Smartworks Shares Soar in Strong Stock Market Debut
Shares of Smartworks Coworking Spaces Ltd rose by over 9% after their stock market debut. Initially listed at Rs 436.10, the stocks peaked at Rs 469 during trading. Smartworks' IPO was oversubscribed 13.45 times, with the capital raised targeted for business expansion and debt repayment.
- Country:
- India
On Thursday, Smartworks Coworking Spaces Ltd witnessed a robust market debut as its shares closed over 9% higher than the issue price of Rs 407. The stock was introduced on the BSE at Rs 436.10, marking a 7.14% rise.
It continued to climb, reaching a peak of Rs 469 before closing at Rs 445.10, reflecting a 9.36% gain. At the NSE, the shares began trading at Rs 435 and concluded at Rs 445.05, showing a 9.34% increase.
The firm's IPO, which aimed to raise around Rs 600 crore for expansion and debt reduction, was met with enthusiasm, being subscribed 13.45 times. Smartworks, based in Gurugram, operates 48 coworking centers across the country.
(With inputs from agencies.)
- READ MORE ON:
- Smartworks
- IPO
- stock market
- coworking spaces
- Gurugram
- shares
- expansion
- debt reduction
- BSE
- NSE
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