Listed

Smartworks Coworking Spaces Ltd IPO

Smartworks Coworking Spaces Ltd. is a leading provider of managed office spaces in India, founded in 2015 and headquartered in Noida. The company focuses on offering fully serviced, tech-enabled workspaces tailored to the needs of large and mid-sized enterprises. Its solutions combine workspace infrastructure with amenities such as cafeterias, fitness centers, crèches, and medical rooms, creating a complete office ecosystem.

RHP DRHP Anchor Investor link

Min Investment

₹13,932

Lot Size

36 Shares

Price Range

₹407.0

Issue Size (₹ Cr.)

₹582.56

IPO Type

BSE NSE

Key Metrics

Face Value

₹ 10

GMP

₹ 16.0

Subscription

13.92x

EPS

₹ -5.54

P/E Ratio

RoNW

-58.76%

ROE

–99.12%

Debt to Equity (₹ Cr.)

4.43

Timeline

IPO Opened10/07/2025Thursday

IPO Closed14/07/2025Monday

Allotted15/07/2025Tuesday

Refunded16/07/2025Wednesday

Listed17/07/2025Thursday

Strengths

Pan-India Presence Smartworks has established a strong footprint across over 15 cities in India, enabling it to cater to a wide range of enterprise clients nationwide.
Enterprise-Focused Model Unlike many competitors, Smartworks primarily serves large and mid-sized businesses, ensuring higher occupancy stability and long-term contracts.
Asset-Light Strategy By leasing and customizing office spaces instead of owning them, the company scales faster and minimizes capital investment risks.
Integrated Office Ecosystem The company offers end-to-end solutions, including workstations, meeting rooms, recreational zones, and smart amenities, increasing client retention.
Strong Revenue Growth It has demonstrated robust financial performance, with revenue nearly doubling in two years, reflecting strong market demand and execution efficiency.

Weaknesses

Geographical Concentration A large portion of Smartworks' revenue comes from a few key cities, making the company vulnerable to local market fluctuations.
Consistent Net Losses Despite strong revenue growth, the company has posted net losses for several years due to high depreciation, interest, and operational costs.
High Debt Levels Smartworks carries a significant amount of debt, which increases financial risk and limits flexibility for future investments.
Client Concentration Risk The business depends heavily on large enterprise clients; losing a few key clients could impact cash flow and occupancy rates.
Reliance on Leased Properties The company’s asset-light model involves long-term leases, which may lead to fixed obligations even during periods of lower demand.