Smartworks Coworking Spaces Makes Market Debut at 7% Premium
Managed campus operator Smartworks Coworking Spaces made its stock market debut today. From the issue price of ₹407, the shares listed at ₹436.10 on BSE (7.15% premium) and ₹435 on NSE (6.9% premium).
After the listing, the share price surged further to ₹455.20, registering an 11.85% jump over the IPO price (as of 10:00 AM).
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IPO Highlights Recap
- Issue Size: ₹582.56 crore, combining a fresh issue of ₹445 crore and an Offer For Sale (OFS) of ₹137.56 crore by existing shareholders, NS Niketan LLP, SNS Infrarealty LLP, and Space Solutions India Pte. Ltd.
- Price Band: ₹387–₹407 per share.
- Subscription Levels: Overall 13.45x subscribed:
- QIBs (Qualified Institutional Buyers): 24.41x
- NIIs (Non-Institutional Investors): 22.78x
- RIIs (Retail Individual Investors): 3.53x
- Employees: 2.38x
- Book-running lead manager & Registrar: Jm Financial Limited & MUFG Intime India Private Limited (Link Intime)
The net proceeds from the fresh issue will be used to repay/prepay the company’s outstanding borrowings, general corporate purposes, and capital expenditure and security deposits for fit-outs in the new centres.
Smartworks is recognised as the largest managed campus operator with a signed portfolio covering 8 million square feet (Source: CBRE Report). By March 31, 2025, the company had leased and was actively managing a total super built-up area of 8.99 million square feet.
Revenue from operations has grown at a compound annual growth rate (CAGR) of 38.98%, increasing from ₹711.39 crore in FY 2023 to ₹1,374.06 crore in FY 2025.
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