Another mainboard IPO is opening its bidding this week. Smartworks Coworking Spaces, a Gurugram based company has opened its doors to investors with its initial public offering (IPO), opening for subscription today, July 10.
Known for offering managed workspace solutions to major corporates across Indian metros, let’s take a look at the 7 key things to know about the IPO, from issue size and objectives to grey market trends.
Smartworks Coworking Spaces IPO: Structure and issue size
A main board Rs 582.56 crore IPO, it comprises a fresh issue worth Rs 445 crore and an offer for sale (OFS) of Rs 137.56 crore by existing shareholders, including NS Niketan, SNS Infrarealty, and Space Solutions India.
The price band of this issue has been set between the range of Rs 387 to Rs 407 per share. The IPO will remain open until Monday, July 14.
Smartworks Coworking Spaces IPO: Grey market buzz
In the grey market, the unlisted shares of the company are trading at Rs 439, about 7.8% higher than the upper price band.
However, it is important to note that this is not the actual listing price and may fluctuate based on market sentiment.
Smartworks Coworking Spaces IPO: Use of funds
The fresh issue proceeds will be directed toward key business requirements, mainly capex for fit-outs in new centres, security deposits, and debt reduction. The OFS proceeds will go to the selling shareholders. A portion will also be allocated for general corporate purposes.
Smartworks Coworking Spaces IPO: Anchor Investors
Ahead of the IPO, Smartworks raised Rs 173.64 crore from 13 anchor investors, allotting over 42.6 lakh shares at Rs 407 per share. Some notable names include Tata Mutual Fund, Aditya Birla Sun Life Insurance, SBI General Insurance, and Societe Generale. Domestic mutual funds accounted for over 32% of the anchor book.
Smartworks Coworking Spaces IPO: Lot size and other details
Investors can bid in lots of 36 shares. Coming to the reservation breakup parts, half of the net offer is reserved for Qualified Institutional Buyers (QIBs). Further, 35% for retail investors, and 15% for non-institutional investors (NIIs).
Smartworks Coworking Spaces IPO: Listing and allotment timeline
The allotment of shares after its three day bidding period is likely to be finalised on July 15. Moreover, the listing of the company is expected on the BSE and NSE on July 17. MUFG Intime India (formerly Link Intime) is the registrar for the IPO.
Smartworks Coworking Spaces IPO: Company snapshot
Founded in 2016, Smartworks provides sub-leased office spaces across key cities like Bengaluru, Mumbai, Pune, Hyderabad, Gurugram, Noida, Chennai, and even in Malaysia. Major clients include Google IT Services India, L&T Technology Services, Bridgestone India, and Philips Global Business Services.