Smartworks Coworking Spaces Ltd IPO
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Smartworks Coworking Spaces Ltd IPO Details
Details
Total Shares Offered | Offer to Public | Retail Max (Shares) | Pre Issue Promoters Holding | Exchange | Issue size |
---|---|---|---|---|---|
₹ 143.13 L | ₹ 33.8 L | ₹ 49.77 L | ₹ 672.72 L | BSE | ₹ 582.56 Cr |
IPO Open Date | Close Date | Lot Size | Min Investment | Issue Type | Listing Date |
10 Jul, 25 | 14 Jul, 25 | 36 | ₹ 13,932 | Book Building | 17 Jul, 25 |
Smartworks Coworking Spaces Ltd IPO Dates
Details
Sector | Type |
---|---|
Sector | Miscellaneous |
Sub Sector | NA |
Issue Type | Book Building |
Subscription Status
*Values are in Lakhs
Investor Type | Subscription Times | Shares Offered* | Shares Bid* |
---|---|---|---|
QIB | 9.97x | 7110631 | 70875864 |
NII | 23.68x | 2133190 | 50506848 |
Retail | 3.67x | 4977442 | 18271764 |
Employee | 2.77x | 92138 | 254844 |
Total | 9.77x | 14313401 | 139909320 |
Subscription Status
Investor Type
QIB
NII
Retail
Employee
Total
*Values are in Lakhs
Smartworks Coworking Spaces Ltd Financial Status
Income Statement
Balance Sheet
Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
---|---|---|---|
Revenue from operations | 1,374.06 | 1,039.36 | 711.39 |
EBITDA | 1,153.03 | 878.46 | 577.42 |
PAT | -61.74 | -47.02 | -99.79 |
Total Assets | 385.75 | 392.40 | 479.79 |
Share Capital | 103.19 | 79.01 | 77.69 |
Total Borrowings | 692.03 | 749.49 | 755.79 |
Operating Activities (Net Cash) | 553.55 | 423.98 | 256.37 |
Investing Activities (Net Cash) | -105.76 | -55.15 | -42.31 |
Financing Activities (Net Cash) | 692.03 | 749.49 | 755.79 |
Net Cashflow | 58.43 | 52.15 | 213.51 |
Particulars (in Rs. Crores)
Revenue from operations
EBITDA
PAT
Total Assets
Share Capital
Total Borrowings
Operating Activities (Net Cash)
Investing Activities (Net Cash)
Financing Activities (Net Cash)
Net Cashflow
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.
Peer Comparison:
- Smartworks Coworking Spaces Limited
- Awfis Space Solutions Limited
Smartworks Coworking Spaces Ltd IPO Key Points
Strengths
- Our market leadership backed by scale and steady growth.
- Our ability to lease and transform entire / large properties across India's key office clusters into amenities rich `Smartworks' branded Campuses.
- Our focus on acquiring Enterprise Clients with higher Seat requirements as well as emerging mid to large Enterprises and grow with them.
- Our execution capabilities backed by cost efficiencies, effective processes and technology infrastructure.
- Our financial acumen and strategic execution abilities make us capital efficient, resulting in saving our equity on capital expenditure and working capital.
Risk
- During Fiscal 2025, we derived 75.19% of our Rental Revenue from our Centres located in Pune, Bengaluru, Hyderabad and Mumbai. Any adverse developments affecting such locations and Centres could have an adverse effect on our business, results of operations and financial condition.
- Our business is focused on Clients who typically require over 300 Seats across multiple Centres and cities. We may not have equal negotiating power with such Clients and it may be difficult for us to find suitable replacements upon termination of agreements with such Clients, which could adversely affect our business, cash flows, results of operation and financial performance.
- Our success largely depends on our ability to identify the right buildings/ properties in right locations and sourcing such Centres at the right rate of rental and other commercial terms. Any failure to do so will adversely affect our business, cash flows, results of operations and profitability.
Strategy
- We intend to capitalise our market leadership, learnings, and expertise to further scale our core business
- Enhance capital efficiency through variable rental business model and managed contracts.
- Scale up our new revenue streams, which are margin-accretive.
- Continue to build proprietary technology to improve operational efficiency and create opportunities for monetisation.
- To become a sustainable company.
- Our market leadership backed by scale and steady growth.
- Our ability to lease and transform entire / large properties across India's key office clusters into amenities rich `Smartworks' branded Campuses.
- Our focus on acquiring Enterprise Clients with higher Seat requirements as well as emerging mid to large Enterprises and grow with them.
- Our execution capabilities backed by cost efficiencies, effective processes and technology infrastructure.
- Our financial acumen and strategic execution abilities make us capital efficient, resulting in saving our equity on capital expenditure and working capital.
How To Apply for Smartworks Coworking Spaces Ltd IPO Online?
Step 1:
Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.
Step 2:
From the list of open IPOs, select the IPO you want to invest.
Step 3:
Go through the IPO details like lot size, price band, about the company, etc.
Step 4:
Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.
Step 5:
Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.