Smartworks Coworking Spaces Gears Up for IPO Launch

Smartworks Coworking Spaces is set to launch its initial public offering (IPO) on July 10, providing a new investment opportunity. The IPO will conclude on July 14, following a day of anchor investor bidding on July 9, as stipulated in the company's red herring prospectus.

The company has adjusted the IPO size, reducing the fresh issue to Rs 445 crore, down from the previously planned Rs 550 crore, alongside a reduction in the offer for sale to 33.79 lakh shares from 67.59 lakh shares. Details indicate that Rs 226 crore will fund capital expenditures for new centers, Rs 114 crore is earmarked for loan payments, and remaining funds will address general corporate needs.

As a prominent player in crafting office experiences, Smartworks excels in transforming large properties into contemporary, tech-rich campuses. Aimed primarily at mid-to-large enterprises, it serves various Indian cities and boasts a strong growth trajectory, with a projected CAGR of 20.80% in managed space. The IPO is coordinated by JM Financial, BOB Capital Markets, IIFL Securities, and Kotak Mahindra Capital Company.

(With inputs from agencies.)