Smartworks Coworking Spaces is set to launch its ₹582.56 crore IPO on July 10, 2025. Backed by strong financials and market interest, the offer includes both fresh equity and OFS. With grey market premiums already at ₹29, the IPO signals rising investor confidence in India’s growing flexible workspace industry.
Smartworks Coworking Spaces Ltd, one of India’s largest managed office space providers, is set to open its initial public offering (IPO) on July 10, 2025. The public issue will remain open for subscription until July 14 and is expected to raise ₹582.56 crore through a mix of fresh equity shares and an offer for sale (OFS).
The IPO price band has been fixed at ₹387 to ₹407 per equity share. Out of the total issue size, ₹137.56 crore is allocated to OFS, while the remaining ₹445 crore will be raised via fresh issuance. The company plans to list its shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), with the listing tentatively scheduled for July 17.
Investor sentiment appears optimistic ahead of the offering. According to market observers, shares of Smartworks are currently commanding a grey market premium (GMP) of ₹29, indicating potential listing gains and early confidence in the IPO. The minimum application size has been set at 36 shares per lot, making it accessible for retail investors.
The lead managers for the issue include JM Financial, BoB Capital Markets, IIFL Capital Services, and Kotak Mahindra Capital. MUFG Intime India Private Limited (Link Intime) will serve as the registrar for the IPO. Allotment of shares is expected by July 15.
Financially, Smartworks presents solid metrics that may appeal to both institutional and retail investors. The company’s market capitalisation stands at ₹4,644.82 crore. As of the end of FY25, Smartworks reported a strong Return on Capital Employed (ROCE) of 42.30% and an impressive EBITDA margin of 62.39%. Its price-to-book value is noted at ₹38.58 per share, reflecting healthy valuation dynamics in the fast-evolving coworking and managed office sector.
Founded to meet the demand for enterprise-grade flexible workspaces, Smartworks operates a pan-India network of fully managed, tech-enabled office spaces. The company primarily caters to large enterprises, mid-sized firms, and startups seeking scalable solutions with low upfront costs—an increasingly attractive proposition in the post-pandemic workplace economy.
This IPO is being closely watched by both real estate and public market analysts, as it marks one of the first major listings from India’s flexible workspace segment. With hybrid work models becoming the norm, companies like Smartworks are well-positioned to benefit from evolving workplace strategies and rising demand for managed office infrastructure.
As Smartworks enters the public market, it not only reflects investor faith in the brand but also in the broader potential of India’s flexible workspace industry—an asset-light, agile model that’s reshaping how businesses operate in the modern economy.
