The company has revised its IPO size downward. The fresh issue has been reduced to Rs445 crore from the earlier planned Rs550 crore, while the offer for sale (OFS) has been cut to 33.79 lakh shares from 67.59 lakh shares.
About Rs 226 crore from the total proceeds will be used for capital expenditure related to the fit-outs in new centres and security deposits for these new centres, Rs114 crore will be allocated for the payment of loans, and the remaining funds will be utilised for general corporate purposes.
JM Financial Ltd, BOB Capital Markets Ltd, IIFL Securities Ltd and Kotak Mahindra Capital Company Ltd are managing the company's IPO process.
Smartworks Coworking Spaces Ltd is a leading platform for office experiences and managed campuses. It specialises in leasing large, bare-shell properties in prime locations and caters to businesses of all sizes, with a focus on mid-to-large companies that need over 300 seats.
Between FY23 and FY25, Smartworks expanded its operations by adding 2.83 million sq ft of space under management, achieving a CAGR (compound annual growth rate) of 20.80 per cent.
Its strong pan-India presence, competitive pricing, and ability to lease entire or large properties make it a preferred partner for mid-to-large enterprises. This is reflected in the 20.80 per cent CAGR in space managed and a 38.98 per cent CAGR in revenue from operations during the same period. The company is concentrated in various cities, including Bengaluru, Mumbai Metropolitan Region, Hyderabad, Gurugram and Chennai.
