Here’s a comprehensive and updated overview of Smartworks Coworking Spaces Ltd. IPO:
IPO Dates
- Opening Date: 10 July 2025
- Closing Date: 14 July 2025
- Allotment Finalized: 15 July 2025
- Initiation of Refunds: Jul 16, 2025
- Credit of Shares to Demat: Jul 16, 2025
- Listing Date: Jul 17, 2025
IPO Details
- Face Value: ₹10 per share
- Price Band: ₹ 387–407 per share
- Lot Size: 36 Shares
- Total Size: Approx ₹ 583 crore at upper band
- Fresh Issue: ₹ 445 crore
- Offer for Sale (OFS): Valued at ~₹ 138 crore (3.379 million shares)
- Selling Shareholders: Promoters NS Niketan LLP, SNS Infrarealty, and investor Space Solutions India
- Issue Type: Bookbuilding IPO
- Listing At: BSE, NSE
- Share Holding Pre Issue: 10,31,89,592 shares
- Share Holding Post Issue: 11,41,23,252 shares
GMP of Smartworks Coworking Spaces Ltd. IPO
As of now, the Grey Market Premium (GMP) for Smartworks Coworking Spaces Ltd. IPO appears to be flat (₹ 0). According to Business Today, there hasn’t been much activity in the grey market, resulting in no clear premium over the issue price.
Further, as reported by INDmoney, GMP data for Smartworks hadn’t even begun tracking as of July 7, 2025, indicating negligible secondary-market interest before listing.
Promoters of Smartworks Coworking Spaces Ltd. IPO
Here are the promoters of Smartworks Coworking Spaces Ltd., along with some key details:
- Neetish Sarda
- Harsh Binani (son-in-law of jute baron Ghanshyam Sarda)
- Saumya Binani
Neetish Sarda
- Co‑founder, serving as Managing Director.
- Hails from a business family with a background in manufacturing and IT.
- Started Smartworks in April 2016 and steered it to profitability within two years.
Harsh Binani
- Co‑founder and strategic lead: Head of product, customer experience, technology, and marketing.
- Prior career includes strategy consulting with McKinsey & Co (Chicago) and leadership initiatives at Medanta Medicity.
- He is also the son-in-law of jute baron Ghanshyam Sarda.
Saumya Binani
- Family member and promoter, listed in IPO documents alongside Neetish and Harsh.
- While publicly less profiled, she’s included in the official promoter group.
Promoter Summary Table
| Promoter | Role / Detail |
|---|---|
| Neetish Sarda | Co-founder & Managing Director; family/business background; co-founded 2016 |
| Harsh Binani | Co-founder; strategy/ops/tech lead; ex-McKinsey, ex-Medanta; son-in-law of Ghanshyam Sarda |
| Saumya Binani | Promoter family member; in IPO filings alongside Neetish, Harsh |
| NS Niketan LLP | Holding ~42.4%; selling ~9.8 lakh shares in OFS |
| SNS Infrarealty LLP | Holding ~26.7%; selling ~6.2 lakh shares in OFS |
| Aryadeep Realestates Pvt Ltd | Promoter entity, part of ~69% promoter holding |
| Space Solutions India Pte Ltd | Institutional investor (Keppel), ~19% pre-IPO, selling ~51.6 lakh shares |
Smartworks Coworking Spaces Ltd. IPO Lot Size
| 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 |
Smartworks Coworking Spaces Ltd. IPO Promoter Holding
Here are the key details on promoter holding in Smartworks Coworking Spaces Ltd. ahead of its IPO:
| Share Holding Pre Issue | 65.19% |
| Share Holding Post Issue | 58.25% |
About Smartworks Coworking Spaces Ltd.
- Founded: April 2016 by Neetish Sarda and Harsh Binani, later converted to a public limited entity in June 2024 to access capital markets.
- Business Model: Leases large, bare-shell commercial properties and transforms them into fully serviced, tech-enabled campuses. Features include cafeterias, gyms, medical zones, sports areas, and app-based visitor and meeting-room management.
Growth Milestones
| Year | Key Development |
|---|---|
| 2017 | Expansion across Tier‑1 cities with 12 centres (goodreturns.in) |
| 2019 | Raised funding from Keppel (~USD 25 M) and pivoted to enterprise-focused model |
| 2020 | Launched mobile app & IOT capabilities amid COVID-19 |
| 2022 | Leased 0.7 mn sq ft in Bengaluru’s Vaishnavi Tech Park |
| 2023 | Entered Tier‑2 markets—Jaipur, Indore, Ahmedabad, Kochi |
| 2024 | Acquired 2 Singapore centers, crossed ₹1,000 crore revenue |
Target Clients & Offerings
- Primary clients: Mid‑ to large‑enterprises, often requiring over 300 seats; caters to teams ranging from <50 to 4,800+ seats
- Community & culture: Wellness clubs, social events, fitness classes, music, and knowledge-sharing—going beyond just office space
Tech edge:
- Proprietary mobile app enabling meeting-room bookings, visitor management, and real‑time support
Smartworks Coworking Spaces Ltd. Financial Information
Here’s a detailed overview of Smartworks Coworking Spaces Ltd.‘s financials based on its most recent fiscal years and IPO filings:
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹4,650.85 Crore | ₹4,147.08 Crore | ₹4,473.50 Crore |
| Revenue | ₹1,409.67 Crore | ₹1,113.11 Crore | ₹744.07 Crore |
| Profit After Tax | ₹-63.18 Crore | ₹-49.96 Crore | ₹-101.05 Crore |
| EBITDA | ₹857.26 Crore | ₹659.67 Crore | ₹424.00 Crore |
| Net Worth | ₹107.51 Crore | ₹50.01 Crore | ₹31.47 Crore |
| Reserves and Surplus | ₹4.69 Crore | ₹29.01 Crore | ₹-46.23 Crore |
| Total Borrowing | ₹397.77 Crore | ₹427.35 Crore | ₹515.39 Crore |
Financial Highlights
Revenue Growth:
• FY24 up ~40%, FY25 up ~31% → strong year-on-year expansion
• FY25 total income ₹1,374 cr (incl. ₹1,370 cr operational income)
Profitability:
• EBITDA positive since FY23; around ₹857 cr in FY25
• Net loss narrowed significantly: FY23 –₹101 cr → FY24 –₹50 cr → FY25 –₹63 cr
Margin Performance:
• EBITDA margin improving (~57% → 63%) and steady (~62%)
Balance Sheet:
• Net worth doubled FY23‑25 (~₹31 cr → ₹107 cr)
• Leverage reduced: borrowings declined from ₹515 cr to ₹398 cr, improving debt/equity from ~8.3 to ~2.9
Key Performance Indicator (KPI)
Here are the Key Performance Indicators (KPIs) for Smartworks Coworking Spaces Ltd. based on its IPO filings, investor presentations, and financial reports:
| KPI | Values |
|---|---|
| ROCE | 42.30% |
| Debt/Equity | 2.90 |
| RoNW | -58.76% |
| EBITDA Margin | 62.39% |
| Price to Book Value | 38.58 |
Strengths of Smartworks Coworking Spaces Ltd. IPO
- Strong revenue growth – Revenue grew from ₹711 Cr to ₹1,039 Cr in one year.
- Enterprise-focused – Serves large clients like Microsoft, Amazon, and EY.
- Wide presence – 41 centers across 13 cities + expansion into Singapore.
- High occupancy – ~85% desk occupancy ensures recurring income.
- Tech-driven model – Offers smart campus solutions via app and IoT.
- Positive EBITDA – Profit at operational level with improving margins.
- Strong investor backing – Supported by Keppel Land (Singapore).
- High client retention – Around 89% of clients renew or extend leases.
Risks of Smartworks Coworking Spaces Ltd. IPO
- Net losses continue – Loss of ₹49.95 Cr in FY24 despite high revenue.
- Lease-heavy model – Fully dependent on long-term property rentals.
- Capital intensive – Needs high upfront investment in every center.
- Market competition – Faces tough competition from Awfis, WeWork, etc.
- Economic sensitivity – Demand can drop with downturns or remote work.
- No property ownership – Asset-light strategy may affect long-term value.
- Regulatory dependence – Subject to real estate and business compliance risks.
- Client concentration – Losing a key client could impact cash flow.
Smartworks Coworking Spaces Ltd. Contact Details
Here are the contact details for Smartworks Coworking Spaces Ltd.:
🏠 Headquarters & Offices
Registered Office (Delhi)
Unit No. 305–310, Plots 9, 10 & 11, Vardhman Trade Centre, Nehru Place, South Delhi – 110019
Corporate Office (Gurugram)
Golf View Tower, Tower‑B, Sector 42, Gurugram, Haryana 122002
Phone: 0124‑6919400
📞 Phones & Email (General Enquiries)
- 📱 India (Toll‑free): +91 84489 80480
- 📧 Email: [email protected]
🌏 Singapore Office
- 1 Pickering Street, #08‑00 Great Eastern Centre, Singapore 048659
- 🇸🇬 Phone: +65 6208 3888
- 📧 Email: [email protected]
📰 Media & Partnerships
- 🧾 Media Enquiries: [email protected]
- 🤝 Brand Partnerships: via contact form on website (“Click Here” link)
Summary Table
| 📍 Office | Address | Phone | |
|---|---|---|---|
| Delhi (Reg. Off.) | Nehru Place, South Delhi – 110019 | +91 84489 80480 | [email protected] |
| Gurugram (Corp.) | Golf View Tower, Sector 42, Gurugram – 122002 | 0124‑6919400 | [email protected] |
| Singapore | 1 Pickering Street, #08‑00, Great Eastern Centre, Singapore 048659 | +65 6208 3888 | [email protected] |
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