Smartworks IPO Opens, Lists July 17, Targets Rs 583 Cr

Smartworks Coworking Spaces Ltd opened its IPO on July 10, 2025, targeting Rs 583 crore—Rs 445 crore from fresh equity and Rs 138 crore from an offer-for-sale—with the subscription closing on July 14 and shares expected to list on July 17. The price band is set at Rs 387-407 per share, and the grey market premium suggests a 6-8% listing gain. Proceeds will be used mainly to repay Rs 114 crore in debt, fund Rs 226 crore for new center fit-outs and deposits, and for general corporate purposes. Ahead of the IPO, Smartworks raised Rs 173.6 crore from anchor investors, including major mutual funds and insurers. As of March 2025, Smartworks is India’s largest managed campus operator by leased area, with over 8.99 million sq ft across 50 centers at 83.1% occupancy, but it remains loss-making despite revenue growth. Analysts view the IPO as fully priced and suggest subscribing for the long term.