors can place bids within the price band of Rs 387 to Rs 407 per share. A retail investor will need to invest a minimum of Rs 13,932 to apply for one lot, which consists of 36 shares. For high net-worth investors (sNII and bNII categories), the minimum investments stand at Rs 2,05,128 and Rs 10,10,988, issue also includes a reservation of up to 1,01,351 shares for eligible employees, who are being offered a discount of Rs 37 per share from the issue price.J.M. Financial is the book-running lead manager for the IPO, while MUFG Intime India Private Limited (Link Intime) is the registrar handling the allotment OVERVIEWFounded in 2015, Smartworks Coworking Spaces Limited focuses on offering managed office solutions to enterprise clients. The company designs and delivers ready-to-use, tech-enabled, and custom-designed workspaces. It currently operates several centres across major Indian cities, targeting multinational corporations (MNCs) and large domestic approach focuses on providing flexible leases and tailored office solutions for clients that require agility and modern infrastructure. Its growth has been supported by long-term contracts with enterprise clients, which has helped ensure a stable stream of POSITION AND RISKSDespite strong top-line growth, the company has been posting net losses. Analysts point out that this is largely due to accounting treatment under Ind AS 116, where lease expenses are not included in EBITDA but instead are recorded as depreciation and interest costs. This results in higher finance costs and reduced net profit Broking, in its IPO analysis, said, 'Smartworks has emerged as a leading provider of managed office spaces. The focus on long-term contracts with multinational clients is helping it grow. However, the high lease liability structure impacts the company's bottom line.'Bajaj Broking further explained that the IPO is priced at a price-to-book value (P/BV) of 38.58 based on the company's net asset value (NAV) as of March 31, 2025. After the issue, the P/BV drops to 8.40, based on the post-IPO NAV of Rs 48.45 per RESPONSE AND GMPIn the grey market, the Smartworks Coworking Spaces IPO is showing some positive latest grey market premium (GMP) stands at Rs 33 as of July 10. This suggests a potential listing price of around Rs 440 per share, implying an estimated gain of 8.11% over the upper end of the issue the GMP does not guarantee listing performance, it often reflects early investor appetite in the unofficial allotment of shares is expected to be finalised on Tuesday, July 15, 2025. If all goes according to plan, the shares of Smartworks Coworking Spaces Limited will list on both BSE and NSE on Thursday, July 17, 2025.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends advertisement
Indian Express
4 days ago
- Business
- Indian Express
Smartworks Coworking Spaces IPO subscription opens on July 10. Check price band, allotment date and more
Smartworks Coworking Spaces IPO: The three-day subscription for the initial public offering (IPO) of Smartworks Coworking Spaces Limited will open on 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. Smartworks Coworking Spaces has raised Rs 173.64 crore from anchor investors ahead of its initial public offer (IPO). In a regulatory filing on Wednesday, Smartworks finalised the allocation of 42,66,378 equity shares to anchor investors at Rs 407 per equity share. Out of the total allocation of 42,66,378 shares to the anchor Investors, 32.04 per cent were allocated to three domestic mutual funds, which have applied through a total of four schemes. These three domestic mutual funds are Tata Mutual Fund, Baroda BNP Paribas and Trust Mutual Fund. Other investors are Axis New Opportunities AIF – Series II, SBI General Insurance Company Ltd, Aditya Birla Sun Life Insurance Company Ltd, Buoyant Opportunities Strategy II, Societe Generale, among others. 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
5 days ago
- Business
- 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.
