Smartworks Coworking Spaces Limited, a leading managed office space provider in India, is set to open its Initial Public Offering (IPO) on Thursday, July 10, 2025. The offer will close on Monday, July 14, 2025, while the Anchor Investor bidding window opens and closes a day earlier, on Wednesday, July 9, 2025.

The company has set the price band for the IPO between INR 387 and INR 407 per equity share, with a face value of INR 10 each. Eligible employees applying under the Employee Reservation Portion will receive a discount of INR 37 per share.

Offer Structure

The IPO consists of a fresh issue of equity shares worth INR 445 crore and an Offer for Sale (OFS) of 3,379,740 shares, aggregating to approximately INR 137.56 crore. Selling shareholders include NS Niketan LLP, SNS Infrarealty LLP, and Space Solutions India Pte Ltd.

The company plans to utilise the proceeds from the fresh issue for:

• Repayment/prepayment of borrowings (INR 114 crore),

• Capital expenditure for fit-outs and security deposits in new centres (INR 225.84 crore),

• General corporate purposes.

Investor Categories

As per SEBI guidelines, Smartworks has allocated:

• 50% of the offer to Qualified Institutional Buyers (QIBs),

• 15% to Non-Institutional Investors (NIIs),

• 35% to Retail Individual Investors (RIIs).

The IPO is being made through the Book Building Process, and bids can be placed for a minimum of 36 equity shares and in multiples thereafter. At the upper price band, the minimum investment for retail investors is INR 14,652. A retail investor may apply for up to 13 lots (468 shares), requiring a maximum investment of INR 1,90,476.

Listing and Allotment Timeline

The basis of allotment is expected to be finalised on or before Tuesday, July 15, 2025, with listing of shares anticipated on both the BSE and NSE by Thursday, July 17, 2025. NSE is the designated stock exchange for the IPO.

Company Overview

Smartworks is India’s largest managed campus operator as of March 31, 2025, with a signed lease portfolio of 8 million sq. ft. across 50 centres in 15 cities, including Bengaluru, Pune, Hyderabad, Mumbai, Gurugram, and Chennai. The company transforms large, bare-shell spaces into fully serviced, tech-enabled campuses with modern amenities.

Lead Managers and Registrar

The IPO is being managed by JM Financial, BOB Capital Markets, IIFL Capital Services, and Kotak Mahindra Capital Company. MUFG Intime India (formerly Link Intime) is the registrar for the issue.

According to sources monitoring grey market activity, Smartworks shares were trading flat at INR 407, aligning with the IPO’s upper price band, indicating neutral market sentiment ahead of the offer.

This IPO presents an opportunity for investors to participate in India’s evolving flexible workspace industry through a leading player with a growing national footprint.