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19 Nov 2024
Smartworks Coworking Spaces, backed by Keppel, has submitted initial documents to SEBI to raise funds through an IPO. The offering will consist of a fresh issue of equity shares valued at Rs 550 crore and an offer-for-sale of 67.59 lakh shares by existing shareholders.
Promoters NS Niketan LLP and SNS Infrarealty LLP will sell 16 lakh shares, while 51.59 lakh shares will be sold by Space Solutions India Pte.
The Gurugram-based company may also raise Rs 110 crore through a pre-IPO placement before filing its Red Herring Prospectus with the Registrar of Companies. If successful, this amount will be deducted from the fresh issue size.
Promoters currently own 69.19% of Smartworks, with the remaining 30.81% held by public shareholders, including Space Solutions India's 19% stake. Supported by Keppel since 2019, the company has raised significant funds, including Rs 177.22 crore in 2019 and Rs 168 crore in 2024 through private placements.
Smartworks plans to use Rs 140 crore from the fresh issue to repay debt, Rs 282.3 crore for fit-outs and security deposits for new centers, and the remainder for general corporate purposes.
As of March 2024, Smartworks operates 41 centers across 13 cities, totaling 8 million square feet of super built-up area. JM Financial, BOB Capital Markets, IIFL Securities, and Kotak Mahindra Capital are the lead managers for the IPO.
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