Smartworks is a coworking startup that provides office space to its clients. The startup announced its plans to file for Initial Public Offering papers comprising a fresh issue of equity shares worth Rs 550 crore with an offer for sale of 67.49 lakh equity shares. The report by ET mentioned that the company is expected to raise Rs 110 crore through pre-IPO placement. The company filed its red herring Prospectus for an IPO after becoming a public entity with SEBI to raise funds through its initial public offerings. The company is expected to launch an IPO for subscription this month.
The co-working startup received strong interest from institutional investors over the last few months. The company plans to use these fresh proceeds for security deposits for new centers and capital expenses, expand its services, and meet general corporate purposes. The company will use Rs 282 crore for capital expenses and Rs 140 crore will be used for debt repayment.
The Initial public offering will also have an offer-for-sale component of 67.49 lakh shares. Under this OFC component shareholders including NS Niketan LLP, SNS Infrarealty LLP, and Space Solutions IndiaGrowth will offload the equity shares.
The startup offers different workspace solutions according to the requirements of an enterprise, SMEs, and startups. Smartworks has secured over 94.9 million USD since its inception across seven funding rounds, including $20 million raised in a funding round led by Ananta Capital. The company has 20 institutional investors including Keppel, Mansoul Commercial, Atul, and Vision Comptech. The company planned to use the IPO proceeds to establish more stores while expanding its services across India.
The company reported a 98 percent YoY increase in its revenue to around Rs 711 crore in FY23. However, the losses saw a 44 percent increase to Rs 101 crore in the same duration. Smartworks had a post-money valuation of around 320 million USD in its last funding round in April 2024. Smartworks claims to serve around 600 organizations including Forbes 2000, multinational companies, and unicorns. The company faces competition from other companies in the same segment such as Awfis, IndiaQube, and WeWork India.
Conclusion :
Smartworks provides office space to its clients which can be rapidly customized and configured according to the needs of enterprises. The company is looking to file papers for its IPO while eyeing Rs 550 crore in fresh shares. The startup plans to raise Rs 110 crore through pre-IPO placements. The coworking startup filed approval for its Initial Public Offering from the Security Exchange Board of India.
The company has raised over $94.9 million across all its funding rounds to date. The firm has an offer for sale of 67.49 lakh shares by promoters. The company plans to use Rs 140 crore on debt repayments and Rs 282.3 crore in the capital expenses of the firm. The startup operates in cities like Mumbai, Hyderabad, Bengaluru, and Chennai
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