Smartworks Raises INR 174 Cr from Anchor Investors Ahead of IPO Proceeds will be used to repay debt, fund capital expenditure, and cover general corporate expenses.
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Smartworks Coworking Spaces Ltd has raised INR 174 crore from 13 anchor investors, allotting 42.7 lakh equity shares at INR 407 each ahead of its initial public offering (IPO).
The largest portions of this anchor allotment were picked up by domestic institutions including Tata Mutual Fund, Axis New Opportunities AIF, Aditya Birla Sun Life Insurance, and Baroda BNP Paribas, which collectively accounted for nearly 48%.
Notably, Tata Mutual Fund - Tata Small Cap Fund, Aditya Birla Sun Life Insurance, and others received the highest allocation of 11.89%, followed closely by Buoyant Opportunities Strategy-II, Sageone-Flagship Growth OE Fund, and SBI General Insurance Co., each receiving 10.89%.
Founded in 2016, Smartworks offers customised, fully managed office spaces on long-term leases to enterprises. It operates in the flexible workspace segment and competes with the likes of WeWork India, Awfis, and Table Space.
Smartworks transforms unused real estate into fully-equipped campuses featuring modern amenities tailored to support large corporates, multinationals, and startups alike.
According to its red herring prospectus, the company currently operates 41 centers across 13 Indian cities, covering over 8 million square feet of space. In FY25, it reported a revenue of INR 1,374 crore, up from INR 1,039 crore in FY24. However, net losses widened to INR 62 crore in FY25 from INR 50 crore in FY24.
The INR 583 crore IPO includes a fresh issue of INR 445 crore and an offer-for-sale of INR 137.56 crore. Proceeds will be used to repay debt, fund capital expenditure, and cover general corporate expenses.
The IPO opens for public subscription from July 10 to July 14, 2025, with a price band of INR 387–INR 407 per share and a lot size of 36 shares. JM Financial, BOB Capital Markets, IIFL Securities, and Kotak Mahindra Capital are the lead managers, and Link Intime India Pvt Ltd is the registrar.
