Smartworks Coworking Spaces Ltd, a leading provider of managed office spaces, has filed for an IPO with SEBI. The proposed offering includes an INR 550 crore fresh issue and an Offer for Sale of 67.59 lakh shares by promoters. The company may also raise an additional INR 110 crore through a pre-IPO placement. The proceeds will be used for capital expenditure, loan repayment, and general corporate purposes. Specializing in transforming bare-shell properties into tech-enabled, amenity-rich campuses, Smartworks caters to businesses of all sizes, with a focus on mid-to-large companies. The IPO is being managed by a consortium of reputed investment banks.
Smartworks Coworking Spaces Ltd, a prominent provider of managed office spaces, has filed preliminary documents with the capital markets regulator SEBI to raise funds through an initial public offering (IPO). The proposed IPO includes a fresh issue of equity shares worth INR 550 crore and an Offer for Sale (OFS) of 67.59 lakh shares by the promoters.
The company may also consider raising an additional INR 110 crore through a pre-IPO placement, which would be deducted from the total fresh issue size. The proceeds from the fresh issue will be utilized for capital expenditure related to the fit-outs in new centres, payment of loans, and general corporate purposes.
The IPO process is being managed by JM Financial Ltd, BOB Capital Markets Ltd, IIFL Securities Ltd, and Kotak Mahindra Capital Company Ltd.
Smartworks Coworking Spaces specializes in leasing large, bare-shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with modern amenities such as cafeterias, sports zones, gyms, creches, and medical centres. The company caters to businesses of all sizes, with a focus on mid-to-large companies that require over 300 seats.
The company's operations are concentrated in cities including Bengaluru, Mumbai Metropolitan Region, Hyderabad, Gurugram, and Chennai.
According to the draft papers, India's commercial office space is expected to grow at an annual rate of 6.71 per cent, reaching 1,079.3 million square feet by the end of 2027.
With its specialized expertise in creating modern, tech-enabled workspaces and its focus on catering to the evolving needs of businesses, Smartworks is well-positioned to capitalize on the growing demand for flexible and innovative office solutions. The upcoming IPO will enable the company to further strengthen its market presence and continue its expansion, solidifying its position as a leading player in the coworking and managed office space segment.
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