Smartworks Coworking IPO opens today. Check GMP, price band and other details

Smartworks Coworking Spaces is set to launch its initial public offering (IPO) on July 10, aiming to raise between Rs 576 crore to Rs 583 crore through a combination of fresh issue and offer for sale. The public issue will close on July 14, with listing slated for July 17 on the BSE and NSE.

The IPO comprises a fresh issue of shares worth Rs 445 crore and an offer for sale of 33.79 lakh equity shares. The price band is fixed at Rs 387 to Rs 407 per share, with an employee discount of Rs 37. Investors can bid in lots of 36 shares and multiples thereof. Ahead of the issue opening, the company's GMP is around 8% over the issue price.

Smartworks, incorporated in 2015, is India’s largest managed campus operator by leased area, offering over 8.99 million sq ft across 50 centres in 15 Indian cities, as of March 31, 2025.

It also operates two centres in Singapore. The company primarily targets mid-to-large enterprises, with clients spanning IT, BFSI, and startups, and operates on a straight lease model complemented by newer variable rental contracts.

A significant portion of the IPO proceeds—Rs 225.8 crore—will go towards fit-outs and security deposits for new centres, while Rs 114 crore is earmarked for debt repayment. The rest will be used for general corporate purposes.

Backed by strong promoter leadership, including founder Neetish Sarda and co-founder Harsh Binani, Smartworks has built a differentiated value proposition with its enterprise-first strategy and tech-integrated workplace designs.

Its financials reflect rapid growth: revenue from operations rose from Rs 711.39 crore in FY23 to Rs 1,374.05 crore in FY25, while EBITDA more than doubled to Rs 857.26 crore in the same period. However, the company remains loss-making, with a net loss of Rs 63.17 crore in FY25, though margins have improved.

As of March 2025, Smartworks had an occupancy rate of 83.1% across operational centres and a client base of 738 enterprises, supported by a seat capacity of over 2 lakh.

The company’s business model also includes value-added services like wellness zones, convenience stores, and design-build (FaaS) solutions.

With a growing footprint and a tilt toward capital-efficient leasing strategies, Smartworks’ IPO will be closely watched by investors seeking exposure to India’s fast-evolving commercial real estate and flexible workspace segment.

The issue will be managed by a consortium of lead book-running managers including JM Financial, BOB Capital, IIFL Capital, and Kotak Mahindra Capital.

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