The company had fixed its IPO price at Rs 407 per share. With the current GMP hovering around Rs 28, the implied listing price is expected to be in the range of Rs 435, suggesting a possible listing pop for investors — albeit modest.
The Rs 583 crore IPO consisted of a fresh issue worth Rs 445 crore and an offer for sale (OFS) component of Rs 138 crore. Investors responded strongly, with the QIB portion subscribed 24.92 times, NII 23.68 times, and retail 3.69 times. The employee quota saw a relatively lower subscription at 2.51 times.
Smartworks is one of India’s largest providers of managed office spaces for enterprises, offering fully serviced, tech-enabled office environments.
The company caters to large corporates and MNCs and operates premium campuses across major Indian cities. As of March 2025, it had over 1.69 lakh seats under management and a growing client base of more than 700 companies.
Despite its scale, Smartworks continues to report losses, with a net loss of Rs 63 crore in FY25, compared to Rs 50 crore in the previous fiscal. However, its operating performance remains strong, with EBITDA rising 30% year-on-year to Rs 857 crore in FY25.The IPO proceeds will be used primarily for debt repayment and capital expenditure on fit-outs for new centres. With high client retention, a robust B2B model, and capital-light operations, the company aims to strengthen its market leadership in the enterprise workspace segment.While valuations remain steep and risks tied to ongoing losses persist, the muted GMP suggests tempered but positive sentiment ahead of listing.
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