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Smartworks Coworking Spaces Ltd., a leading provider of customized managed workspace solutions, is set to raise ₹582.56 crore through its Initial Public Offering (IPO), which includes both fresh issue and offer for sale components. The IPO, which began on July 10, 2025, and closed on July 14, 2025, offers investors the opportunity to tap into India’s growing coworking space market.
IPO Details
The Smartworks IPO is structured as a combination of two key components:
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Fresh Issue: 1.09 crore shares, aggregating ₹445.00 crore
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Offer for Sale: 0.34 crore shares, aggregating ₹137.56 crore
The issue price has been set at ₹407 per share, with a minimum lot size of 36 shares. Retail investors can apply for a minimum investment of ₹13,932, while High Net-Worth Individuals (HNIs) and Qualified Institutional Buyers (QIBs) are allowed to apply for higher lot sizes.
Key Dates and Allotment
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IPO Open Date: July 10, 2025
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IPO Close Date: July 14, 2025
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Allotment Finalization: July 15, 2025
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Listing Date: July 17, 2025 (BSE, NSE)
For employees, the company has set aside 1,01,351 shares, which are being offered at a ₹37 discount to the issue price. J.M. Financial Limited is the book-running lead manager for the IPO, with MUFG Intime India Private Limited serving as the registrar.
Investment Details
Investors can apply for shares in increments of 36. Below are the investment details based on different categories:
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Retail Investors: Minimum 36 shares for ₹13,932
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Small and Medium-sized Non-Institutional Investors (sNII): 14 lots (504 shares) for ₹2,05,128
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Big Non-Institutional Investors (bNII): 69 lots (2,484 shares) for ₹10,10,988
Additionally, Anchor Investors have already committed ₹173.64 crore in this offering, showcasing strong institutional interest.
About Smartworks
Incorporated in 2015, Smartworks provides fully serviced, tech-enabled office environments designed to meet the specific needs of mid-to-large enterprises. The company focuses on creating managed campuses with modern amenities, including cafeterias, gyms, and medical centers, fostering a collaborative and productive work environment for employees. As of March 2025, Smartworks serves 738 clients with over 152,000 seats.
Smartworks’ competitive edge lies in its ability to transform large properties into branded Smartworks campuses, partnering with non-institutional landlords to offer efficient management and long-term leasing solutions.
Financial Performance
For the fiscal year ending March 31, 2025, Smartworks reported a 27% increase in revenue to ₹1,409.67 crore. However, the company also posted a loss after tax of ₹63.18 crore, which was a deterioration compared to the previous year.
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Revenue (FY 2025): ₹1,409.67 crore
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Profit After Tax (FY 2025): ₹-63.18 crore
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EBITDA Margin (FY 2025): 62.39%
Despite the loss, Smartworks’ business model, focusing on large enterprise clients and steady growth, positions the company well in the rapidly expanding coworking space industry in India.
Conclusion
The Smartworks Coworking Spaces IPO offers investors a unique opportunity to gain exposure to a growing industry. With the company’s strong market presence, scalability, and ability to attract large enterprise clients, this IPO could be an attractive proposition for long-term investors. However, potential investors should weigh the company’s financial performance and loss-making trajectory before making an investment decision.
