Smartworks Coworking Spaces Ltd IPO

About Smartworks Coworking Spaces Ltd

Smartworks Coworking Spaces Limited was originally incorporated as Smart Work Business Centre Private Limited at Kolkata as a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated December 17, 2015, issued by the Registrar of Companies, West Bengal at Kolkata. Pursuant to a special resolution dated October 29, 2018 passed by the Shareholders, the name of the Company was changed from Smart Work Business Centre Private Limited to Smartworks Coworking Spaces Private Limited to reflect the nature of business and activities of the Company and a fresh certificate of incorporation dated December 20, 2018, was issued by the RoC. Thereafter, the Company was converted into a public limited company pursuant to a special resolution dated June 28, 2024, passed in the extraordinary general meeting of the Shareholders, and consequently the name of the Company was changed to its present name i.e., Smartworks Coworking Spaces Limited and a fresh certificate of incorporation dated July 25, 2024.

India's commercial office1 stock stands at an estimated 883 million square feet as at March 31, 2025. It is forecasted to grow at a CAGR of 6.7% to 1,072 million square feet by the end of 2027 (Basis the graph in Industry Overview- Evolution of Office Stock in India on page 201). Flexible workspace solutions are becoming an integral part of the modern work culture, catering to diverse working styles and introducing flexibility to the commercial office market. The total flexible workspace stock ranging between 82 - 86 million square feet by the end of CY2024, is forecasted to grow to approximately 140 - 144 million square feet across Tier 1 cities by end of CY2027 with a CAGR of approximately 18 - 20%. The total addressable market (TAM) for the flexible workspace operators represents a sizeable opportunity of 280 - 300 million square feet (in terms of area) and Rs.730 - 960 Bn* (in terms of value) by 2027.

The Company is an office experience and managed campus platform. As of March 31, 2024, the company was the largest managed campus operator, amongst the benchmarked operators in terms of total stock, with a lease signed portfolio of 8.0 million square feet. The Company has leased, and it manages a total super built-up area of 8.99 million square feet as of March 31, 2025. The Company typically focuses on leasing entire/ large, bare shell properties in prime locations from Landlords and transform them into fully serviced, aesthetically pleasing and tech-enabled Campuses with daily-life and aspirational amenities. The Company equips its Campuses with modern and aesthetically pleasing designs using its extensive design library, integrated proprietary technology solutions and amenities such as cafeterias, sport zones, Smart Convenience Stores, gymnasiums, cr'ches and medical centres. Its Centres offer Clients' employees a modern, attractive and aesthetically pleasing work environment. The Company caters to the Clients' needs of all team sizes, from under 50 to over 6,300 Seats, with a specific focus on mid-to-large Enterprises having a requirement of over 300 Seats.

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