The initial public offering (IPO) of managed workspace provider Smartworks closed with a robust overall oversubscription of 13.45 times, reflecting strong investor confidence across categories.
According to data from the BSE, the IPO received bids for 13.99 crore shares against the 1.04 crore shares on offer.
QIBs Drive Demand
The Qualified Institutional Buyers (QIBs) segment witnessed the highest demand, oversubscribing 24.4X, with bids for 7.08 crore shares compared to the 29.03 lakh shares reserved for them. Within this category:
- Foreign Institutional Investors (FIIs) accounted for 1.35 crore shares, and
- Domestic financial institutions bid for 1.51 crore shares.
Strong NII and Retail Participation
The Non-Institutional Investors (NIIs) segment also posted an impressive 22.7X subscription, with 5.05 crore bids for the 22.17 lakh shares set aside.
Retail investors bid for 1.82 crore shares, translating to a 3.5X oversubscription against the 51.73 lakh shares on offer.
Meanwhile, the employee quota saw bids for 2.54 lakh shares versus 1.07 lakh shares on offer, marking a 2.3X subscription.
Company Overview and Valuation
Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks operates in the managed workspace segment.
The company leases large commercial properties, customizes them into modern campuses, and rents them out primarily to large enterprises.
It currently manages 10 million sq ft of space, with an average lease tenure of 48 months.
In addition to leasing, Smartworks earns ancillary revenue from services such as internet access, meeting rooms, parking, and other workplace amenities.
IPO Details
The IPO consisted of:
- A fresh issue of equity shares worth INR 445 crore, and
- An Offer for Sale (OFS) of up to 33.79 lakh shares.
The price band was set between INR 387 and INR 407 per share. At the upper end, the company will be valued at approximately INR 4,650 crore.
Listing Timeline
The bidding closed today, July 14, and the shares are scheduled to list on the stock exchanges on Thursday, July 17.
