Smartworks Coworking Spaces IPO 2025 – Date, Price Band, GMP, Subscription & Listing
Smartworks Coworking Spaces Ltd, India’s largest managed office space provider, has launched its Initial Public Offering (IPO), opening on July 10, 2025 and closing on July 14, 2025. With a proposed issue size of ₹582.56 crore, this IPO has attracted serious interest from retail and institutional investors.
Let’s explore complete IPO details, financials, GMP trends, and expert analysis to help you decide.
📌 IPO Overview
| Details | Information |
|---|---|
| IPO Open Date | July 10, 2025 |
| IPO Close Date | July 14, 2025 |
| Allotment Date | July 15, 2025 |
| Listing Date | July 17, 2025 (Expected) |
| Price Band | ₹387 – ₹407 per share |
| Lot Size | 36 shares |
| Total Issue Size | ₹582.56 Cr (Fresh + OFS) |
| GMP | Approx ₹15 – ₹17 (~4%) |
🏢 Company Overview
Founded in 2015, Smartworks has grown to become India’s leading flexible workspace provider. As of 2025, it operates 50 centers across 15 Indian cities, with a total area of over 10 million sq. ft.
They primarily serve large enterprises, offering fully managed workspaces with services like cafeterias, meeting rooms, daycare centers, wellness zones, and smart access technologies.
The business model is asset-light, as Smartworks leases shell buildings and then customizes them into modern workspaces. It focuses on high utilization, technology-driven facilities, and recurring enterprise contracts.
Learn more from this Moneycontrol article.
📈 Financial Performance
- Revenue (FY23): ₹744 crore
- Revenue (FY24): ₹1,113 crore
- EBITDA: ₹857 crore (FY24), up from ₹424 Cr (FY23)
- Net Loss: ₹50–63 crore (improved from earlier years)
- Occupancy Rate: ~83–84%
- Borrowing Reduced: From ₹515 Cr to ₹398 Cr
Smartworks reported robust EBITDA margins (~60%) and continuous revenue growth over the last 3 years. The reduction in debt strengthens their financial stability, although net losses still persist.
Source: Business Standard Coverage
📊 Subscription Status
- Day 1: 0.52x
- Day 2: 1.2x (Retail fully subscribed)
- Final Day: 13.45x Overall Subscription
The IPO received a massive response from HNIs and institutional buyers. Anchor investors include Tata Mutual Fund, SBI Mutual Fund, and Axis AIF.
Detailed subscription updates on Chittorgarh.
📉 Risks & Considerations
- Consistent net losses may affect long-term profitability
- High dependence on leasing makes them vulnerable to real estate cycles
- Competitive pressure from players like Awfis & WeWork
- Debt-to-equity remains high (~2.9x)
📢 Expert Verdict
The IPO offers strong revenue growth, enterprise customer base, and high EBITDA margins. However, it's still a loss-making company with moderate listing gains expected (~4% GMP).
Long-term investors with moderate risk appetite may consider applying. Short-term investors should keep an eye on GMP and listing behavior.
For listing gains or fundamental investment, refer to Economic Times Analysis.
💡 How to Apply for Smartworks IPO
- Open any IPO app (Groww, Upstox, Zerodha, Paytm Money)
- Select “Smartworks IPO” and enter quantity (1 lot = 36 shares)
- Approve UPI mandate by 5 PM on July 14
- Wait for allotment on July 15 and listing on July 17
✅ Final Thoughts
Smartworks IPO stands out as a leading coworking brand with a scalable model and fast growth. The issue has been fully subscribed with strong institutional backing. Long-term investors looking for exposure in the flexible office space segment may find this IPO a valuable opportunity.
