Smartworks Coworking IPO Final Day Update: Moderate Demand, 3.75x Subscribed; All Eyes Now on July 17 Debut

Smartworks Coworking Spaces IPO is ending its three-day bidding process on July 14 after getting a lukewarm yet stable investor response. Even though it was not oversubscribed at extreme levels, the Smartworks Coworking IPO received solid interest from institutional and non-institutional investors. The company expects to raise Rs. 582.56 crore through both fresh equity and an offer for sale (OFS).

Smartworks Coworking IPO Details

The Smartworks Coworking IPO opened on July 10 and will close on July 14. The price band has been set at Rs. 387 to Rs. 407 per share, with a minimum lot size of 36 shares, requiring a retail investment of Rs. 13,932. This public issue includes a fresh issue of 1.09 crore shares worth Rs. 445 crore and an OFS of 0.34 crore shares worth Rs. 137.56 crore. The allotment of the IPO will be done on 15th July, and the issue will make a debut on the stock market on July 17 on both BSE & NSE.

Smartworks Coworking IPO

Smartworks Coworking IPO Subscription Status on Last Day

By the close of bidding on July 14, the Smartworks IPO was subscribed 3.75 times overall. The retail portion was booked 2.23 times, with moderate interest from individual investors. Meanwhile, QIBs subscribed their portion 4.29 times, and the NII category saw the highest interest with a 6.63 times subscription. Although not red-hot like some recent tech IPOs, the figures suggest healthy investor participation.

Smartworks Coworking IPO GMP Today

According to the latest update on the Investorgain website on July 14, the Smartworks IPO GMP stood at Rs. 20. Based on the upper price band of Rs. 407, the expected listing price is Rs. 427. Investors are expected to get a potential gain of around 4.91% per share on listing day.

While this isn't an explosive debut by IPO standards, it still indicates mild listing day upside, making it a potential opportunity for investors eyeing short-term returns.

Is it worth subscribing?

The D R Choksey Research report highlighted that Smartworks' IPO is attractively priced when compared to both domestic and global peers. The IPO is priced at 5.8x TTM EV/EBITDA, significantly lower than the 14.4x valuation of domestic listed peers and the 6.8x industry average of global companies. On FY25 projections, the IPO is priced at 20.4x EV/Adjusted Cash EBITDA, versus 49.9x of its nearest Indian peer. Given the strong operating metrics and attractive valuation, the broking has given a "SUBSCRIBE" rating to the issue.

About Smartworks Coworking Spaces

Founded in 2016, Smartworks is one of India's largest providers of managed office spaces, offering end-to-end workspace solutions to enterprises across key metros. The company focuses on flexible, tech-enabled, and scalable office infrastructure for medium- to large-sized enterprises, riding the growing demand for hybrid working models and Grade-A commercial real estate.

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