Smartworks IPO Sees Overwhelming Response, Raises Rs 583 Crore

Gurugram-based Smartworks Coworking Spaces Ltd's initial public offering (IPO), valued at Rs 583 crore, closed with a resounding success, gathering 13.45 times the subscription as of its final bidding day on Monday. This overwhelming interest showcases the growing investment appetite in the flexible office space sector.

The three-day IPO received massive bids, totaling 13,99,08,852 shares against a total offering of 1,04,01,828 shares, according to NSE data. Interest from Qualified Institutional Buyers (QIBs) was impressively high at 24.41 times their allotted portion, while Non-Institutional Investors subscribed 22.78 times, and Retail Individual Investors showed a subscription of 3.53 times.

The Gurugram-based enterprise has strategically allocated Rs 226 crore for capital expenses related to fit-outs in new centers and security deposits, while Rs 114 crore will be allocated for loan repayments. Remaining proceeds will be used for miscellaneous corporate purposes. Prominent financial institutions, including JM Financial Ltd, BOB Capital Markets Ltd, and IIFL Capital Services Ltd, are the lead managers for this IPO.

(With inputs from agencies.)