Smartworks IPO Achieves 50% Subscription on Day One

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.)