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Smartworks opens strong on stock exchange; market cap crosses $600 Mn

EntrackrEntrackr · 1m ago
Smartworks opens strong on stock exchange; market cap crosses $600 Mn
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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Smartworks crosses Rs 700 Cr revenue in FY23; losses up 44%

EntrackrEntrackr · 1y ago
Smartworks crosses Rs 700 Cr revenue in FY23; losses up 44%
Medial

Co-working platform Smartworks has been demonstrating strong growth in the last two fiscal years — its scale grew two-fold to cross Rs 710 crore in revenue in the fiscal year ending March 2023. However, the company’s losses also crossed the Rs 100 crore mark. Smartworks’ revenue from operations surged 97.5% to Rs 711 crore in FY23 from Rs 360 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. 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. Revenue from lease rental accounted for 97% of the total operating revenue which increased 97.4% to Rs 687 crore crore in FY23. The rest of the collections came from allied services. On the expense side, the cost of depreciation and amortization turned out to be the largest cost center accounting for 40.5% of the overall expenses. This cost surged by 67.9% to Rs 356 crore in FY23. Its employee benefits, finance, repairs, electricity, safety, custodial fees, and other overheads catalyzed the firm’s overall expenditure by 80.3% to Rs 880 crore in FY23 from Rs 488 crore in FY22. Head to TheKredible for the detailed expense breakup. Expense Breakdown Total ₹ 488 Cr https://thekredible.com/company/smartworks/financials View Full Data To access complete data, visithttps://thekredible.com/company/smartworks/financials Total ₹ 880 Cr https://thekredible.com/company/smartworks/financials View Full Data To access complete data, visithttps://thekredible.com/company/smartworks/financials Employee benefit Employee benefit Finance costs Finance costs Depreciation and amortisation Depreciation and amortisation Repairs to building Repairs to building Electricity Electricity Safety security Safety security Custodial fees Custodial fees Others To check complete Expense Breakdown visit thekredible.com View full data The increase of 80% in overall expenses resulted in a 44.29% surge in losses which reached Rs 101 crore in FY23 as compared to Rs 70 crore in FY22. On a unit level, it spent Rs 1.24 to earn a rupee in FY23. Gurugram-based Smartworks has raised over $50 million to date including its $25 million Series A round from the Singapore-based Keppel Land. The company is also reportedly in talks to raise $70-90 million. With its focus on managed office spaces besides co-working, Smartworks has sought to serve a larger segment of the market, particularly larger firms that are not so enamored with a co-working option. However, as evident, that can drive up costs a lot more, leaving the firm to travel an extended runway to profitability. With strong revenue momentum and a commercial market that is in very healthy condition, it does look like the firm will be in the black soon, and seeking newer avenues and markets for growth.

Smartworks raises more than $20 Mn from Keppel and others

EntrackrEntrackr · 1y ago
Smartworks raises more than $20 Mn from Keppel and others
Medial

Co-working space solutions provider Smartworks has raised Rs 168 crore ($20.24 million) from a group of investors including Keppel, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and HNIs. The capital from the fundraise will be deployed towards growth and expansion of the business and meet general corporate expenses, Smartworks said in a statement. 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. 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 across 8 million square feet. 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 also said that promoters continue holding majority shareholding in the company. Smartworks’ revenue from operations surged 97.5% to Rs 711 crore in FY23 from Rs 360 crore in FY22. The firm also saw a 44.29% surge in losses which rose to Rs 101 crore in FY23 as compared to Rs 70 crore in the previous fiscal year. Recently, co-working firm Awfis got listed on the stock exchange and became the first company from this space to do so.

Smartworks trims stake in associate company Cleanmax

EntrackrEntrackr · 7d ago
Smartworks trims stake in associate company Cleanmax
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).

Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr

EntrackrEntrackr · 29d ago
Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr
Medial

Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr Flexible workspace provider Indiqube Spaces made a muffled debut on the stock exchange on Wednesday, listing at Rs 216 on the NSE (National Stock Exchange), a 9% discount to its issue price of Rs 237. While the listing saw a strong response to its Rs 700 crore public offer, which included Rs 650 crore of new shares and Rs 50 crore sold by existing investors, the issue was oversubscribed more than 12 times. Most of the demand came from large institutional investors. At the same time, retail investors bid nearly 13 times the number of shares available to them, while the non-institutional (high-net-worth) category was subscribed to over 8 times. Founded in 2015, Indiqube provides managed workspace solutions to startups, enterprises, and SMEs, with a presence across major Indian cities. The company plans to use the IPO proceeds primarily to repay debt, fund capex, and for general corporate purposes. The tepid listing puts pressure on the company to deliver on its growth plans amid increasing competition in the flexible office segment. While the IPO attracted marquee anchor investors, with investments of Rs 374 crore from HDFC MF, ICICI Pru, Nippon Life, and White Oak, public market investors appear to be treading cautiously. Financially, IndiQube reported a 27.5% YoY revenue growth, clocking Rs 1,059 crore in FY25, compared to Rs 830 crore in FY24. The company also cut its losses by 59% to Rs 139.5 crore, from Rs 341.5 crore a fiscal earlier. Indiqube was trading at Rs 210.85 (as of 11.15 AM) on NSE with a total market capitalization of Rs 4,428 crore (approximately $521 million). It competes with Awfis, which debuted on the stock exchanges in May last year with a strong listing, opening at a 13% premium to its issue price. Smartworks, which went public earlier this month, also saw a positive start, listing at a 7% premium.

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