Smartworks IPO Achieves 50% Subscription on Day One
Smartworks Coworking Spaces Ltd's IPO secured 50% subscription on the opening day, receiving bids for over 52 lakh shares. The company plans to raise Rs 600 crore to expand and reduce debt. It has 48 coworking centers with plans for further growth, supported by funds from anchor investors.

- Country:
- India
Smartworks Coworking Spaces Ltd's initial public offering (IPO) witnessed a promising start, achieving 50% subscription on its debut day. The IPO, which opened on Thursday, received bids for 52,21,188 shares compared to the 1,04,01,828 shares available, as per NSE data.
The portion reserved for non-institutional investors saw complete subscription, while retail individual investors (RIIs) contributed 57% to the quota. Smartworks secured Rs 173.64 crore from anchor investors before the IPO hit the market.
Launching with a target to raise nearly Rs 600 crore, the company aims to expand and reduce debt. The price band is set at Rs 387-407 per share, with the offer closing on July 14. At the upper price point, the IPO's estimated value is Rs 583 crore, translating to a market value around Rs 4,645 crore.
(With inputs from agencies.)
ALSO READ
Rama Telecom Paves the Way for Expansion with Upcoming IPO
Foxconn's $2.2 Billion Investment Boost in India and US
Government Boosts 46 Cutting-Edge Research Projects with Bold Investment
Gorakhpur Airport's Soaring Expansion: New Terminal Promises Vast Improvements
New Law Establishes Invest New Zealand to Boost Global Investment and Jobs