India’s IPO market continues its dynamic run into July 2025, following strong fundraises in May and June. Investor enthusiasm remains high across technology, real estate, and services sectors. Adding to this momentum, Smartworks Coworking Spaces Limited, a leading managed workspace solutions provider, is opening its public issue on July 10, 2025.
Here is a detailed insight into Smartworks Coworking Spaces Limited, its IPO, and the sector outlook.
About Smartworks Coworking Spaces Ltd.
Incorporated in 2015, Smartworks Coworking Spaces Ltd. specialises in customised managed workspace solutions, offering fully serviced, tech-enabled office environments with modern amenities tailored for enterprises and their employees.
Key highlights include:
- Serving 728 clients with 169,541 seats as of March 31, 2025, with an additional 12,044 seats yet to be occupied.
- Holds four of India’s five largest leased centres, including the 0.7 million sq. ft. Vaishnavi Tech Park in Bengaluru.
- Offers amenities such as cafeterias, gyms, crèches, and medical centres, enhancing employee well-being.
Its business model integrates clients, landlords, employees, and service partners, creating a comprehensive managed campus ecosystem.
Smartworks Coworking Ltd. IPO Details
The Smartworks IPO aims to raise ₹582.56 crore, comprising:
- A fresh issue of 1.09 crore shares worth ₹445 crore.
- An offer for sale (OFS) of 0.34 crore shares worth ₹137.56 crore.
The issue also includes a reservation of 1,01,351 shares for employees, offered at a ₹37 discount to the issue price.
Important IPO Timeline
| Event | Date |
| IPO Open Date | July 10, 2025 |
| IPO Close Date | July 14, 2025 |
| Allotment Date (Tentative) | July 15, 2025 |
| Initiation of Refunds | July 16, 2025 |
| Credit of Shares to Demat | July 16, 2025 |
| Listing Date (Tentative) | July 17, 2025 |
| UPI Mandate Cut-off | 5 PM on July 14, 2025 |
Key IPO Details
| Particulars | Details |
| Face Value | ₹10 per share |
| Price Band | ₹387 to ₹407 per share |
| Lot Size | 36 Shares |
| Total Issue Size | 1,43,13,400 shares (aggregating up to ₹582.56 Cr) |
| Fresh Issue | 1,09,33,660 shares (aggregating up to ₹445.00 Cr) |
| Offer for Sale | 33,79,740 shares of ₹10 (aggregating up to ₹137.56 Cr) |
| Employee Discount | ₹37.00 per share |
| Issue Type | Bookbuilding IPO |
| Listing at | BSE, NSE |
| Shareholding Pre-Issue | 10,31,89,592 shares |
| Shareholding Post-Issue | 11,41,23,252 shares |
Lot Size of Smartworks Coworking Ltd. IPO
| Application Type | Lots | Shares | Amount |
| Retail (Min) | 1 | 36 | ₹14,652 |
| Retail (Max) | 13 | 468 | ₹1,90,476 |
| S-HNI (Min) | 14 | 504 | ₹2,05,128 |
| S-HNI (Max) | 68 | 2,448 | ₹9,96,336 |
| B-HNI (Min) | 69 | 2,484 | ₹10,10,988 |
Smartworks Coworking Ltd. Financials
The IPO values Smartworks at a market capitalisation of ₹4,644.82 crore. While revenue has grown consistently, PAT remains negative, reflecting its scale-up investments.
Key Performance Indicators (as of Mar 31, 2025)
- Return on Capital Employed (ROCE): 42.30%
- Debt/Equity: 2.90
- Return on Net Worth (RoNW): -58.76%
- EBITDA Margin: 62.39%
- Price-to-Book Value: 38.58
- Pre-IPO Earnings Per Share (EPS): -6.12
- Post-IPO Earnings Per Share (EPS): -5.54
Company Financial Snapshot
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 4,650.85 | 4,147.08 | 4,473.50 |
| Revenue (₹ Cr) | 1,409.67 | 1,113.11 | 744.07 |
| Profit After Tax (₹ Cr) | -63.18 | -49.96 | -101.05 |
| EBITDA (₹ Cr) | 857.26 | 659.67 | 424.00 |
| Net Worth (₹ Cr) | 107.51 | 50.01 | 31.47 |
| Reserves and Surplus (₹ Cr) | 4.69 | 29.01 | -46.23 |
| Total Borrowing (₹ Cr) | 397.77 | 427.35 | 515.39 |
Smartworks Coworking Ltd.: Industry Outlook
- The Indian managed office market is witnessing strong demand, driven by flexible workspace needs, cost efficiency, and evolving corporate policies.
- Enterprises seek premium, tech-enabled, collaborative workspaces to enhance employee well-being and productivity.
- The co-working segment, led by players like Smartworks, continues to attract large corporate clients and MNCs, beyond startups and freelancers.
- The company’s focus on large campuses and enterprise clients positions it well to capture growth in Tier-1 city commercial hubs.
Use of IPO Proceeds
| Objective | Expected Amount (₹ Cr) |
| Repayment/prepayment/redemption of certain borrowings | ₹114.00 |
| Capital expenditure for fit-outs and security deposits for new centres | ₹225.84 |
| General corporate purposes | Balance |
Conclusion
Smartworks Coworking Ltd. IPO offers investors an opportunity to participate in India’s evolving managed workspace ecosystem. Its strong market positioning, scale, and technology-driven offerings provide a competitive edge. However, its losses and leveraged balance sheet are key considerations for investors.
The IPO may appeal to those with a medium to long-term horizon, banking on Smartworks’ ability to sustain growth, achieve profitability, and maintain leadership in the premium managed workspace segment.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
