Smartworks Coworking Spaces IPO

About the company

Incorporated in 2015, Smartworks Coworking Spaces is an office experience and managed campus platform operating in India, with a lease signed portfolio of 8.0 msf as of March 31, 2024. The company operates a total super built-up area of 8.99 msf as of March 31, 2025, spanning 50 centres across 15 cities, including major metropolitan areas like Bengaluru, Pune, Hyderabad, Gurugram, Mumbai, Noida, and Chennai. As of March 31, 2025, Smartworks operates 46 operational centres with 183,613 capacity seats, serving 738 clients occupying 152,619 seats. With a committed occupancy rate of 89.03% as of June 30, 2025. The company pursues multi-centre (same city) and also multi-city growth opportunities by investing in and nurturing long-term partnerships with its clients. Some of its key clients include Google IT Services India Private Limited, L&T Technology Services Limited, Bridgestone India Private Limited, Philips Global Business Services LLP and others. The company focuses on transforming bare shell properties into fully serviced, aesthetically pleasing, and tech-enabled campuses with daily-life and aspirational amenities, targeting mid-to-large enterprises with requirements of over 300 seats. It specialises in leasing entire or large properties from landlords, particularly passive and non-institutional landlords who own approximately 70.2% of India's total commercial organised stock. Smartworks Coworking Spaces offers value-centric pricing and a superior office experience compared to traditional workspaces, with swift turnaround times of 45 to 60 days for workspace delivery. The company has demonstrated strong growth with a CAGR of 38.37% in SBA managed in Tier 1 cities between 2020 and 2024, outpacing industry growth by more than 1.5 times. The company serves a diverse client base, including Indian corporates, MNCs, and startups across various sectors, including information technology, engineering, insurance, energy, ed-tech, e-commerce, fintech, and consulting. In FY25, enterprise clients contributed 88.49% of total rental revenue at ₹1,134.5 crore. Meanwhile, the top five clients contributed 12.5% to overall revenue, while the top 10 clients accounted for 18.9% of total revenue. India's commercial office stock of 883 msf as of March 31, 2025, is forecasted to grow at a CAGR of 6.7% to 1,072 msf by 2027, with flexible workspace stock in Tier 1 cities growing at approximately 23-24% CAGR from 2020 to 2024. The share of flexible workspaces in non-SEZ occupied office stock across Tier I cities increased from 7%-9% pre-2020 to 14%-16% by the end of 2024, indicating strong market momentum. Smartworks has signed non-binding letters of intent for additional SBA of 1.46 msf across 3 centres and has expanded internationally with 2 centres in Singapore serving 83 clients. The company has also launched value-added services and fit-out-as-a-service (FaaS) as ancillary businesses that are asset-light and margin-accretive, providing additional monetisation opportunities. The company is well-positioned to benefit from India's growing flexible workspace market, which is expected to see companies with over 10% flexible office space increasing from 42% in Q1 2024 to 59% by 2026. Now, Smartworks Coworking Spaces Limited is launching its initial public offering (IPO), which consists of a fresh issue of equity shares worth up to ₹445 crore and an offer for sale worth up to ₹137.56 crore. The total issue size of the IPO is ₹582.56 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   10 Jul 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   14 Jul 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   15 Jul 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   16 Jul 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   16 Jul 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   17 Jul 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.