The IPO contains fresh issues and offer-for-sale both. In an offer for sale (OFS), it contains shares worth Rs 67.59 lakh, and in a fresh issue, it contains Rs 550 crore shares, as per DRHP.
In the OFS, promoters SNS Infrarealty LLP and NS Niketan LLP will sell 16 lakh shares, while investor Space Solutions India Pte will sell the remaining 51.59 lakh shares.
The book-running lead managers for this offering are Kotak Mahindra Capital Company Ltd, IIFL Securities, BOB Capital Markets, and JM Financial.
The company plans to raise Rs 110 crore through a pre-IPO placement. The money raised will be deducted from the total fresh issue size if such a placement is made.
The funds of the fresh issue, totaling Rs 282.30 crore, will be used for security deposits and capital costs associated with the fit-out of new centers. Another Rs 140 crore will be set aside for loan repayment, and the leftover amount will be used for general corporate purposes.
Smartworks Coworking Spaces Ltd focuses on renting large, bare-shell properties in prime locations and converting them into fully serviced, technologically advanced campuses with modern facilities.
These campuses provide a contemporary and appealing work environment with cafeterias, sports areas, gyms, medical centers, and more. While the company serves all kinds of businesses, its specialty is serving mid-to-large enterprises with more than 300 seats.
At the end of March 2024, Smartworks had 41 locations across 13 cities, totaling 8 million square feet of SBA (super built-up area). These cities include Pune, Bengaluru, Hyderabad, Noida, Gurugram, Chennai, and Mumbai.
