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Smartworks Coworking Spaces files IPO papers with SEBI

16 Aug 2024 Evaluate

Smartworks Coworking Spaces has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The proposed initial share sale is a combination of a fresh issue of equity shares worth Rs 550 crore and an Offer For Sale (OFS) of 67.59 lakh shares by promoters.

Proceeds from the fresh issue to the tune of Rs 282.30 crore will be used for capital expenditure related to the fit-outs in new centres and security deposits for these new centres, Rs 140 crore will be allocated for payment of loans and the remaining funds will be utilized for general corporate purposes. JM Financial, BOB Capital Markets, IIFL Securities and Kotak Mahindra Capital Company are responsible for managing the company's IPO process. 

Smartworks Coworking Spaces is a leading platform for office experiences and managed campuses. It specialises in leasing large, bare-shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with modern amenities.


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