Smartworks Gets SEBI Nod for IPO to Fund Expansion

06 Dec 2024 CW Team

Flexible workspace provider Smartworks has secured approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO will consist of a fresh issue of equity shares worth five billion rupees (approximately $66.8 million) and an offer for sale (OFS) of 67.59 lakh shares.

Smartworks may also consider raising 1.1 billion rupees (around $14.2 million) through a pre-IPO placement, as outlined in its draft red herring prospectus (DRHP). About 1.4 billion rupees (approximately $18.8 million) will be allocated for loan repayment, with the remaining funds earmarked for general corporate purposes.

As of March 31, 2024, Smartworks had established a robust presence across 13 cities with a portfolio of 41 centers spanning 8 million square feet. The company has also ventured into the international market, leasing 35,000 square feet of workspace in Singapore.

Since 2019, Singapore-based Keppel Ltd. has been a key investor in Smartworks, contributing $29 million to the company. Recently, Smartworks raised 1.68 billion rupees (about $20.24 million) from investors, including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, and family trusts.

Smartworks reported revenue of 10.39 billion rupees (approximately $134.5 million) for FY24, reflecting a 46% year-on-year growth. The company plans to invest 2.38 billion rupees (around $30.8 million) over the next three years in the fit-out of upcoming centers, reinforcing its commitment to scaling operations and capturing market demand.

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