Smartworks Coworking IPO Day 3: Up 1.7×–3× Subscription, Grey Market Premium at ~₹20 (4.7%–5%)
Smartworks Coworking IPO sees strong demand on final day: subscribed ~1.7× overall, with NIIs leading. Grey Market Premium (GMP) stands at ₹20–₹22 (~4.7%–5%), indicating a potential ₹427–429 listing. Allotment on July 15, listing on July 17
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Smartworks Coworking Spaces’ IPO, a Rs 582.6 crore book built issue, closes subscriptions today after three days. Demand has been robust across categories:
Total Subscription: 3.06 times
Non-Institutional Investors (NIIs): 5.11 times
Retail Investors: 1.94 times
Qualified Institutional Buyers (QIBs): 0.66 times
Grey Market Insights:
GMP is hovering between Rs 20–22, a 4.7–5.4% premium—suggesting a potential listing price of ₹427–429 versus the Rs 407 upper band.
IPO Highlights:
Funds: Rs 445 cr fresh issue + Rs 137.6 cr OFS
Price band: Rs 387–Rs 407, Rs 37 employee discount
Minimum lot: 36 shares
NSE/BSE listing expected July 17
Utilisation of Proceeds:
Rs 225.8 cr for fit‑outs & deposits at new centres
Rs 114 cr to repay debt
Rs remainder for corporate purposes
Company Snapshot:
Founded in 2015, Smartworks manages 9 mn sq ft across 50 centres in 15 cities and two Singapore locations, catering to ~800 enterprise clients. FY25 revenue: ₹1,374 cr, EBITDA ₹857 cr, but a net loss of ₹63 cr. Occupancy stands at 83%.
Analyst Viewpoints:
Anand Rathi / Geojit: Recommend Subscribe—citing asset‑light growth, service diversification
SBI Securities: Advise Avoid—citing competition from profitable peers like Awfis
Next Steps for Investors:
Allotment on July 15; shares likely credited by July 16; expected BSE/NSE listing July 17.
