Smartworks Poised for IPO with Revised Strategy
Smartworks Coworking Spaces is launching an IPO with revised targets, kicking off on July 10 and closing on July 14. The company has scaled down its fresh issue and offer for sale, focusing the proceeds on expansion, debt repayment, and corporate use. Its robust growth underscores success in India's office leasing sector.
- Country:
- India
Smartworks Coworking Spaces is preparing to go public with its initial offering set between July 10 and 14. The revised IPO aims to raise a reduced amount, deploying funds towards new centre expansions, loan repayments, and general corporate purposes.
Under the updated proposal, the company's fresh issue targets Rs 445 crore, a decrease from the original Rs 550 crore, while the offer for sale by promoters has been cut down to 33.79 lakh shares.
Known for transforming large properties into tech-enabled campuses across major Indian cities, Smartworks continues to expand its footprint significantly, achieving over 20% CAGR in space management. The IPO is managed by JM Financial, BOB Capital Markets, IIFL Securities, and Kotak Mahindra Capital Company.
(With inputs from agencies.)
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