Smartworks Coworking Spaces has received the Securities and Exchange Board of India’s (SEBI's) approval to float an initial public offering (IPO). The proposed IPO 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.
The company would utilise Rs 140 crore towards repayment or prepayment or redemption of certain borrowings. It proposes to use Rs 282.3 crore towards capital expenditure for fit-outs in the new centres and for security deposits of the new centres. The remaining funds will be utilised 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.
