The IPO includes a contemporary subject of shares price Rs 445 crore and a proposal on the market of 33.79 lakh fairness shares. The worth band is mounted at Rs 387 to Rs 407 per share, with an worker low cost of Rs 37. Buyers can bid in plenty of 36 shares and multiples thereof. Forward of the difficulty opening, the corporate’s GMP is round 8% over the difficulty worth.
Smartworks, integrated in 2015, is India’s largest managed campus operator by leased space, providing over 8.99 million sq ft throughout 50 centres in 15 Indian cities, as of March 31, 2025.
It additionally operates two centres in Singapore. The corporate primarily targets mid-to-large enterprises, with shoppers spanning IT, BFSI, and startups, and operates on a straight lease mannequin complemented by newer variable rental contracts.
A good portion of the IPO proceeds—Rs 225.8 crore—will go in the direction of fit-outs and safety deposits for brand spanking new centres, whereas Rs 114 crore is earmarked for debt compensation. The remaining shall be used for common company functions.
Backed by sturdy promoter management, together with founder Neetish Sarda and co-founder Harsh Binani, Smartworks has constructed a differentiated worth proposition with its enterprise-first technique and tech-integrated office designs.Its financials mirror speedy progress: income from operations rose from Rs 711.39 crore in FY23 to Rs 1,374.05 crore in FY25, whereas EBITDA greater than doubled to Rs 857.26 crore in the identical interval. Nonetheless, the corporate stays loss-making, with a internet lack of Rs 63.17 crore in FY25, although margins have improved.As of March 2025, Smartworks had an occupancy fee of 83.1% throughout operational centres and a consumer base of 738 enterprises, supported by a seat capability of over 2 lakh.
The corporate’s enterprise mannequin additionally consists of value-added companies like wellness zones, comfort shops, and design-build (FaaS) options.
With a rising footprint and a tilt towards capital-efficient leasing methods, Smartworks’ IPO shall be carefully watched by buyers in search of publicity to India’s fast-evolving business actual property and versatile workspace section.
The problem shall be managed by a consortium of lead book-running managers together with JM Monetary, BOB Capital, IIFL Capital, and Kotak Mahindra Capital.
(Disclaimer: Suggestions, ideas, views and opinions given by the specialists are their very own. These don’t characterize the views of the Financial Occasions)
