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Smartworks Coworking shares trade at 7% premium following oversubscribed IPO
YourStory
·
1m ago
Medial
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.
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SAT Dismisses Plea Seeking Stay On Smartworks IPO
Inc42
·
1m ago
Medial
After SAT dismissed the NGO Infrastructure Watchdog's plea to stay Smartworks' IPO, Watchdog approached the Supreme Court. They allege that Smartworks is under tax investigation and involved in dubious financial activities. Despite these claims, Smartworks' IPO proceeded, listing shares on the BSE and NSE at a 7% premium. The SAT found no merit in the appeal, and Smartworks refutes the allegations. The IPO was oversubscribed by 13.45 times.
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Smartworks Gears Up For IPO, Files DRHP With SEBI
Inc42
·
1y ago
Medial
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.
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Coworking IPO boom: Can India's flexi-office giants turn profitable?
Livemint
·
1m ago
Medial
Coworking spaces in India, like Smartworks and Awfis, are experiencing a surge in IPO activity, seeking profitability amidst expansion. Smartworks listed in July 2025, following Awfis’s successful May 2024 IPO, which saw a 60% gain from its issue price. IndiQube plans to list soon, while WeWork India is anticipated to go public in August. These developments highlight the sector’s growing appeal as companies evolve post-pandemic.
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MobiKwik makes strong debut on bourses; lists at Rs 440 on NSE, at 57% premium over issue price
YourStory
·
8m ago
Medial
MobiKwik, the digital banking platform, saw its shares listed on the National Stock Exchange (NSE) at Rs 440, a premium of 57.71% over its IPO price of Rs 279. On the Bombay Stock Exchange (BSE), the shares debuted at Rs 442.25, a premium of 58.51%. MobiKwik's IPO was subscribed 119.38 times, making it the second-most subscribed new-age tech IPO in India. Retail individual investors oversubscribed their portion by 134.67 times, while qualified institutional buyers and non-institutional investors oversubscribed by 119.5 times and 108.95 times respectively. Unicommerce's IPO holds the highest subscription record at 168.39x.
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IPO-bound Smartworks Coworking Spaces posts Rs 50 cr loss last fiscal on higher expenses
YourStory
·
1y ago
Medial
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.
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Smartworks opens strong on stock exchange; market cap crosses $600 Mn
Entrackr
·
1m ago
Medial
Smartworks opens strong on stock exchange; market cap crosses $600 Mn Managed office space provider Smartworks made its stock market debut on Thursday, listing at Rs 435 per share on the National Stock Exchange, a 7% premium over its issue price of Rs 407. The IPO, which was oversubscribed 13.92 times, comprised a fresh issue of Rs 445 crore and an offer for sale (OFS) of 34 lakh shares worth Rs 137.5 crore. The price band was fixed at Rs 387–407 per share. The public issue received bids for 14 crore equity shares against 1 crore shares on offer. Qualified institutional buyers (QIBs) led the demand, subscribing 24.92 times their allotted quota, followed by non-institutional investors (NIIs) at 23.68 times. Promoters NS Niketan LLP and SNS Infrarealty LLP collectively earned Rs 32 crore through the OFS. Meanwhile, investor Space Solutions India Pte. Ltd (formerly Lisbrine Pte. Ltd) raked in Rs 107 crore, marking a 3.8X return and a profit of Rs 77.3 crore on its original investment, as per the RHP. Ahead of the listing, Smartworks raised Rs 174 crore (around $20 million) from anchor investors including Tata Mutual Fund, Aditya Birla Sun Life, Axis Mutual Fund, and SBI General Insurance. Post listing, Smartworks was trading at Rs 457.9 9 (as on 11.15AM) with a market capitalisation of Rs 5,221 crore (approximately $614 million). In FY25, the company reported Rs 1,374 crore in operating revenue, up from Rs 1,039 crore in FY24. However, its losses widened to Rs 62 crore in FY25 from Rs 50 crore in the previous fiscal ended March 2024. Smartworks competes with Awfis, which went public in May 2024 and currently trades at Rs 649.4. Awfis posted Rs 1,208 crore in revenue and Rs 68 crore in net profit in FY25. Another peer, WeWork India, has also received SEBI’s nod for its upcoming IPO.
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Awfis IPO Receives Strong Response, Issue Oversubscribed 108X On Final Day
Inc42
·
1y ago
Medial
The IPO of a coworking space provider received significant oversubscription. Bids were made for 93.68 crore shares, surpassing the 86.29 lakh shares available. Qualified institutional buyers (QIBs) oversubscribed their quota by 116 times, bidding for 54.68 crore shares against the 46.75 lakh shares reserved for them. The company aims to raise INR 599 crore through the public offer, with the price band set at INR 364-INR 383.
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Smartworks trims stake in associate company Cleanmax
Entrackr
·
11d ago
Medial
Smartworks trims stake in associate company Cleanmax Managed office space provider Smartworks has sold part of its stake in its associate company, Cleanmax (Cleanmax DOS Pvt Ltd), according to a stock exchange filing. According to the filing, Smartworks has reduced its stake in Cleanmax from 24.82% to 9.08% by selling shares to Clean Max Enviro Energy Solutions Limited for about Rs 99 lakh, with the transaction expected to be completed within a week. The filing also clarified that since the buyer does not belong to the promoter or promoter group, the transaction will not be classified as a related party transaction. Since Smartworks has reduced its stake in Cleanmax to 9.08%, the company will no longer be classified as an associate company. Smartworks reported a 21% year-on-year rise in revenue to Rs 379 crore in Q1 FY26, while narrowing its losses by 82% to Rs 4.1 crore. Smartworks made its stock market debut last month at a 7% premium to its issue price of Rs 407, raising Rs 445 crore through a fresh issue and Rs 137.5 crore via an OFS of 34 lakh shares. At the end of Thursday’s session, its shares closed at Rs 476, valuing the company at Rs 5,432.65 crore ($632 million).
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Exclusive: Smartworks converts into public company
Entrackr
·
1y ago
Medial
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.
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Smartworks Coworking Spaces IPO to open on July 10 - The Economic Times
Economic Times
·
1m ago
Medial
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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