Smartworks Gears Up for IPO: Expansion and Debt Reduction in Focus
Smartworks is launching an IPO to raise approximately Rs 600 crore, aiming to expand its business and reduce debt. The Gurugram-based company handles flexible office spaces and plans to use the funds for capital expenditures, loan repayments, and general corporate purposes. Despite past financial losses, it reports rising revenue.
- Country:
- India
Smartworks Coworking Spaces is set to enter the capital market on July 10 with an Initial Public Offer (IPO) to raise around Rs 600 crore. The company plans to expand its business and reduce existing debt.
Based in Gurugram, Smartworks is a dominant player in managed flexible office spaces, boasting 48 operational centers and seating for over 1.9 lakh. They've set an IPO price band between Rs 387 and Rs 407 per share, with the offer closing on July 14.
The IPO's revised size now estimates at Rs 583 crore, valued at roughly Rs 4,645 crore. Proceeds from the IPO will be channeled into new center fit-outs, debt payments, and general corporate needs. Smartworks aims to overcome past financial losses with increased revenue and sustainable expense management.
(With inputs from agencies.)
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