Smartworks Coworking Spaces Limited is India’s largest platform for customized managed workspaces—designed not for freelancers, but for the giants: enterprises, MNCs, and high-growth startups.
Built for enterprises, MNCs, and fast-growing startups, Smartworks offers fully-managed, tech-enabled workspaces that feel more like campuses than offices. Think: cafeterias, gyms, medical rooms, crèches — all under one roof, designed for well-being, productivity, and collaboration.
🧩 The Smartworks Ecosystem
At the core of Smartworks is a powerful ecosystem model that connects four key stakeholders:
- Clients (Enterprises): Offered flexible, tech-enabled office spaces across major Indian cities, designed to enhance productivity and reduce costs.
- Landlords: Collaborates with non-institutional property owners to transform vacant buildings into Smartworks campuses — offering them rental assurance and long-term value.
- Employees of Clients: Get access to an environment that encourages wellness and community — with services like cafés, lounges, breakout zones, gyms, and even daycare centers.
- Service Partners: Brands like Chaipoint, ClearTax, and more plug into Smartworks’ campuses to offer their services — gaining access to a high-density, premium customer base.
📊 Scale That Speaks
As of March 31, 2025, Smartworks had:
- 169,541 total seats
- 728 active clients
- 12,044 seats still available for occupancy
With a team of 794+ employees, Smartworks is not just creating office spaces — it’s building the future of how India works.
Smartworks Coworking IPO – Details
| IPO Opening Date | 10 July 2025 |
| IPO Closing Date | 14 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,43,13,400 Shares Worth ₹582.56 Crore Fresh Issue: 1,09,33,660 Shares Worth ₹445.00 Crore Offer For Sale: 33,79,740 Shares Worth ₹137.56 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹387 – ₹407 per share |
| Market Lot | 36 Shares |
| Min Order | 36 Shares [ 1 LOT ] |
| Employee Discount | ₹37 |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Private Limited (Link Intime) |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Smartworks Coworking IPO – Date Schedule
| IPO Open Date | 10 July 2025 |
| IPO Close Date | 14 July 2025 |
| Basis of Allotment | 15 July 2025 |
| Initiation of Refund | 16 July 2025 |
| Credit of Shares to Demat Account | 16 July 2025 |
| IPO Listing Date | 17 July 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 14, 2025 |
Smartworks Coworking IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 36 | ₹14,652 |
| Retail (Max) | 13 | 468 | ₹1,90,476 |
| S-HNI (Min) | 14 | 504 | ₹2,05,128 |
| S-HNI (Max) | 68 | 2,448 | ₹9,96,336 |
| B-HNI (Min) | 69 | 2,484 | ₹10,10,988 |
Competitive Strength
- Their market leadership backed by scale and steady growth.
- Their ability to lease and transform entire/ large properties across India’s key clusters into amenities rich ‘Smartworks’ branded Campuses.
- Their focus is on acquiring Enterprise Clients with higher Seat requirements as well as emerging mid-to-large Enterprises and growing with them.
- Their execution capabilities are backed by cost efficiencies, effective processes, and technology infrastructure.
- Their financial acumen and strategic execution abilities make us capital efficient, resulting in saving our equity on capital expenditure and working capital.
- Their risk-mitigating strategy allows us to build a financially stable business model.
Company Promoters
- Neetish Sarda
- Harsh Binani
- Saumya Binani
- NS Niketan LLP
- SNS Infrareality LLP
- Aryadeep Realstates Private Limited
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹744.07 Cr | ₹880.30 Cr | -₹101.05 Cr | ₹515.39 Cr |
| 31 March 2024 | ₹1,113.11 Cr | ₹1,180.73 Cr | -₹49.96 Cr | ₹427.35 Cr |
| 31 March 2025 | ₹1,409.67 Cr | ₹1,489.13 Cr | -₹63.18 Cr | ₹397.77 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROCE | 42.30% |
| Debt/Equity | 2.90 |
| RoNW | -58.76% |
| EBITDA Margin | 62.39% |
| Price to Book Value | 38.58 |
| Pre IPO | Post IPO | |
| EPS (₹) | -6.12 | -5.54 |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment/ prepayment/ redemption, in full or in part, of certain borrowings availed by the Company | 114.00 |
| Capital expenditure for fit-outs in the New Centres and for security deposits of the New Centres | 225.84 |
| General corporate purposes |
Smartworks Coworking IPO Peer Comparison
| S. No. | Face Value | Company Name | P/E |
|---|---|---|---|
| 2 | 10 | Awfis Space Solutions Ltd | 63.18 |
| 3 | 2 | Jubilant FoodWorks Ltd | 205.81 |
| 4 | 1 | Devyani International Ltd | 2,097.13 |
| 5 | 2 | Sapphire Foods India Ltd | 548.00 |
| 6 | 2 | Westlife Foodworld Ltd | 955.26 |
| 7 | 10 | Restaurant Brands Asia Ltd | – |
✅Strengths
- Largest managed office campus operator in India.
- Operates in 14 Indian cities and Singapore.
- Converts full buildings into serviced tech-enabled campuses.
- Focus on large enterprises with long-term contracts.
- Uses client deposits and lease rentals for funding.
- Diversified clients and built-in rental safeguards.
⚠️Risks
- Consistent losses over the last three years.
- Depends on availability of large commercial spaces.
- Negative cash flows from investing and financing.
- Limited experience in international markets.
- High depreciation and finance costs.
Smartworks Coworking IPO Promoter Holding
| Pre Issue Share Holding | 65.19% |
| Post Issue Share Holding | 58.25% |
Smartworks Coworking IPO Prospectus
Company Contact Information
| Smartworks Coworking Spaces Limited Unit No. 305-310, Plot No 9, 10 and 11, Vardhman Trade Centre, Nehru Place, South Delhi, Delhi, New Delhi, 110019 Phone: +91 83840 62876 Email: companysecretary@sworks.co.in Website: https://www.smartworksoffice.com/home/ |
Smartworks Coworking IPO Registrar
| MUFG Intime India Private Limited (Link Intime) Phone: +91-22-4918 6270 Email: smartwork.ipo@in.mpms.mufg.com Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
Smartworks Coworking IPO Lead Manager(s)
| 1. JM Financial Limited 2. IIFL Securities Limited 3. BOB Capital Markets Limited 4. Kotak Mahindra Capital Company Limited |
Smartworks Coworking IPO FAQs
| What is Smartworks Coworking IPO? Smartworks Coworking IPO is a main-board IPO. The issue is priced at ₹387 to ₹407 per equity share. The IPO is to be listed on BSE & NSE. |
| When Smartworks Coworking IPO will open? The IPO is to open on 10 July 2025 for QIB, NII, and Retail Investors. |
| What is Smartworks Coworking IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Smartworks Coworking IPO? You can apply Smartworks Coworking IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Smartworks Coworking IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Smartworks Coworking IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Smartworks Coworking IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Smartworks Coworking IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Smartworks Coworking IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Smartworks Coworking IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Smartworks Coworking IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Smartworks Coworking IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Smartworks Coworking IPO Size? Smartworks Coworking IPO size is ₹582.56 Crore. |
| What is the Smartworks Coworking IPO Price Band? Smartworks Coworking IPO Price Band is ₹387 to ₹407. |
| What is Smartworks Coworking IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 36 Shares with ₹14,652 while the maximum bid is 468 Shares with ₹1,90,476. |
| What is the Smartworks Coworking IPO Allotment Date? Smartworks Coworking IPO allotment date is 15 July 2025. |
| What is the Smartworks Coworking IPO Listing Date? Smartworks Coworking IPO listing date is 17 July 2025. The IPO is to be listed on BSE and NSE. |
