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IPO-bound Smartworks Coworking Spaces posts Rs 50 cr loss last fiscal on higher expenses

YourStory

YourStory · 11m ago

IPO-bound Smartworks Coworking Spaces posts Rs 50 cr loss last fiscal on higher expenses

Smartworks Coworking Spaces Ltd, a leading provider of managed office space, has reported a net loss of approximately Rs 50 crore for the previous fiscal year due to higher expenses. The company has filed a draft red herring prospectus (DRHP) to raise funds through an initial public offering (IPO). The IPO will include a fresh issue of equity shares worth Rs 550 crore and an offer-for-sale of 67.59 lakh shares by promoters. Smartworks currently operates 41 co-working centers with 7.36 million square feet of office space and plans to expand further.

Related News

IPO-Bound Smartworks’ FY25 Loss Widens 27% To INR 63.2 Cr

Inc42 · 21d ago

IPO-Bound Smartworks’ FY25 Loss Widens 27% To INR 63.2 Cr

In the fiscal year 2024-25, coworking startup Smartworks experienced a widened consolidated net loss of INR 63.2 Cr, up 26.5% from INR 49.9 Cr the previous year. Despite increasing its operating revenue by 32.3% to INR 1,374.1 Cr, total expenses rose to INR 1,489.1 Cr due to higher operational, employee, and finance costs. Smartworks plans to open its IPO on July 10, reducing the fresh issue size to INR 445 Cr as per its red herring prospectus.

Smartworks debt at Rs 382 Cr in Apr-end; to cut loans using IPO fund

YourStory

YourStory · 19d ago

Smartworks debt at Rs 382 Cr in Apr-end; to cut loans using IPO fund

Smartworks, a Gurugram-based coworking space operator, plans to use Rs 114 crore from its upcoming IPO to reduce its Rs 382 crore debt as of April-end. With an estimated IPO size of Rs 583 crore and a valuation of Rs 4,645 crore, Smartworks intends to allocate funds for capital expenditure and loan repayment. Despite last fiscal year's net loss due to higher expenses than income, the company aims to enhance revenue and achieve profitability.

Smartworks Gears Up For IPO, Files DRHP With SEBI

Inc42 · 11m ago

Smartworks Gears Up For IPO, Files DRHP With SEBI

Smartworks Coworking Spaces Ltd, a leading coworking startup, is planning to raise INR 550 Cr through an IPO. The IPO will consist of a fresh issue of equity shares and an offer for sale by existing shareholders. Additionally, the company is considering raising an additional INR 110 Cr through a pre-IPO placement. This announcement comes after the company recently changed its name from Smartworks Coworking Spaces Private Ltd.

IPO-bound Indiqube Spaces FY25 net loss at Rs 140 Cr, revenue rises 27%

YourStory

YourStory · 7d ago

IPO-bound Indiqube Spaces FY25 net loss at Rs 140 Cr, revenue rises 27%

Indiqube Spaces Ltd, a coworking firm, reported a net loss of Rs 139.61 crore in the last fiscal, down from Rs 341.50 crore the previous year, despite a 27% revenue rise to Rs 1,102.93 crore. The company plans to raise Rs 700 crore via an IPO, with funds allocated for expansion and debt repayment. Operating 115 centers in 15 cities, Indiqube prepares for increasing demand for flexible workspaces in India.

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

Inc42 · 1y ago

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

IPO-bound coworking space provider Awfis reported a net loss of INR 46.6 Cr in the financial year 2022-23 (FY23), a decline of over 18% compared to the previous year. The company's revenue from contracts with customers grew by 112% YoY to INR 545.3 Cr in FY23. Awfis plans to raise INR 160 Cr through a fresh issue of shares during its IPO and is experiencing increased demand for flexible workspaces due to the COVID-19 pandemic. However, the company faces rising expenses, including finance costs and employee benefit expenses.

IPO-Bound Awfis Posts INR 19 Cr Loss In The First Nine Months Of FY24

Inc42 · 1y ago

IPO-Bound Awfis Posts INR 19 Cr Loss In The First Nine Months Of FY24

Coworking startup Awfis, which is preparing for an INR 599 Cr IPO, experienced a net loss of INR 18.9 Cr in the first three quarters of FY24. However, the company's EBITDA turned profitable in 2021, reaching INR 195.5 Cr during the same period. Awfis' operating revenue surpassed FY23's number of INR 545.3 Cr within the first three quarters of FY24, reaching INR 616.5 Cr. Chairman and MD Amit Ramani highlighted that Tier 2 cities will be a key expansion area for the company in the future. Awfis plans to allocate a significant portion of the IPO proceeds towards establishing new centers.

Smartworks Coworking shares trade at 7% premium following oversubscribed IPO

YourStory

YourStory · 10d ago

Smartworks Coworking shares trade at 7% premium following oversubscribed IPO

Smartworks Coworking Spaces Ltd shares began trading at a 7% premium following its oversubscribed IPO, with substantial interest from institutional and non-institutional investors. The IPO raised Rs 445 crore through new shares and Rs 137.6 crore via an offer for sale. Funds are allocated for capital expenditure, debt repayment, and corporate purposes. The company manages premium office spaces with 48 centers and a seating capacity of over 1.9 lakh, despite posting losses in recent years.

Exclusive: Smartworks Raises $12 Mn From Ananta Capital, Others

Inc42 · 1y ago

Exclusive: Smartworks Raises $12 Mn From Ananta Capital, Others

Smartworks, a coworking startup, has secured approximately $12 million (INR 100 crore) in a new funding round led by Ananta Capital. The funding involved the participation of 45 investors, including Plutus Capital and Kili Ventures LLP. Smartworks offers flexible shared office spaces and amenities to businesses.

Exclusive: Smartworks converts into public company

Entrackr

Entrackr · 1y ago

Exclusive: Smartworks converts into public company

Co-working space solutions provider Smartworks has converted itself into a public company. This marks the company’s concrete step towards its planned initial public offering (IPO). The board at Smartworks has approved the resolution to change the company’s status from private to public. Its name has now changed from Smartworks Coworking Spaces Private Limited to Smartworks Coworking Spaces Limited. The development comes on the heels of Smartworks’s $20 million funding round from Keppel, Ananta Capital Ventures Fund I, and others. Smartworks provides managed office spaces by leasing properties from real estate developers and subsequently subleasing them to enterprises or companies. The company has a presence across Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, Hyderabad, and others. As of March 2024, Smartworks has a presence in as many as 13 cities including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, and a portfolio of 41 centers spanning 8 million square feet. To date, the co-working space firm has raised over $50 million, including a $25 million raise from the Singapore-based Keppel Land in 2019. As per startup data intelligence platform TheKredible, NS Niketan LLP, which includes founder Neetish Sarda, among others, controls more than 45% stake in the company as of the last funding round. Smartworks demonstrated robust financial growth, with its scale nearly doubling to Rs 744 crore in FY23. However, like many growth-stage companies, its losses also rose by 44% to Rs 101 crore during the same period. The company is yet to file its annual results for FY24. In the co-working space, Awfis became the first Indian startup to get listed on the stock exchange. The Peak XV-backed firm was oversubscribed by more than 100x on the final day of bidding.

Smartworks Coworking Spaces IPO to open on July 10 - The Economic Times

Economic Times

Economic Times · 22d ago

Smartworks Coworking Spaces IPO to open on July 10 - The Economic Times

Smartworks Coworking Spaces is preparing for its IPO, set to launch between July 10 and July 14, with anchor investor bidding opening July 9. The IPO includes a reduced fresh issue of Rs 445 crore and an offer for sale cut to 33.79 lakh shares. Proceeds will fund new center fit-outs, loan repayments, and corporate purposes. With a 20.80% CAGR in managed space and a 38.98% CAGR in revenue, the company focuses on mid-to-large enterprises across major Indian cities.

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