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Smartworks Coworking Spaces Ltd made a confident debut on the stock exchanges this past week, listing at a premium of over 7% compared to its issue price of INR 407. The Gurugram-based company's IPO, which aimed to raise INR 583 crore, received a robust subscription of 13.45 times on the final bidding day, underlining strong investor appetite. The IPO proceeds will primarily be used to expand its flexible office space portfolio and reduce debt. With 48 operational centres and more than 1.9 lakh seats across major Indian cities, Smartworks is positioning itself for accelerated growth in India's evolving office real estate segment.
Smartworks Coworking Spaces Ltd made a noteworthy debut on the stock market this past week, as its shares were listed at INR 436.10 on the BSE, reflecting a 7.14% premium over its issue price of INR 407. On the NSE, the stock opened at INR 435, marking a 6.87% jump. During the early trading hours, the stock saw a sharp rally and rose further to INR 469, registering a strong intra-day gain of 15.23%. Advertisement
The listing follows the company's INR 583 crore initial public offering (IPO), which opened for subscription last week and closed on Monday. The IPO witnessed an enthusiastic response from investors, getting subscribed 13.45 times. The price band for the offering was set between INR 387 and INR 407 per share.
The IPO was aimed at raising close to INR 600 crore, with the primary objective of fueling business expansion and paring down debt. The proceeds will support Smartworks in scaling its operations across more cities while strengthening its balance sheet.
Smartworks, headquartered in Gurugram, is one of India's leading managed workspace providers. It currently operates 48 centres with a total seating capacity exceeding 1.9 lakh. The company's real estate footprint covers key business hubs across India, positioning it as a competitive player in the fast-growing co-working and managed office space segment. As of the morning of the listing, Smartworks' market valuation stood at approximately INR 5,241.48 crore.
Industry watchers note that Smartworks' IPO success reflects broader confidence in the flexible workspace model, which has gained significant traction in India post-pandemic, driven by demand for agile, scalable, and cost-efficient office solutions.
Source PTI
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