IPO Details

Bidding Dates

10 Jul '25 - 14 Jul '25

Minimum Investment

₹14,652/ 1 Lot (36 Shares)

Price Range

₹387-₹407

Maximum Investment

₹1,90,476/ 13 Lot (468 Shares)

Retail Discount

To be announced

Issue Size

₹582.56 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |  

Smartworks Coworking IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Jul 10, 25

IPO Closing Date

Jul 14, 25

Basis of Allotment

Jul 15, 25

Initiation of Refunds

Jul 16, 25

IPO Listing Date

Jul 17, 25

Smartworks Coworking Spaces IPO Subscription Details

DateQIBNIIRetailEMPTotal

Day 1Jul 9, 2025

 0.00 0.23 0.21 0.24 0.15

About Smartworks Coworking IPO

Smartworks Coworking IPO is a book-built issue worth ₹582.56 crore. The offer includes a fresh issue of 1.09 crore equity shares aggregating to ₹445.00 crore and an offer for sale of 0.34 crore equity shares worth ₹137.56 crore. This public offering opens for subscription on July 10, 2025, and will close on July 14, 2025.

The basis of allotment is expected to be finalised on July 15, 2025. The shares are proposed to be listed on both the BSE and NSE, with the tentative listing date set for July 17, 2025. The IPO has a price band ranging from ₹387 to ₹407 per share. Retail investors can apply for a minimum of one lot, which consists of 36 shares, requiring an investment of ₹13,932.

For sNII investors, the minimum bid is 14 lots or 504 shares, amounting to ₹2,05,128. The bNII lot size is 69 lots or 2,484 shares, with the investment amount yet to be disclosed. A total of 1,01,351 shares are reserved for employees at a ₹37 discount. JM Financial Limited is the lead manager, and MUFG Intime India Private Limited (Link Intime) is the registrar.

Industry Outlook

  1. The services sector in India has shown strong momentum, growing at a CAGR of 6.2% between FY2015 and FY2023, compared to 6.0% GDP growth during the same period. This expansion supports rising employment, particularly in urban centres, boosting demand for flexible office spaces like those offered by Smartworks Coworking Spaces Limited.
  2. India’s commercial office stock grew over 20 times, from 44 Mn sq. ft. in pre-2003 to 883 Mn sq. ft. by Q1 CY2025. Out of this, 80% (706 Mn sq. ft.) is non-SEZ space, showing strong potential for coworking models to thrive across major cities.
  3. Domestic companies contributed to 47% of total office leasing in CY2024, reflecting robust demand from Indian enterprises. This surge in office absorption, backed by India’s growing startup ecosystem and policy reforms, is expected to benefit Smartworks by driving consistent demand for its managed office solutions.

Smartworks Coworking IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. A part of the funds will be used to repay or prepay certain loans to reduce debt and improve the financial position.
  2. Investment will be made in setting up new centres by covering fit-out costs and security deposits, supporting expansion plans.
  3. Remaining proceeds will be used for general corporate purposes to support day-to-day operations and future growth.

About Smartworks Coworking Spaces Limited

Smartworks Coworking Spaces Limited is India’s largest managed campus operator in terms of total stock, with a signed lease portfolio of 8.0 million sq. ft. as of March 31, 2024. By March 31, 2025, the total space managed reached 8.99 million sq. ft., offering flexible, serviced office solutions across major Indian cities.

The company focuses on providing cost-effective, high-quality workspace experiences to mid and large-sized enterprises, including Indian corporates, global firms, and startups. Its campuses are designed with modern aesthetics and come equipped with a variety of amenities such as cafeterias, gyms, crèches, medical centres, and convenience stores.

These features not only meet daily employee needs but also help foster team collaboration and well-being. As of June 30, 2025, Smartworks operates 50 centres in 15 cities including Bengaluru, Pune, Hyderabad, Gurugram, Mumbai, Noida, and Chennai. The company had also signed letters of intent for an additional 1.46 million sq. ft. of space and term sheets for 450,000 sq. ft. in Gurugram.

It achieved a committed occupancy rate of 89.03% with 728 clients and 169,541 committed seats out of a total capacity of 190,421. Smartworks also expanded internationally with two centres in Singapore, covering 35,036 sq. ft., serving 83 clients.

It has four large centres in India above 0.5 million sq. ft., including its largest at Vaishnavi Tech Park in Bengaluru. As of March 2025, the average centre size stood at 0.18 million sq. ft.

How To Check the Allotment Status of Smartworks Coworking IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for the Smartworks Coworking IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Smartworks Coworking IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Smartworks Coworking IPO

Registered office: Unit No. 305-310, Plot No 9, 10 and 11, Vardhman Trade Centre Nehru Place, South Delhi, Delhi – 110 019, India

Phone: +91 83840 62876

E-mail: companysecretary@sworks.co.in 

Smartworks Coworking IPO Reservation

Investor Category

Shares Offered

QIB Shares Offered

71,10,632

NII (HNI) Shares Offered

21,33,189 (14.89%)

Retail Shares Offered

49,77,442 (34.75%)

Employee Shares Offered

1,01,351 (0.71%)

Total Shares Offered

1,43,22,614 (100.00%)

Smartworks Coworking IPO Lot Size

Application

Lots

Shares

Amount

Retail (Min)

1

36

₹14,652

Retail (Max)

13

468

₹1,90,476

S-HNI (Min)

14

504

₹2,05,128

S-HNI (Max)

68

2,448

₹9,96,336

B-HNI (Min)

69

2,484

₹10,10,988

Smartworks Coworking IPO Promoter Holding

The promoters of the company include Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP and Aryadeep Realstates Private Limited.

Share Holding Pre-Issue

65.19%

Share Holding Post Issue&nbsp

58.25%

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Smartworks Coworking IPO Anchor Investors Details

Bid Date

July 9, 2025

Shares Offered

42,66,378

Anchor Portion Size (In ₹ Cr.)

173.64

Anchor lock-in period end date for 50% shares (30 Days)

August 14, 2025

Anchor lock-in period end date for remaining shares (90 Days)

October 13, 2025

Key Performance Indicators for Smartworks Coworking IPO

KPI

Value

EBITDA Margin (%)

62.39

RoCE (%)

42.30

RoNW (%)

-58.76

Debt/Equity&nbsp

2.90

Price to Book Value

38.58

Smartworks Coworking IPO Prospectus

Smartworks Coworking IPO Registrar and Lead Managers

Smartworks Coworking IPO Lead Managers

  • Jm Financial Limited

Registrar for Smartworks Coworking IPO

MUFG Intime India Private Limited (Link Intime)

Smartworks Coworking IPO Registrar

Financial Performance of Smartworks Coworking Spaces Limited

Particulars Year ending on March 31, 2025 Year ending on March 31, 2024 Year ending on March 31, 2023
Revenue from Operation (in ₹ million) 13,740.56 10,393.64 7,113.92
Profit/ (loss) for the year (in ₹ million) (631.79) (499.57) (1,010.46)
Total borrowings (in ₹ million) 3,977.70 4,273.50 5,153.89
Net Worth (in ₹ million) 1,075.13 500.07 314.66
Return on Net Worth (%) (58.76) (99.90) (321.13)
Return on Capital Employed (RoCE) (%) 42.30 28.12 11.90
EBITDA (in ₹ million) 8,572.64 6,596.70 4,239.98

Know before investing

Strengths

8

  1. Smartworks managed 8.99 million sq. ft. across 50 centres in India.

  2. Revenue grew at a CAGR of 38.98% between FY2023 and FY2025.

  3. The largest centre spans 0.7 million sq. ft. at Vaishnavi Tech Park.

  4. Committed occupancy rate reached 89.03% as of June 30, 2025.

  5. Serves large enterprise clients with deals up to 6,300 seats.

  6. Maintains shorter payback period of 30–32 months for mature centres.

  7. Contracted lease income of ₹20,604.15 million ensures rental coverage.

  8. Exploring capital-light models like variable rentals and management contracts.

Risks

8

  1. 75.19% of rental revenue comes from just four key cities.

  2. Heavy dependence on large clients needing 300+ seats increases risk.

  3. Failure to find right properties may hurt growth and profits.

  4. Past losses and negative cash flows may continue in future.

  5. Lease renewals depend on Landlords, risking higher costs or exits.

  6. Fixed leases on 8.99 mn sq. ft. risk losses if vacant.

  7. Client exits or defaults can impact revenue and cash flows.

  8. Internal control issues in FY2023 could affect financial reliability.

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Smartworks Coworking IPO Peer Comparison

Company Name EPS (Basic) NAV (per share) (₹) P/E (x) RoNW (%)
Smartworks Coworking Spaces Limited (6.18) 1,078.81 - (58.76)
Awfis Space Solutions Limited 9.75 4,592.19 63.18 14.78

Smartworks Coworking IPO FAQs

What is the Smartworks Coworking IPO?

Smartworks Coworking IPO is a book built issue IPO. It runs from July 10, 2025, to July 14, 2025.

When will the Smartworks Coworking IPO be allotted?

The Basis of Allotment will happen on Tuesday, July 15, 2025.

When will the Smartworks Coworking IPO open for subscription?

The IPO subscription window will open on July 10, 2025.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 36 shares.

When will the Smartworks Coworking IPO list on exchanges?

The listing date for Smartworks Coworking IPO is Thursday, July 17, 2025.

What is the issue size of the Smartworks Coworking IPO?

The issue size of the Smartworks Coworking IPO is up to ₹582.56 crore.

What are the open and close dates of the Smartworks Coworking IPO?

The open and close dates for Smartworks Coworking IPO are from July 10, 2025, to July 14, 2025.

What would be the listing gains on the Smartworks Coworking IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

When will I know if my Smartworks Coworking IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts.

Who is the registrar of Smartworks Coworking IPO?

MUFG Intime India Private Limited (Link Intime) is the registrar responsible for managing the IPO allotment process and handling investor queries.

Where is the Smartworks Coworking IPO getting listed?

Smartworks Coworking IPO is proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

How to increase your chances of getting a Smartworks Coworking IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for the Smartworks Coworking IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate. 

Can I submit more than one application for the public issue of Smartworks Coworking IPO using one PAN?

You can submit only one application using your PAN card. 

How to read Smartworks Coworking Spaces Limited's financial statements?

To read Smartworks Coworking Spaces Limited’s financial statements, download the IPO’s RHP document. 

What is 'pre-apply' for the Smartworks Coworking IPO?

Pre-apply allows investors to apply for the Smartworks Coworking IPO two days before the subscription period opens, ensuring an early submission of your application. 

If I pre-apply for the Smartworks Coworking IPO, when will my order get placed?

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.