Smartworks Coworking IPO Subscribed 1.20 Times On Day 2: Just 1 Day Left To Apply – Check What GMP Indicates

Smartworks Coworking Spaces IPO received 1.20 times subscription on Day 2, July 11. This indicated that it has received decent interest from investors so far. The IPO opened for subscription on July 10, 2025, and will close on July 14, 2025. If you are planning to apply, make sure to do so before it closes at 5 PM on July 14, which is the last day.

The company, which provides customised, tech-enabled office spaces, aims to raise Rs 445 crore through fresh shares and Rs 137.56 crore via an offer-for-sale (OFS).

Subscription Details:

By the end of Day 2, the Smartworks IPO was subscribed 1.20 times. Retail investors subscribed 1.23 times, non-institutional investors (NII) subscribed 1.86 times, while qualified institutional buyers (QIB) subscribed 64%. According to Chittorgarh.com data at 5:04 PM, on July 11.

The company received 1,20,52,188 bids for the 1,00,56,237 shares on offer. While, it was subscribed 52% on day 1, July 10.

Smartworks Coworking Spaces GMP:

As of today, July 12, the Grey Market Premium (GMP) is stable at Rs 18, showing neutral sentiment. This means investors are willing to pay Rs 18 more than the highest IPO price of Rs 407. Based on this, the estimated listing price of the shares could be around Rs 425, which is about 4.42% higher than the issue price.

However, the GMP has reduced to Rs 30 on Friday. July 11. Smartworks Coworking Spaces GMP has been between Rs 0 to 32 in last 8 sessions of grey market activities.

Smartworks IPO Details:

The Smartworks Coworking IPO has set a price band of Rs 387 to Rs 407 per share, and investors can apply in a lot size of 36 shares. The total issue size is Rs 582.56 crore, which includes both a fresh issue and an offer for sale.

The share allotment is expected to be finalized on July 15, and the IPO is likely to be listed on the BSE and NSE on July 17, 2025.

The IPO has reserved 1,01,351 shares for employees, who will receive a Rs 37 per share discount.

The lead managers for the Smartworks Coworking Spaces IPO are JM Financial, BOB Capital, IIFL Capital, and Kotak Mahindra Capital. The registrar handling the IPO process is MUFG Intime India, also known as Link Intime.

Should You Apply?

Smartworks has shown strong financial growth, with revenue rising from Rs 711 crore in FY23 to Rs 1,374 crore in FY25. It offers tech-enabled, enterprise-grade office solutions and has a 83.12% occupancy rate across 50 centres.

Smartworks Coworking Spaces has mixed reviews across financial firms. Bajaj Broking has given it a subscription for the long term. While Canara Bank had recommended avoiding it.

"Given its asset-light business model, capital efficiency through variable rental and management contracts, and the scale up of new revenue streams (like value-added services & fit-out as a service), which are margin accretive, further strengthen the business going forward. Hence, we recommend a 'Subscribe' rating on a long-term basis," noted Geogit Securities.

About Smartworks Coworking Spaces:

Smartworks is one of India's leading managed office space providers, with a strong presence in 15 cities, managing nearly 9 million sq. ft. of space. It serves Indian companies, MNCs, and startups, providing modern campuses with amenities like cafeterias, gyms, and medical rooms.

Its enterprise-focused model, high occupancy rate, and rising revenues make it a notable player in the flexible workspace sector.

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor GoodReturns. The author, nor the brokerage firm nor GoodReturns would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.