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Smartworks Coworking IPO
Price Band
₹387.0–407.0
Issue Size
₹582.56 Cr
Lot Size
36 shares
Min Investment
₹14,652
GMP
+₹25.0 (6.14%)
Issue Price
₹407.0
Subject to Sauda
₹700
Paid only if allotted
Smartworks Coworking IPO AI Summary
- Smartworks Coworking IPO is listed on BSE, NSE in the Diversified Commercial Services sector.
- Price band: ₹387.0–₹407.0 per share, lot size 36 shares (min. investment ₹14,652).
- Subscription window: 10 Jul–14 Jul 2025, listing on 17 Jul 2025.
- Current GMP is +₹25.0 (6.14%), an estimated listing price of ₹432 — unofficial and can change daily.
Smartworks Coworking Spaces Limited is positioned in the managed workspace solutions sector, focusing on mid-to-large enterprises. While the company shows growth in revenue, it faces challenges in profitability. Investors should evaluate their risk appetite and investment strategy before considering this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Smartworks Coworking IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 14 Jul 2025 — not a current signal.
6 of 10 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Smartworks Coworking IPO Grey Market Premium (GMP) Today
GMP
+₹25.0
GMP %
+6.14%
Est. Listing
₹432.0
Updated: 25 Jul 2026 14:14
About the Company
Incorporated in 2015, Smartworks Coworking Spaces Limited is engaged in the business of customized managed workspace solutions, offering fully serviced, tech-enabled office environments with aesthetic designs and essential amenities to meet the specific needs of enterprises and their employees. The company serves mid-to-large enterprises, including Indian corporates, MNCs, and startups, offering modern campuses with design, technology, and amenities like cafeterias, gyms, crèches, and medical centers for employee well-being. As of March 31, 2025, the company served 738 clients with 152,619 seats. Currently, it has 728 clients and 169,541 seats, with 12,044 seats yet to be occupied. As of March 31, 2024, the company holds four of India's five largest leased centers, including the 0.7 million square feet Vaishnavi Tech Park in Bengaluru, surpassing other campuses in size. Business Model: The company’s managed campus platform creates an ecosystem of key stakeholders: clients, landlords, employees, and service partners. Clients: The company specializes in serving large and emerging enterprises with customizable, tech-enabled workspaces across key Indian cities, offering modern, cost-efficient solutions and amenities to enhance employee well-being and productivity. Landlords: The company partners with non-institutional landlords to transform properties into fully serviced Smartworks campuses, offering rental assurance, efficient management, and long-term leases, benefiting both landlords and tenants. Clients’ Employees: The company offers fully serviced, tech-enabled centers with amenities like cafeterias, gyms, crèches, and medical centers, promoting collaboration, team building, and employee well-being in a vibrant work environment. Service partners: The company collaborates with service partners like Chaipoint and ClearTax to provide amenities such as cafeterias, gyms, and medical centers, offering employees value-added services and partners access to a large customer base. As of March 31, 2025, the company had 794 permanent employees. Cometitive Strengths: 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 Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 4,650.85 | 4,147.08 | 4,473.50 |
| Total Income | 1,409.67 | 1,113.11 | 744.07 |
| Profit After Tax | -63.18 | -49.96 | -101.05 |
| EBITDA | 857.26 | 659.67 | 424.00 |
| NET Worth | 107.51 | 50.01 | 31.47 |
| Reserves and Surplus | 4.69 | 29.01 | -46.23 |
| Total Borrowing | 397.77 | 427.35 | 515.39 |
Key Ratios
EPS
₹-6.12
NAV
₹10.55
ROCE
42.30%
RoNW
-58.76%
P/B Value
38.58
Market Cap
₹4644.82 Cr
PAT Margin
-4.60%
Debt/Equity
2.90
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Awfis Space Solutions Limited | 65.97 | 14.78% | 63.18 | 9.75 | 9.67 |
| Smartworks Coworking Spaces Limited This IPO | 10.55 | -58.76% | — | -6.18 | -6.18 |
Promoters
Neetish Sarda, Harsh Binani, Saumya Binani, NS Niketan LLP, SNS Infrareality LLP and Aryadeep Realstates Pvt.Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment/ prepayment/ redemption, in full or in part, of certain borrowings availed by the Company 114.00 2 Capital expenditure for fit-outs in the New Centres and for security deposits of the New Centres 225.84 3 General Corporate Purposes 56.63 4 Issue Expenses 63.52 Total 459.99
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹744.07 Cr in the year ending 31 Mar 2023, rising to ₹1,113.11 Cr by 31 Mar 2024, and further increasing to ₹1,409.67 Cr by 31 Mar 2025. This shows a consistent upward trend in revenue over the three periods.
Profit Trend
Profit after tax was -₹101.05 Cr for the year ending 31 Mar 2023, improving to -₹49.96 Cr by 31 Mar 2024, and further to -₹63.18 Cr by 31 Mar 2025. Although the losses decreased in the first two periods, the loss increased in the most recent period, indicating potential challenges in achieving profitability.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO compared to its issue price. A positive GMP suggests that the stock may list at a premium, while a negative GMP indicates a potential discount. Investors often look at GMP to gauge market sentiment towards the IPO.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and market conditions. It's essential to consider the company's financial health and growth potential.
Who May Want to Wait
Investors who prefer stable, profitable companies may want to avoid this IPO, given the current negative profit margins and return on net worth.
IPO Timeline, Explained
The IPO opens for subscription on July 10, 2025, and closes on July 14, 2025. Allotment of shares will be done on July 15, 2025, with the listing expected on July 17, 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor may make when selling shares on the listing day. However, these gains are not guaranteed, as market conditions can change rapidly. Investors should be aware of the risks involved in trading on the listing day.
This evaluation is generated from Smartworks Coworking's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Smartworks Coworking IPO GMP today?
Smartworks Coworking IPO GMP today is +₹25.0 (6.14%), indicating an estimated listing price of ₹432. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Smartworks Coworking IPO?
The price band of Smartworks Coworking IPO is ₹387.0–₹407.0 per share.
When does Smartworks Coworking IPO open and close?
Smartworks Coworking IPO opens on 10 July 2025 and closes on 14 July 2025.
When does Smartworks Coworking IPO list on the stock exchange?
Smartworks Coworking IPO listed on 17 July 2025 at ₹432.0.
What is the lot size for Smartworks Coworking IPO?
The lot size for Smartworks Coworking IPO is 36 shares, requiring a minimum investment of ₹14,652.
What is the price band for the Smartworks IPO?
The price band for the Smartworks IPO is ₹387 to ₹407.
What is the minimum investment required?
The minimum investment required is ₹14,652.
What is the lot size for the Smartworks IPO?
The lot size is 36 shares.
When is the listing date for the Smartworks IPO?
The listing date is July 17, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of an IPO compared to its issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
10 Jul 2025
Close
14 Jul 2025
Allotment
15 Jul 2025
Listing
17 Jul 2025
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