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
- 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.
- 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.
- 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:
- A part of the funds will be used to repay or prepay certain loans to reduce debt and improve the financial position.
- Investment will be made in setting up new centres by covering fit-out costs and security deposits, supporting expansion plans.
- 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:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Smartworks Coworking IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Smartworks Coworking IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- 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  |
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  |
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)
- Contact Number: +91-22-4918 6270
- Email Address: ipo@in.mpms.mufg.com
Smartworks Coworking IPO Registrar
Financial Performance of Smartworks Coworking Spaces Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operation (in ₹ million) | 13,740.56 | 10,393.64 |
| Profit/ (loss) for the year (in ₹ million) | (631.79) | (499.57) |
| Total borrowings (in ₹ million) | 3,977.70 | 4,273.50 |
| Net Worth (in ₹ million) | 1,075.13 | 500.07 |
| Return on Net Worth (%) | (58.76) | (99.90) |
| Return on Capital Employed (RoCE) (%) | 42.30 | 28.12 |
| EBITDA (in ₹ million) | 8,572.64 | 6,596.70 |
Know before investing
Strengths
8Smartworks managed 8.99 million sq. ft. across 50 centres in India.
Revenue grew at a CAGR of 38.98% between FY2023 and FY2025.
The largest centre spans 0.7 million sq. ft. at Vaishnavi Tech Park.
Committed occupancy rate reached 89.03% as of June 30, 2025.
Serves large enterprise clients with deals up to 6,300 seats.
Maintains shorter payback period of 30–32 months for mature centres.
Contracted lease income of ₹20,604.15 million ensures rental coverage.
Exploring capital-light models like variable rentals and management contracts.
Risks
875.19% of rental revenue comes from just four key cities.
Heavy dependence on large clients needing 300+ seats increases risk.
Failure to find right properties may hurt growth and profits.
Past losses and negative cash flows may continue in future.
Lease renewals depend on Landlords, risking higher costs or exits.
Fixed leases on 8.99 mn sq. ft. risk losses if vacant.
Client exits or defaults can impact revenue and cash flows.
Internal control issues in FY2023 could affect financial reliability.
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 |
