Smartworks IPO Sees Strong Interest on Day Two

Smartworks Coworking Spaces Ltd's initial public offering garnered significant interest, with subscriptions reaching 1.15 times the shares on offer by the second day of bidding.

According to NSE data, 1,19,96,496 shares were bid for against the 1,04,01,828 shares available. The non-institutional investors' segment was notably enthusiastic, subscribing 1.79 times, while retail individual investors subscribed 1.18 times, and qualified institutional buyers marked 63% subscription.

The company has already secured Rs 173.64 crore from anchor investors. Its IPO aims to gather almost Rs 600 crore for business expansion and debt reduction, with the price per share set between Rs 387 and Rs 407. The fresh issue size has been lowered to Rs 445 crore, drastically revised from the earlier Rs 550 crore, reducing the sale by promoters as well. Planned for closure on July 14, the funds raised are earmarked for capital outlays on new centers as well as loan repayments.

The Gurugram-based entity, offering managed flexible office solutions, is a significant player with 48 active coworking centers encompassing over 1.9 lakh seats. JM Financial Ltd, BOB Capital Markets Ltd, and IIFL Capital Services Ltd are spearheading the IPO bidding process.

(With inputs from agencies.)