The Smartworks Coworking IPO is scheduled to open for subscription on July 10, 2025, and will close on July 14, 2025. The basis of allotment is expected to be finalized on July 15, 2025, followed by refunds initiation and credit to Demat accounts on July 16, 2025. The IPO is proposed to be listed on both BSE and NSE with a tentative listing date of July 17, 2025.
This IPO is a book-built issue worth ₹582.56 crores, comprising a fresh issue of 1.09 crore equity shares aggregating to ₹445 crores, and an offer for sale (OFS) of 0.34 crore shares worth ₹137.56 crores. The price band for the IPO is set between ₹387 to ₹407 per share, with a lot size of 36 shares. Retail investors will need a minimum investment of ₹13,932, while the sNII (Small Non-Institutional Investors) and bNII (Big Non-Institutional Investors) need to invest in 14 lots (₹2,05,128) and 69 lots respectively. Additionally, the company has reserved 1,01,351 shares for its employees at a discount of ₹37 per share.
In terms of reservation, the IPO offers 10% to retail investors, 75% to Qualified Institutional Buyers (QIBs), and 15% to Non-Institutional Investors (NIIs).
Financially, Smartworks Coworking reported a strong growth in revenue, increasing from ₹1,113.11 crores in FY 2024 to ₹1,409.67 crores in FY 2025. However, the company is still in the red, posting a loss of ₹63.18 crores in FY 2025, slightly higher than the ₹49.96 crores loss in FY 2024. Despite the losses, the revenue growth reflects a positive business trajectory, and long-term investors may consider this IPO as a potential growth opportunity in the flexible workspace sector.
Overview of Contents
About Smartworks Coworking IPO
Smartworks Coworking Spaces Limited, incorporated in 2015, is one of India’s leading providers of customized managed office solutions. The company creates tech-enabled, beautifully designed office environments for businesses, offering everything from workstations to modern amenities like cafeterias, gyms, crèches, and even medical centers – all aimed at boosting employee comfort and productivity. They mainly serve medium to large companies, including Indian corporates, global MNCs, and startups.
As of March 31, 2025, Smartworks has delivered workspace solutions to 728 active clients and manages 1,69,541 seats, out of which 12,044 are yet to be occupied. Earlier, by March 2024, the company already had four out of India’s five largest leased office centers, including the massive 0.7 million sq. ft Vaishnavi Tech Park in Bengaluru.
Smartworks works on a unique “Managed Campus” model that brings together clients, landlords, employees, and service partners. For clients, they provide flexible and affordable office spaces tailored to their needs across major Indian cities. For landlords, they transform underused properties into high-quality, branded office campuses, ensuring long-term rental income. Employees enjoy fully serviced workspaces with various lifestyle and wellness amenities that support collaboration and a better work culture. Service partners like Chaipoint and ClearTax also benefit, getting access to a ready customer base within these campuses. With a team of 794 permanent employees as of March 2025, the company runs its operations efficiently.
Smartworks’ main strengths lie in its large-scale operations, steady growth, and ability to convert entire buildings into branded office campuses. Their strategy focuses on attracting big enterprise clients with high seating needs and growing along with them. The company has built a cost-effective and technology-driven execution model, allowing it to operate smartly without burning too much capital. Thanks to their smart financial strategies and risk management approach, Smartworks has built a strong and stable business model, making it a reliable player in India’s growing workspace market.
Smartworks Coworking IPO Overview
| IPO Particulars | Details |
|---|---|
| Company Name | Smartworks Coworking Spaces Limited |
| IPO Type | Book Building Issue |
| Issue Price Band | ₹387 to ₹407 per share |
| Face Value | ₹10 per equity share |
| Lot Size (Minimum Application) | 36 shares |
| Total Issue Size | 1,43,13,400 equity shares (₹582.56 Cr approx) |
| Fresh Issue Component | 1,09,33,660 shares (₹445 Cr approx) |
| Offer for Sale (OFS) | 33,79,740 shares (₹137.56 Cr approx) |
| Sale Type | Fresh Issue + Offer for Sale |
| Employee Reservation | 1,01,351 shares at ₹37 discount per share |
| Retail Quota | Not more than 10% |
| QIB (Qualified Institutional Buyers) | Not more than 75% |
| NII (Non-Institutional Investors) | Not more than 15% |
| Expected Listing Date | July 17, 2025 (Tentative) |
| Stock Exchanges for Listing | BSE and NSE |
| Pre-Issue Shareholding | 10,31,89,592 shares |
| Post-Issue Shareholding | 11,41,23,252 shares |
Smartworks Coworking IPO Prospectus
| DRHP | Click here |
| RHP | Click here |
Smartworks Coworking IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | Thursday, July 10, 2025 |
| IPO Close Date | Monday, July 14, 2025 |
| Basis of Allotment | Tuesday, July 15, 2025 |
| Refunds Initiation | Wednesday, July 16, 2025 |
| Credit to Demat Account | Wednesday, July 16, 2025 |
| IPO Listing Date | Thursday, July 17, 2025 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Awfis Space Solutions Limited | 9.75 | 63.18 | 14.78 | 65.97 | 1,207.54 Cr. |
Smartworks Coworking IPO Lot Size
Retail and HNI investors can apply for a minimum of 1 lot (36 shares) and in multiples after that. The table below shows the minimum and maximum investment for Retail, Small HNI (S-HNI), and Big HNI (B-HNI) categories.
| Investor Type | Application Lots | Shares | Approx. Amount |
|---|---|---|---|
| Retail (Min) | 1 Lot | 36 | ₹14,652 |
| Retail (Max) | 13 Lots | 468 | ₹1,90,476 |
| S-HNI (Min) | 14 Lots | 504 | ₹2,05,128 |
| S-HNI (Max) | 68 Lots | 2,448 | ₹9,96,336 |
| B-HNI (Min) | 69 Lots | 2,484 | ₹10,10,988 |
Smartworks Coworking IPO Financial Performance
Smartworks Coworking Spaces Limited has shown strong revenue growth over the years, but still operates at a net loss. For the financial year ending March 31, 2025, the company’s revenue grew by 27% to ₹1,409.67 crore, up from ₹1,113.11 crore in FY 2024. However, the loss after tax widened by 26%, rising from ₹49.96 crore to ₹63.18 crore.
Despite the loss, the company’s EBITDA has grown steadily, indicating improved operational efficiency. The total borrowings have reduced over time, and net worth has more than doubled in the last year, showing financial strengthening.
| Particulars (₹ in Crore) | FY 2022–23 | FY 2023–24 | FY 2024–25 |
|---|---|---|---|
| Revenue | ₹744.07 | ₹1,113.11 | ₹1,409.67 |
| Profit After Tax (PAT) | ₹-101.05 | ₹-49.96 | ₹-63.18 |
| EBITDA | ₹424.00 | ₹659.67 | ₹857.26 |
| Net Worth | ₹31.47 | ₹50.01 | ₹107.51 |
| Reserves & Surplus | ₹-46.23 | ₹29.01 | ₹4.69 |
| Total Assets | ₹4,473.50 | ₹4,147.08 | ₹4,650.85 |
| Total Borrowing | ₹515.39 | ₹427.35 | ₹397.77 |
Objects of the Issue
- Repayment / Prepayment of certain borrowings to reduce debt burden.
- Capital Expenditure (Capex) for fit-outs and security deposits in new centres.
- General Corporate Purposes to support business operations and future growth.
Smartworks Coworking IPO Valuation – FY2025
Smartworks shows strong operational margins but remains in losses at the net level. While the EBITDA margin stands impressive at 62.39%, the Return on Net Worth (RoNW) is negative, reflecting ongoing losses. The debt-to-equity ratio is relatively high at 2.90, suggesting a leveraged balance sheet. Since the company is loss-making, P/E ratio is not applicable, and the EPS stands at ₹(6.18).
| Valuation Metric | FY2025 Value |
|---|---|
| EBITDA Margin | 62.39% |
| Return on Capital Employed (ROCE) | 42.30% |
| Return on Net Worth (RoNW) | (58.76)% |
| Earnings Per Share (EPS) | ₹(6.18) (Basic) |
| Price/Earnings (P/E) Ratio | Not Applicable |
| Debt to Equity Ratio | 2.90 |
| Net Asset Value (NAV) | ₹10.55 |
Smartworks Coworking IPO Review
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Smartworks Coworking IPO – Promoter Holding
The promoters of Smartworks Coworking Spaces Limited include Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP, and Aryadeep Realstates Private Limited. The promoter shareholding will reduce from 65.19% before the IPO to 58.25% after the issue, reflecting partial dilution through fresh issue and offer for sale.
Smartworks Coworking IPO Registrar
MUFG Intime India Private Limited
Phone: +91-22-4918 6270
Email: [email protected]
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
IPO Lead Managers aka Merchant Bankers
- JM Financial Limited
- BOB Capital Markets Limited
- IIFL Securities Limited
- Kotak Mahindra Capital Company Limited
Company Address
Smartworks Coworking Spaces Limited
Unit No. 305-310,
Plot No 9, 10 and 11, Vardhman Trade Centre,
Nehru Place, South Delhi,
Delhi, New Delhi, 110019
Phone: +91 83840 62876
Email: [email protected]
Website: https://www.smartworksoffice.com/home/
Smartworks Coworking IPO FAQs
When will the Smartworks Coworking IPO open and close?
The IPO will open on Thursday, July 10, 2025, and close on Monday, July 14, 2025.
What is the price band of Smartworks Coworking IPO?
The IPO price band is set at ₹387 to ₹407 per share.
What is the lot size for the IPO?
Investors can apply in lots of 36 shares, and in multiples thereof.
What is the minimum investment required for retail investors?
Retail investors need to invest at least ₹14,652 for one lot (36 shares).
When is the allotment date for Smartworks IPO?
The basis of allotment will be finalized on Tuesday, July 15, 2025.
When will Smartworks IPO shares be listed?
The shares are expected to be listed on Thursday, July 17, 2025, on both BSE and NSE.
What is the total issue size of the Smartworks IPO?
The IPO size is ₹582.56 crore, which includes a fresh issue of ₹445 crore and an offer for sale worth ₹137.56 crore.