Smartworks Coworking IPO: GMP, Date, And Price

Smartworks Coworking IPO - Complete Overview 

Smartworks Coworking IPO, a Mainboard IPO, is a book-built issue of Rs. 582.56 Cr (1,43,13,400 Shares) by Smartworks Coworking Limited. The company was established in 2015 and is operational, focusing on fully serviced, tech-enabled office environment solutions with aesthetic design catering to the specific requirements of enterprises, along with other necessary amenities.

The company serves mid to large enterprises, which comprise Indian corporates, multinationals, and even start-ups. In addition, the company provides modern campuses with design, technology, and amenities such as cafeterias, gyms, creches, and even medical centers for the holistic well-being of employees.

As of 31 March 2024, the company also holds 4 out of 5 of the largest leased centers in India, which include the Vaishnavi Tech Park in Bengaluru, which spans over 0.7 million square feet, making it the largest in campus size.

Business Model: The managed campus platform literally creates an ecosystem encompassing all key stakeholders, consisting of clients, landlords, employees, and service partners.

Clients: With the fully customizable tech-enabled workspaces provided in over the key Indian cities, the company directly caters to large and emerging enterprises grappling with modern and cost-effective solutions along with well-designed amenities.

Landlords: The company collaborates with non-institutional landlords to convert spaces into fully serviced Smartworks campuses, providing rental guarantees, streamlined management, and long-term leases, which help both the landlords and tenants.

Clients’ Employees: Smartworks improves collaboration and team spirit among clients’ employees by offering fully serviced, tech-enabled centers without separate kitchens, gyms, childcare facilities, and medical centers, fostering durable wellness in the workplace.

Service partners: The company works with service partners like Chaipoint and ClearTax to offer value-added services such as cafeterias, gyms, and medical centers to enhance employees' productivity and give the service partners a wider pool of clients.

This new IPO is to commence on 10 July 2025, and the initial public offering of this upcoming IPO will conclude on 14 July 2025.

If you want to apply for the IPO, click to open a Demat Account.

 

Smartworks Coworking IPO Details

The Rs. 582.56 Cr Smartworks Coworking IPO comprises a combination of a fresh issue of 1.09 crore shares (Rs. 445 Cr) and an offer for sale of 0.34 crore shares (Rs. 137.56 Cr).

The IPO listing date is on Thursday, 17 July 2025, and it will be listed at BSE and NSE. Smartworks Coworking IPO price band is Rs. 387 to Rs. 407 for each Share.

Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	4,650.85	4,147.08	4,473.50
Total Revenue	1,409.67	1,113.11	744.07
PAT	-63.18	-49.96	-101.05
Net Worth	107.51	50.01	31.47
Reserves and Surplus	4.69	29.01	-46.23
Borrowings	397.77	427.35	515.39

 

 

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	9,285.16	7,433	5,318.32
Net Cash Flow Investing Activities	(2,760.77)	(1,921.59)	(3,066.30)
Net Cash Flow Financing Activities	(6,377.07)	(5,771.80)	(1,705.81)

 

Revenue Bifurcation

Sector-wise Revenue Breakdown

Seat cohort-wise Revenue Breakdown

(Source RHP)

 

The Objective of The Issue

• Full or partial return, prepayment, or redemption of some of the company's borrowed funds.

• Second, the capital investment for the New Centers' fit-outs and security deposits.

 

Click to check the IPO application status.

 

Peers of Smartworks Coworking Ltd.

 

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Awfis Space Solutions Limited	10	9.75	63.18

 

Evaluation

Smartworks Coworking IPO price is between Rs. 387 to Rs. 407 for each Share.

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. (6.18) from the last year, the resulting P/E ratio is NA.

Considering the weighted EPS of Rs. (6.58) for the last three years, the P/E ratio is NA.

Explore the Travel Food Services IPO.

 

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 63.18x.

Particulars	P/E Ratio (x)
Highest	63.18
Lowest	63.18
Average	63.18

 

IPO's Strengths 

• Sustained growth and dominance in the market.

• Skill in leasing and modernizing large segments into ‘Smartworks’ branded campuses, which are fully equipped as amenities-rich, sophisticated workplaces, in key regions spanning the entire country of India.

• Enterprise clients who make larger seat acquisitions are their primary focus, in addition to mid to large emerging enterprises to whom they can grow.

• Cost efficiencies, business processes, and technology infrastructure provide the execution capabilities needed.

• Capital expenditure and working capital are savings protected due to its financial planning and strategic execution abilities, making the company capital efficient in terms of expenditures.

 

IPO’s Weaknesses 

• The company’s Debt-to-Equity Ratio has increased in the previous three fiscal years.

• The company’s business processes rely on external contractors for hospitality, cleaning, food and beverages, and IT services in its centers. Inability to meet safety, hygiene, or performance standards may result in liability claims, loss of client trust, and subsequent business.

• Due to delays in fit-out, contractor performance issues, and landlords’ failure to deliver on timelines, Smartworks faces challenges in opening new coworking centers. Such delays result in loss of revenue and incur additional costs and reputational harm.

 

Smartworks Coworking IPO GMP

Smartworks Coworking IPO GMP today is Rs. 0, as of 07 July 2025, while writing this information. Hence, its estimated listing price might be Rs. 407.

Smartworks Coworking IPO Timetable (Tentative)

The IPO subscription date starts from Jul 10 to Jul 14, with IPO allotment on Jul 15, refund initiation on Jul 16, and listing on Thursday, Jul 17, 2025.

Events	Date
IPO Opening Date	Jul 10, 2025
IPO Closing Date	Jul 14, 2025
IPO Allotment Date	Jul 15, 2025
Refund Initiation	Jul 16, 2025
IPO Listing Date	Jul 17, 2025

 

Smartworks Coworking IPO Details 

The IPO with a face value of Rs. 10 per Share is available with an employee discount of Rs. 37.

IPO Opening & Closing Date	Jul 10, 2025 to Jul 14, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 387 to Rs. 407
Lot Size	36 Shares
Issue Size	1,43,13,400 Shares (Rs. 582.56 Cr)
Offer for Sale	33,79,740 Shares (Rs. 137.56 Cr)
Fresh Issue	1,09,33,660 Shares (Rs. 445 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Private Limited (Link Intime).

 

 

Smartworks Coworking IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (36 Shares) amounting to Rs. 14652 and 13 Lots (468 Shares) amounting to Rs. 1,90,476 respectively, while for HNI investors, the minimum Lot is 14 (504 Shares) amounting to Rs. 2,05,128.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	68 Lots
B-HNI (Minimum)	69 Lots

Smartworks Coworking IPO Reservation

Institutional Share Portion	49.65%
Retail Investors' Share Portion	34.75%
Non-Institutional Shares Portion	14.89%

 

Promoters And Management of Smartworks Coworking Ltd.

• Neetish Sarda

• Harsh Binani

• Saumya Binani

• NS Niketan LLP

• SNS Infrareality LLP

• Aryadeep Realstates Private Limited.

Pre-Issue Promoter Shareholding	65.19%
Post-Issue Promoter Shareholding	58.25%

 

Smartworks Coworking IPO Lead Managers

JM Financial Limited.

 

Dividend Policy

The company has not paid a dividend during the last three fiscal years.

 

Conclusion

Smartworks Coworking IPO presents an investment opportunity in India’s flexible workspace industry due to its robust enterprise customers and sophisticated campus facilities. Nonetheless, high levels of debt and operational dependencies remain a concern. Always assess risks before investing.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.