Smartworks IPO Opens July 10; Price Band Fixed at ₹387-₹407 Per Share

Smartworks Coworking Spaces Ltd, a leading provider of managed office solutions, is set to launch its initial public offering (IPO) on July 10, with the subscription window closing on July 14. The company has fixed the price band at ₹387 to ₹407 per share, allowing bids in multiples of 36 equity shares.

Issue Size and Promoter Participation

Smartworks has trimmed its IPO size ahead of the launch. The fresh issue component has been brought down to ₹445 crore from the earlier planned ₹550 crore. Simultaneously, the offer for sale (OFS) portion originally proposed at 67.59 lakh shares has been reduced to 33.79 lakh shares.

The promoters offloading part of their stake include Neetish Sarda, Harsh Binani, Saumya Binani, and entities like NS Niketan LLP, SNS Infrareality LLP, and Aryadeep Realstates Pvt Ltd.

Fund Deployment Plan

Of the total proceeds raised, ₹226 crore will be allocated towards capital expenditure primarily for setting up fit-outs at new office centres and covering security deposits for leased properties. Another ₹114 crore will go toward repayment of existing borrowings, with the balance kept aside for general business needs.

IPO Reservation and Subscription Details

The public issue follows the standard reservation structure:

• 75% of the offer is earmarked for Qualified Institutional Buyers (QIBs),
• 15% for Non-Institutional Investors (NIIs), and
• 10% for Retail Investors.

Key Dates and Listing Information

The share allotment is expected to be finalised on July 15, and the equity shares are likely to be listed on both the BSE and NSE on July 17, subject to regulatory approvals and market conditions. JM Financial is acting as the book-running lead manager, and MUFG Intime India Pvt Ltd is the registrar handling the IPO process.

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