Smartworks, a company that provides managed office spaces, has raised INR 174 crore (about $20 million) from key investors before its upcoming IPO. The IPO will open for subscription on July 10.
About 12 big institutional investors took part in the anchor round. These included Tata Mutual Fund, Aditya Birla Sun Life, Axis Mutual Fund, and SBI General Insurance.
Smartworks gave 42.66 lakh equity shares to anchor investors for Rs 407 each, as per a filing with the Bombay Stock Exchange (BSE).
Other investors who joined the anchor round include Baroda BNP Paribas Mutual Fund, Trust Mutual Fund, Societe Generale, and Buoyant Capital.
Smartworks’ total IPO size is INR 583 crore. Out of this, INR 445 crore will come from selling new shares. The rest will be raised by existing shareholders selling their shares.
The money raised will be used to open new office centers, pay off or reduce some loans, and cover general business expenses.
Founded in 2016, Smartworks provides customized managed office spaces on a long-term lease basis to enterprises. It competes with players such as WeWork India, Awfis, and Table Space in the flexible office space segment.
According to its red herring prospectus, Smartworks had 41 office centers in 13 cities, covering over 8 million square feet, as of March 2024.
The company earned INR 1,374 crore in revenue in FY25, up from INR 1,039 crore in FY24. However, its losses also increased by 20%, reaching INR 62 crore in FY25, compared to Rs 50 crore the year before.
The Smartworks IPO will be open to the public from July 10 to July 14, 2025. The share price will be between Rs 387 and Rs 407. Retail investors must buy at least 36 shares, which means a minimum investment of Rs 14,652.
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