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Smartworks Coworking Spaces

Smartworks Coworking Spaces IPO

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Open Date

10 Jul 2025

Close Date

14 Jul 2025

Min Investment

₹ 13,932

Max Investment

₹ 5,00,000

Lot Size

36

Issue Size

₹ 605.97 Cr

Price Range

₹ 387 - ₹ 407
status

This IPO is now Live.

Click here for live price
IPO Timeline
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IPO Offer Start
10 Jul 2025
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IPO Offer Ends
14 Jul 2025
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Allotment Finalisation
15 Jul 2025
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Refund Initialisation
16 Jul 2025
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Non-Institutional Buyers (sHNI)
16 Jul 2025
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Listing of Shares
17 Jul 2025
IPO Subscription Details as on 18 Aug 2025, 09:34 AM
Qualified Instituational Buyers (QiB)
21.43 x
Retail
3.38 x
Employees
2.35 x
Total
12.53 x
Non-Institutional Buyer (bHNI)
27.14 x
Non-Institutional Buyer (sHNI)
13.85 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
As of March 31, 2024, the company is the largest managed campus operator among benchmarked peers, managing 8.99 million sq. ft. of fully serviced, tech-enabled campuses designed for mid-to-large enterprises, featuring modern amenities and integrated technology.
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Founded In

2015

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Director

Harsh Binani

Financials of Smartworks Coworking Spaces IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue7,113.9210,393.6413,740.56
Other Income326.78737.46356.13
Total Income
7,440.7011,131.1014,096.69
Total Expenses
8,802.9611,807.3214,891.28
Profit Before Tax-1,362.26-676.22-794.59
Total Profit
-1,010.46-499.57-631.79

All figures are in million (₹)

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Utilisation of Proceeds

All figures are in million (₹)

PurposeAmount
Repayment, prepayment, or redemption of certain borrowings availed by the Company1,140
Capital expenditure for fit-outs in the New Centres and for security deposits of the New Centres2,258
Funding for general corporate purposes, including ongoing general corporate expenses, exigencies and contingencies, organic and inorganic growth opportunities, acquisitions, marketing and brand building exercises, funding working capital requirements, and investment in subsidiaries-
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  • Market leadership backed by scale and steady growth: The company was the largest managed campus operator amongst benchmarked operators in terms of total stock as of March 31, 2024, with a lease signed portfolio of 8.0 million square feet. It has a total SBA of 8.99 million square feet across 50 Centres in 15 cities with 203,118 Capacity Seats as of March 31, 2025. The company has shown steady growth with a CAGR of 20.80% in total SBA managed between March 31, 2023 to March 31, 2025, and a CAGR of 38.98% in Revenue from operations between Fiscal 2023 to Fiscal 2025.
  • Ability to lease and transform large properties into amenities-rich branded Campuses: The company focuses on leasing entire/large bare shell properties in prime locations and transforming them into fully serviced, aesthetically pleasing and tech-enabled Campuses with daily-life and aspirational amenities. As of March 31, 2025, 94.37% of the SBA under the company's management is in key clusters in India's Tier 1 cities. The company has four lease signed centers in India above 0.5 million square feet in size, with the largest being approximately 0.7 million square feet.
  • Focus on acquiring and growing with Enterprise Clients: The company caters to mid-to-large Enterprise Clients with requirements typically exceeding 300 Seats, often across multiple Centres and cities. In Fiscal 2025, 63.44% of the company's Rental Revenue came from Clients with more than 300 Seats. The company has achieved a Seats Retention Rate of 86.83% for Fiscal 2025, indicating strong Client relationships and satisfaction.
  • Execution capabilities backed by cost efficiencies and technology infrastructure: The company offers superior office experiences with aesthetically pleasing designs and customized solutions. Its budgeted capital expenditure per square feet stood at approximately ₹ 1,350 as of March 31, 2025, lower than the industry average. The company's integrated proprietary technology enhances Client experience, property management, and operational efficiency.
  • Financial acumen and capital efficiency: The company's average payback period for Mature Centres is 30-32 months from the date of deployment of capital for fit-outs, which is shorter than the industry average. The company optimizes capital use through strategic build approaches and has consistently maintained receivable days of less than 10 for Fiscals 2025, 2024, and 2023.
  • Risk mitigating strategy for a stable business model: The company's business model includes strategies to mitigate risks such as asset-liability mismatch and Client concentration. As of March 31, 2025, the contracted lease rental income covers rental obligations for Fiscal 2026 and Fiscal 2027. The company typically does not lease more than 30.00% space in a Centre to a single Client, reducing revenue impact from potential Client move-outs.
  • Strong leadership and management team: The company is led by experienced professionals with backgrounds in real estate, operations, finance, and consulting. The leadership team includes Neetish Sarda and Harsh Binani, supported by a strong management team with expertise across various domains. There has been no attrition of Key Managerial Personnel and Senior Management over the last three years.

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