Smartworks Coworking Spaces Ltd is one of India’s largest providers of managed office spaces. Founded in 2015, the company offers customised, tech-enabled workspaces primarily for enterprises, large corporates, and startups. Its business model is asset-light—Smartworks leases entire commercial buildings or large floors and transforms them into fully managed office environments with IT support, security, amenities, and design tailored to client needs.
As of 31st March 2025, Smartworks serves over 738 clients with a total of 1,69,541 seats across more than 9 million sq. ft. of managed space in India and Singapore. Its major client base includes Indian conglomerates, MNCs, and government institutions.
🗓️ Smartworks Coworking IPO Key Details
| Particulars | Details |
|---|---|
| IPO Open Date | 10 July 2025 |
| IPO Close Date | 14 July 2025 |
| Issue Size | ₹582.56 crore |
| Fresh Issue | ₹445.00 crore |
| Offer for Sale | ₹137.56 crore |
| Shares Offered | 1.43 crore |
| Price Band | ₹387–₹407 |
| Face Value | ₹10 per share |
| Lot Size | 36 shares |
| Minimum Investment | ₹14,652 |
| Listing Exchange | BSE and NSE |
| Listing Date | 17 July 2025 |
| Registrar | MUFG Intime India Pvt Ltd |
📊 Issue Structure & Share Reservation
| Category | Shares Reserved | % of Total |
|---|---|---|
| Qualified Institutional Buyers (QIBs) | 71,10,632 | 49.65% |
| Non-Institutional Investors (NII) | 49,77,442 | 34.75% |
| Retail Investors | 21,33,189 | 14.89% |
| Employees | 1,01,351 | 0.71% |
| Total | 1,43,22,614 | 100% |
🟠 Smartworks Coworking IPO Subscription Status (as of 10 July 2025, 11:30 AM)
| Category | Subscription (Times) |
|---|---|
| Retail | 0.16x |
| QIB | 0.09x |
| NII | 0.19x |
| Total | 0.12x |
The IPO has just opened, and subscription is expected to pick up pace in the next few days, especially from institutional investors and HNIs.
💹 Grey Market Premium (GMP) Trends
GMP (10 July, 11:30 AM): ₹29
Upper Price Band: ₹407
Estimated Listing Price: ₹436
Estimated Listing Gain: ~7.12%
The grey market premium shows investor confidence despite Smartworks posting losses. GMP began showing positive signs on 8 July after a flat trend since 1 July.
📈 Financial Performance (₹ in crore)
| Year | Revenue | PAT | Assets | Debt | Net Worth |
|---|---|---|---|---|---|
| FY23 | 744.07 | -101.05 | 4,473.50 | 515.39 | 31.47 |
| FY24 | 1,113.11 | -49.96 | 4,147.08 | 427.35 | 50.01 |
| FY25 | 1,409.67 | -63.18 | 4,650.85 | 397.77 | 107.51 |
Despite losses, the company has shown robust revenue growth, with revenue rising over 89% in two years. Debt has reduced steadily, and net worth has doubled, reflecting better balance sheet strength.
🧾 Key Financial Ratios (FY25)
| Metric | Value |
|---|---|
| EPS | -6.12 |
| RoNW | -58.76% |
| ROCE | 42.30% |
| EBITDA Margin | 62.39% |
| Price to Book (P/B) | 38.58 |
| PE Ratio | Not applicable (loss-making) |
High ROCE and EBITDA margins indicate strong operating efficiency, though negative net profit and RoNW highlight concerns in bottom-line performance.
🤝 Anchor Investors
On 9 July 2025, Smartworks raised ₹173.6 crore from anchor investors, with participation from:
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Tata Mutual Fund
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BNP Paribas
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Trust Mutual Fund
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SBI General Insurance
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Axis Mutual Fund
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Société Générale
Anchor book strength reflects institutional belief in the company’s growth potential and brand strength.
🧠 Use of IPO Proceeds
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₹114 crore: Repayment of borrowings
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₹226 crore: Fit-outs and security deposits for new centres
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Balance: General corporate purposes
This will help reduce interest burden, expand operations, and support working capital needs.
🔬 Business Strengths
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Market Leader in Managed Office Space
Smartworks is India’s largest platform in the B2B workspace segment, managing over 9 million sq. ft. in key metros. -
Strong Client Base
Serves over 730 companies including leading MNCs and Indian corporates, creating recurring revenue streams. -
Enterprise-First Strategy
Focus on long-term contracts with large firms, ensuring predictable cash flows. -
Operational Efficiency
High ROCE and strong EBITDA margin reflect efficient centre management and cost control. -
Pan-India Presence with Expansion Plans
Smartworks operates in over 13 cities and is entering Tier-2 locations.
⚠️ Risks & Concerns
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Consistent Losses
Despite revenue growth, net losses continue due to high depreciation, fit-out costs, and finance charges. -
High Valuation
P/B at 38.6x and lack of PE ratio raises concerns about overpriced issue. -
Concentration Risk
Over 75% of revenue comes from four cities—Bengaluru, Mumbai, Pune, and Hyderabad. -
Competitive Market
Intense competition from players like Awfis, WeWork, and 91Springboard can affect pricing and occupancy.
🆚 Peer Comparison
| Company | Revenue (Cr.) | EPS | PE Ratio | RoNW |
|---|---|---|---|---|
| Smartworks | 1,409.67 | -6.12 | N/A | -58.76% |
| Awfis Space Solutions | 875.00 | 9.67 | 63.18 | 14.78% |
Smartworks has a higher revenue base but is still loss-making, unlike Awfis which posted profits. Investors must weigh revenue scale against bottom-line losses.
📅 Important IPO Dates
| Event | Date |
|---|---|
| IPO Opens | 10 July 2025 |
| IPO Closes | 14 July 2025 |
| Allotment Finalisation | 15 July 2025 |
| Refund Initiation | 16 July 2025 |
| Listing on BSE/NSE | 17 July 2025 |
📥 How to Apply for Smartworks Coworking IPO
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Login to your broker’s app (Zerodha, Groww, Upstox, etc.)
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Go to the IPO section
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Select Smartworks Coworking IPO
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Enter number of lots (1 lot = 36 shares)
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Submit and approve UPI mandate
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Wait for allotment result on 15 July
📤 How to Check Allotment
You can check allotment status on:
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Registrar (MUFG Intime India)
Visit their website → IPO Allotment → Enter PAN or application number. -
BSE/NSE website
Navigate to the equity IPO section → Choose Smartworks → Fill required details.
✅ Expert Opinion
“Smartworks has shown solid growth and strong enterprise relationships. However, losses and high valuation are clear red flags. Investors with high risk tolerance and long-term view may consider moderate investment.”
– IPO Analyst, Independent Review Board
🧮 Final Verdict: Should You Invest?
✅ Why You Should Consider It:
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Largest enterprise-first coworking platform in India
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Fast revenue growth and operating margin improvement
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Strong anchor investor participation
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Grey market signals possible listing gains
❌ Why You Should Be Cautious:
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Ongoing losses and negative EPS
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High issue pricing vs. earnings
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Market volatility and startup sector risks
⭐ Verdict:
Moderate-risk investors with a long-term outlook may consider applying. Short-term investors should monitor subscription numbers and grey market activity closely before bidding.
