Smartworks Coworking Space Ltd. has submitted its draft prospectus to the Securities and Exchange Board of India, signaling its intention to raise capital through an initial public offering (IPO). The IPO includes a fresh issue of shares valued at ₹550 crore and an offer-for-sale of 67.6 lakh shares with a face value of ₹10 each, as outlined in the draft red herring prospectus (DRHP).
The company may also explore raising an additional ₹110 crore through a pre-IPO placement. Should this option be exercised, the amount will be deducted from the fresh issue size.
Among the promoters, NS Niketan LLP and SNS Infrarealty LLP, along with investor Space Solutions India Pte., will be offering shares for sale. JM Financial Ltd., BOB Capital Markets Ltd., IIFL Securities Ltd., and Kotak Mahindra Capital Co. have been appointed as the book-running lead managers for the IPO.
The net proceeds from the IPO, amounting to ₹282.3 crore, are earmarked for capital expenditures and security deposits. Additionally, ₹140 crore will be allocated to debt repayment, with the remainder designated for general corporate purposes.
Smartworks Coworking Spaces is a company focused on providing office spaces and managed campuses. It specializes in leasing large, unfinished properties in key locations and converting them into fully serviced, technology-enabled campuses with modern amenities. The company’s services are geared toward businesses of all sizes, particularly in cities such as Bengaluru, the Mumbai Metropolitan Region, Hyderabad, Gurugram, and Chennai.
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By Proptechbuzz
By Ravi Kumar
