Smartworks Coworking Spaces Limited IPO: 10 Key Things to Know Before Investing

Smartworks has established itself as a pioneer in India’s managed office space segment. Unlike traditional coworking players, it focuses on mid-to-large enterprises, offering customisable, amenity-rich campuses designed to promote productivity and employee well-being.

With over 169,000 seats across 50 centers in 14 Indian cities and Singapore, Smartworks is trusted by 728 clients as of March 2025. It operates four out of the five largest leased centres in India and collaborates with service providers like Chaipoint and ClearTax to enhance the workplace experience. Its capital-efficient model and tech-driven execution give it a strategic edge in the flexible office space industry. 

Here are the key details of the IPO:

IPO dates: July 10th - 14th, 2025

Listing date: July 17th, 2025

Price band: ₹387 - ₹407 per share

Total issue size: ₹582.56 Cr

Face value: ₹10 per share

Listing Exchange: BSE, NSE

Lot Size: 36 Shares

Promoters: Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP, Aryadeep Realstates Private Limited 

The minimum investment required to apply for the Smartworks IPO is ₹13,932 based on the lot size of 36 shares at the lower price band of ₹387. However, to increase your chances of allotment, applying at the upper price band would require ₹14,652 (36 shares at ₹407 per share).

Incorporated in 2015, Smartworks Coworking Spaces Limited provides tailored managed office solutions for enterprises.

Services: Fully serviced campuses, on-demand meeting spaces, cafeteria, fitness centres, crèches, and tech-enabled operations.

Operations: Pan-India presence including Bengaluru, Pune, Hyderabad, Mumbai and one overseas location in Singapore.

Clientele: Focus on Indian corporates, MNCs, and high-growth startups.

Smartworks transforms commercial properties into vibrant, tech-integrated campuses that support employee engagement and productivity. 

The key objectives of the Smartworks IPO are:

• Repayment/prepayment/redemption of certain borrowings.
• Capital expenditure for fit-outs in new centres.
• Security deposits for new properties.
• General corporate purposes to support business growth and scalability.

The IPO allocation structure typically follows the below format (exact break-up may vary):

QIB Shares Offered (QIBs): Not less than 49.64% of the Issue

Retail Shares Offered: Not more than 34.76 % of the Issue

NII (HNI) Shares Offered: Not more than 14.89 % of the Issue

Employee Shares Offered: Not more than 0.71 % of the Issue 

Strengths:

• Market leadership with the largest managed office footprint in India.
• Pan-India presence with 8.0 million sq. ft. leased portfolio.
• Enterprise-focused clientele with long-term, customised solutions.
• Technology-driven operations for efficiency and scalability.
• Capital-efficient model with revenue-sharing arrangements and long-term contracts.

Risks:

• Geographic concentration: 75.2% of revenue comes from 4 cities.
• Macroeconomic sensitivity: Depends heavily on India’s economic and IT sector health.
• Internal control gaps: FY23 saw a qualified audit opinion.
• Negative earnings: Loss-making for the last three fiscal years.
• Flexible office market risks: Includes lease mismatches, high churn, and rental escalations. 

Smartworks has shown strong top-line growth but remains loss-making. (INR Cr): 

Basis of allotment: July 15, 2025

Refund initiation: July 16, 2025

Shares credited to demat accounts: July 16, 2025

Listing date: July 17, 2025 

Smartworks is an exciting player in India’s high-potential managed office space segment. It has demonstrated rapid growth, strong brand partnerships, and a scalable model. However, investors should be cautious about its consistent losses, operational risks, and heavy dependence on specific geographies and sectors.

Consider your risk appetite and long-term outlook before investing in this IPO.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult your financial advisor before investing.