Smartworks, one of India’s leading managed coworking space providers, has announced the price band for its upcoming IPO, set at ₹387 to ₹407 per share. The public issue will open for subscription on July 10 and close on July 14.
At the upper end of the price band, Smartworks is expected to command a valuation of approximately ₹4,650 crore (around $540 million).
The IPO comprises a fresh issue of shares worth ₹445 crore and an offer for sale (OFS) of up to 33.79 lakh equity shares. This is a reduction from the company’s earlier Draft Red Herring Prospectus (DRHP), which proposed a ₹550 crore fresh issue and an OFS of 67.59 lakh shares.
The company has also earmarked shares worth ₹3.75 crore for its employees, who will receive a discount of ₹37 per share under the employee reservation portion.
Anchor investor bidding for the IPO will open on July 9.
The OFS component will see promoters NS Niketan LLP and SNS Infrarealty LLP offloading part of their holdings, along with existing investor Space Solution India Pte Ltd, which will pare its stake as well.
Smartworks, through its platform Smartworks Datalabs, caters to enterprises by offering fully managed, tech-enabled office spaces. The IPO proceeds from the fresh issue are expected to be used for expansion, working capital, and general corporate purposes, aligning with the company’s vision to scale up in India’s booming flexible workspace market.
