Flexible workspace provider Smartworks has secured SEBI approval to launch an IPO, including a fresh issue worth INR 550 crore and an OFS of 6.76 million shares. Operating 41 centres across 13 cities with 8 million sq ft and 180,000 seats, the company reported FY24 revenue of INR 1,039 crore, a 46% YoY growth. Long-term investor Keppel Ltd. has invested USD 29 million since 2019. Smartworks plans to use IPO proceeds for loan repayments and corporate purposes, alongside a potential INR 110 crore pre-IPO placement. This move supports its expansion, including a new 35,000 sq ft centre in Singapore.
Flexible workspace provider, Smartworks, has received approval from the Securities and Exchange Board of India (SEBI) to raise capital through an initial public offering (IPO). As of March 31, 2024, Smartworks has established a presence across 13 cities, with a portfolio of 41 centres covering 8 million square feet. The company has also ventured into the international market, leasing 35,000 square feet of space in Singapore.
Smartworks' long-time investor, Singapore-based Keppel Ltd., has invested USD 29 million in the company since 2019. Recently, Smartworks raised INR 168 crore (approximately USD 20.24 million) from investors including Keppel Ltd, Ananta Capital Ventures Fund I, Plutus Capital, and several family trusts. The company has announced plans to invest INR 238 crore in the next three years for the fit-out of upcoming centres.
The company's proposed IPO will involve a fresh issue of equity shares worth INR 550 crore, along with an offer for sale (OFS) of 6.76 million shares, as per its Draft Red Herring Prospectus (DRHP). Additionally, Smartworks may consider raising INR 110 crore through pre-IPO placement. The funds raised will be allocated for loan repayments and general corporate purposes.
With a portfolio encompassing 8 million square feet and 180,000 seats, Smartworks reported revenue of INR 1,039 crore for FY24, reflecting a 46% growth from the previous year.
In conclusion, Smartworks' IPO approval marks a significant milestone as the company expands its footprint both domestically and internationally. The funds raised will bolster its future growth and strengthen its competitive position in the flexible workspace market.
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