Smartworks Coworking Spaces IPO is set to open on July 10, 2025, and will close on July 14, 2025. It is a Book Built Issue aiming to raise approximately ₹582.56 crores. This includes a fresh issue of ₹445 crores and an offer for sale of up to 3,379,740 equity shares with a face value of ₹10 each.
The price band for the IPO is set between ₹387 to ₹407 per share. The retail investor quota is 10%, Qualified Institutional Buyers (QIB) have 75%, and High Net-worth Individuals (HNI) hold 15% of the allocation. The Smartworks IPO listing date is scheduled for July 17, 2025 on both the BSE and NSE. The allotment date is July 15, 2025.
In terms of financial performance, the company reported a revenue of ₹1,409.67 crores in 2025, up from ₹1,113.11 crores in 2024. However, it also posted a loss of ₹63.18 crores in 2025, compared to a loss of ₹49.96 crores in 2024.
Smartworks Coworking Spaces IPO Date & Price Band Details
| Category | Details |
|---|---|
| IPO Open Date: | July 10, 2025 |
| IPO Close Date: | July 14, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹387 to ₹407 Per Share |
| Issue Size: | Approx ₹582.56 Crores |
| Fresh Issue: | Approx ₹445 Crores |
| Offer for Sale: | Approx 3,379,740 Equity Shares |
| Issue Type: | Book Build Issue |
| IPO Listing: | BSE & NSE |
| Retail Quota: | Not more than 10% |
| QIB Quota: | Not more than 75% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
Smartworks Coworking Spaces IPO Market Lot
The Smartworks Coworking Spaces IPO has a minimum market lot of 36 shares, requiring an application amount of ₹14,652. Retail investors can apply for up to 13 lots, which equals 468 shares for a total of ₹1,90,476.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 36 | ₹14,652 |
| Retail Maximum | 13 | 468 | ₹1,90,476 |
| S-HNI Minimum | 14 | 504 | ₹2,05,128 |
| B-HNI Minimum | 69 | 2,484 | ₹10,10,988 |
Smartworks Coworking Spaces IPO Allotment & Listing Dates
The Smartworks Coworking Spaces IPO will open on July 10, 2025, and close on July 14, 2025. The IPO allotment will be finalized on July 15, 2025, and the listing date is set for July 17, 2025 on the BSE and NSE.
| Type | Date |
|---|---|
| IPO Open Date: | July 10, 2025 |
| IPO Close Date: | July 14, 2025 |
| Basis of Allotment: | July 15, 2025 |
| Refunds: | July 16, 2025 |
| Credit to Demat Account: | July 16, 2025 |
| IPO Listing Date: | July 17, 2025 |
Smartworks Coworking Spaces IPO: Promoters
The promoters of Smartworks Coworking Spaces are Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP, and Aryadeep Realstates Private Limited.
Smartworks Coworking Spaces IPO Company Financial Report
The company reported a revenue of ₹1,409.67 crores in FY 2025, an increase from ₹1,113.11 crores in FY 2024. Despite the revenue growth, the company posted a loss of ₹63.18 crores in FY 2025, compared to a loss of ₹49.96 crores in FY 2024.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2023 | ₹744.07 | ₹880.30 | ₹101.05 | ₹4,473.50 |
| 2024 | ₹1,113.11 | ₹1180.73 | ₹49.96 | ₹4,147.08 |
| 2025 | ₹1,409.67 | ₹1489.13 | ₹63.18 | ₹4,650.85 |
Smartworks Coworking Spaces IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | -% |
| ROCE: | 42.30% |
| EBITDA Margin: | 62.39% |
| PAT Margin: | -% |
| Debt to equity ratio: | 2.90 |
| Earning Per Share (EPS): | ₹(6.18) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | (58.76)% |
| Net Asset Value (NAV): | ₹10.55 |
Smartworks Coworking Spaces IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Awfis Space Solutions Limited | 9.75 | 63.18 | 14.78 | 65.97 | 1,207.54 Cr. |
Objects of the Issue – Smartworks Coworking Spaces IPO
- Repayment / Prepayment / Redemption, in full or in part, of certain borrowings availed by the Company.
- Capital expenditure (Capex) for fit-outs in the new centres and for security deposits of the new centres.
- General corporate purposes.
Smartworks Coworking Spaces Company Overview, Strengths, and Risks
Smartworks Coworking Spaces is a prominent player in the Indian flexible workspace industry, specializing in providing customized managed office solutions to mid-to-large enterprises. They offer fully serviced, tech-enabled office environments with aesthetic designs and essential amenities.
Here’s a breakdown of their company overview, strengths, and risks:
Company Overview
- Founded: 2015 (incorporated December 2015) by Neetish Sarda and Harsh Binani.
- Headquarters: Gurugram, India.
- Business Model: Smartworks leases large, bare-shell properties in prime locations, transforms them into fully serviced, tech-enabled “Smartworks” campuses, and then offers these spaces to enterprises. They focus on an “enterprise-first” strategy, catering to large corporates, MNCs, and growing startups, often with long-term contracts. They also offer design and build (FaaS) services for clients’ owned or leased offices.
- Footprint (as of March 31, 2025):
- Largest managed campus operator in India by leased area, with over 8.99 million sq ft across 50 centers in 15 Indian cities.
- Also operates two centers in Singapore.
- Serves 738 clients with 152,619 seats.
- Amenities: Their campuses include a wide range of amenities such as cafeterias, gyms, crèches, medical centers, sport zones, smart convenience stores, training rooms, and integrated technology infrastructure (facial recognition access, smart meeting room schedulers, visitor management systems, etc.).
- Financials (Restated Consolidated, as of March 31, 2025):
- Revenue from operations: ₹1,374.05 crore (increased by 27% from FY24).
- EBITDA: ₹857.26 crore (more than doubled from FY23).
- Net Loss: ₹63.17 crore (company remains loss-making, though margins have improved).
- Has consistently reported net losses in the past three years due to factors like high depreciation and amortization expenses from unrented leased properties.
- IPO: Currently undergoing an IPO (opened July 10, 2025, closes July 14, 2025) aiming to raise ₹576-583 crore. The proceeds are intended for capital expenditures for new centers, debt repayment, and general corporate purposes.
Strengths
- Market Leadership and Scale: Smartworks is India’s largest managed campus operator by leased area, with a significant pan-India presence and a strong CAGR in managed space. This scale allows for economies of scale and competitive pricing.
- Enterprise-Focused Strategy: Their primary focus on mid-to-large enterprises, including MNCs and Indian corporates, provides a stable and potentially higher-value client base with long-term contracts and larger seat requirements. This mitigates some of the volatility associated with serving only small businesses or freelancers.
- Comprehensive Managed Solutions: They offer fully serviced, tech-enabled, and customized workspace solutions, taking on the onus of initial fit-out costs, building maintenance, and lease rentals. This provides a hassle-free, one-stop solution for clients, enabling them to focus on their core business.
- Extensive Amenities and Technology Integration: The provision of a wide array of amenities (gyms, cafeterias, crèches, medical centers, etc.) and proprietary technology infrastructure enhances the employee experience and productivity, making their offerings highly attractive to clients.
- Strategic Leasing Model: By leasing full or large bare-shell properties, Smartworks can transform them into high-quality, branded campuses, benefiting from economics of scale and offering comprehensive amenities. Their ability to convert existing properties also appeals to landlords.
- Diversified Revenue Streams: In addition to managed offices, they offer value-added services through revenue-sharing arrangements with partners and a “Design & Build” (FaaS) service, leveraging their vendor network and design expertise. This helps diversify their revenue and can be asset-light and margin-accretive.
- Strong Promoters and Management: The company is backed by experienced promoters (Neetish Sarda and Harsh Binani) and a professional management team, contributing to its strategic direction and execution capabilities.
Risks
- Continued Net Losses: Despite strong top-line growth and improving EBITDA, Smartworks has consistently reported net losses in recent fiscal years. This is largely attributed to high depreciation and amortization expenses related to unrented leased properties and accounting treatment under Ind AS 116. The ability to achieve and maintain profitability remains a key concern.
- Geographic Concentration Risk: A significant portion (over 75% in FY25) of their rental revenue is derived from four key cities: Pune, Bengaluru, Hyderabad, and Mumbai. Any adverse developments (economic downturns, oversupply, natural disasters, policy changes) in these regions could disproportionately impact their business and financial performance.
- Client Concentration Risk: While focusing on large enterprise clients is a strength, a heavy reliance on a few clients with 300+ seat requirements means that losing such clients or failing to secure similar replacements could significantly impact revenue and cash flows. Their negotiation power might also be limited with very large clients.
- High Fixed Costs and Occupancy Risk: Smartworks incurs significant fixed costs from long-term lease agreements. If client occupancy drops, the company must still pay escalating rentals regardless of revenue, leading to financial strain and impacting cash flows and profitability.
- Capital Expenditure and Funding Needs: The business model requires significant capital expenditure for fit-outs and security deposits for new centers. Inability to secure financing on favorable terms, or at all, could hinder their growth plans and financial condition.
- Competitive Pressure: The flexible workspace industry is highly competitive, with established players like WeWork, Awfis, and various local and international operators. Failure to compete effectively on pricing, amenities, or service quality could negatively impact their business and growth.
- Broker Dependency Risk: Increased reliance on property consultants and brokers for client acquisition may impact profitability by increasing acquisition costs and potentially diluting brand differentiation.
- Variable Rental Model Efficacy: While a strategic move, the variable rental model is still in its early stages of operational efficiency. If Smartworks fails to acquire clients to fill up spaces under this model, it could negatively affect their financials.
- Credit Rating Downgrade: A downgrade in their credit rating could make it more challenging or expensive to raise capital in the future, impacting their expansion plans.
- Related Party Transactions: Engaging in transactions with related parties, or interests of promoters, directors, and key managerial personnel beyond standard compensation, could create potential conflicts of interest.
Investors considering Smartworks Coworking Spaces should carefully weigh these strengths and risks, particularly the company’s historical losses and concentration risks, against its market leadership, strong growth in revenue, and strategic enterprise-focused model.
Smartworks Coworking Spaces IPO Review
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Smartworks Coworking Spaces IPO Registrar
MUFG Intime India Private Limited
Phone: +91-22-4918 6270
Email: smartwork.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Smartworks Coworking Spaces IPO Lead Managers aka Merchant Bankers
- JM Financial Limited
- BOB Capital Markets Limited
- IIFL Securities Limited
- Kotak Mahindra Capital Company Limited
Smartworks Coworking Spaces Company Address
Smartworks Coworking Spaces Limited
Unit No. 305-310,
Plot No 9, 10 and 11, Vardhman Trade Centre,
Nehru Place, South Delhi,
Delhi, New Delhi, 110019
Phone: +91 83840 62876
Email: companysecretary@sworks.co.in
Website: https://www.smartworksoffice.com/home/
FAQs about Smartworks Coworking Spaces IPO
The Smartworks Coworking Spaces IPO opens on July 10, 2025, and closes on July 14, 2025.
The price band for the IPO is set between ₹387 to ₹407 per equity share.
The minimum market lot is 36 shares, requiring an application amount of ₹14,652.
The IPO allotment is expected to be finalized on July 15, 2025.
The listing date for Smartworks Coworking Spaces IPO is scheduled for July 17, 2025, on both the BSE and NSE.
As of July 10, 2025, the GMP for Smartworks Coworking Spaces IPO is reported to be around ₹29-₹33.
The promoters are Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP, and Aryadeep Realstates Private Limited.
Smartworks Coworking Spaces reported a revenue of ₹1,409.67 crores in FY2025.
No, the company reported a net loss of ₹63.18 crores in FY2025 and has consistently reported net losses in the past three years.
The proceeds from the IPO will be used for repayment of borrowings, capital expenditure for new center fit-outs and security deposits, and general corporate purposes.
