In a regulatory filing on Wednesday, SmartWorks confirmed 42,66,378 shares allocation to investors worth Rs 407 per share.
Of the total allocation of 42,66,378 shares to anchor investors, 32.04% was allocated to three domestic mutual funds, applied in a total of four schemes.
These three domestic mutual funds are TATA Mutual Fund, Baroda BNP Paribas and Trust Mutual Fund.
Other investors include AXIS’s new opportunities AIF-SERIES II, SBI General Insurance Company Ltd, Aditya Birla Sun Life Insurance Company Ltd, Buoyant Opportunities Strategy II, and Societe Generale.
SmartWorks Coworking Space will appear in the capital market on July 10th and launch an IPO to raise nearly Rs 600 as the company plans to expand its operations and reduce its debt. Based in Gurugram, one of the leading managed flexible office space providers, Smartworks currently has 48 operational coworking centres with seating capacity of over 19,000 people. The company revised the IPO’s price range of 387-407 per share. This ends on July 14th.
The size of the fresh problem has decreased from the previously planned 550 crore to Rs 445, while the offer to sell by the promoter has been reduced from 67.59 lark strain to 33.79 lark strain.
At the top of the price range, the company’s IPO size is estimated at Rs 583, with a market valuation of around Rs 4,645.
Of the total revenue from fresh issuance of stocks, the company will use Rs 226 for capital expenditures related to fitouts and security deposits for new centres in these new centres.
Rs 114 will be used to pay the loan, with the remaining funds being used for general business purposes. OFS revenue is sent to the promoter.
In financial parameters, SmartWorks recorded a net loss of Rs 63.17 in the last fiscal year, due to its cost more than revenue. That net loss was 49.95 Rs in the previous fiscal year 2023-24.
However, in 2024-25, it rose from 1,039.36 crore the previous year to 1,374.05 crore for fiscal year 2024-25.
“These losses were due to our total revenues being lower than the related financial costs,” the company said in its Red Herring Prospectus (RHP) filed with SEBI.
The company aims to increase revenue levels and reduce proportional costs to achieve profitability.
The total consolidated debt was 382 Rs at the end of April.
SmartWorks assumes leased office space from the landowner and then subleases the area to the company. It has an operating portfolio of 8.31 million square feet, with 0.7 million square feet coming out.
The company leased an additional 1.7 million square feet of area from its landlords, but has not acquired any property to set up the center.
The total portfolio exceeds 10 million square feet, including fitouts and space under signatures.
