Smartworks IPO Soars: Stock Surges 15% on Debut Day
Smartworks Coworking Spaces Ltd saw its shares jump over 15% on debut. The stock listed at a 7% premium against the issue price and surged to Rs 469. The IPO, targeting Rs 600 crore for expansion and debt reduction, was oversubscribed by 13.45 times.
- Country:
- India
Shares of Smartworks Coworking Spaces Ltd made an impressive debut on Thursday, opening at a premium of over 7% compared to its issue price of Rs 407.
The stock initially listed at Rs 436.10 on the BSE, rising by 7.14% from the issue price, and further climbed by 15.23% to reach Rs 469. On the NSE, it commenced trading at Rs 435, marking an increase of 6.87%.
The company's market valuation hit Rs 5,241.48 crore during morning trade. The Rs 583-crore initial public offering saw a 13.45 times subscription on its closing day, with a price band set between Rs 387 to Rs 407 per share. The Gurugram-based firm plans to use the capital raised for expansion and debt reduction, boasting 48 operational centers with significant seating capacity.
(With inputs from agencies.)
Google News