Smartworks Coworking Spaces, a managed campus operator in India, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO).
The IPO will consist of a fresh issue of equity shares worth Rs 550 crore and an offer for sale (OFS) of 67.59 lakh equity shares by existing shareholders.
The company has also indicated the possibility of raising an additional Rs 110 crore through a pre-IPO placement, which would accordingly reduce the size of the fresh issue.
Shareholders and promoters data
The offer for sale (OFS) includes 16 lakh shares held by promoters NS Niketan LLP and SNS Infrarealty LLP, while investor Space Solutions India Pte (formerly Lisbrine Pte) will sell the remaining 51.59 lakh shares.
Currently, the promoters hold 69.19% stake in the company, with the remaining 30.81% held by public shareholders, including Space Solutions India, which holds 19% stake, and Ananta Capital Ventures Fund, which holds 1.08%.
Using IPO Proceeds
Proceeds from the new issue will be strategically allocated to meet the growth and operational needs of the company.
Specifically, Rs 282.3 crore will be allocated for capital expenditure related to fit-out and security deposits for new centres.
Additionally, Rs 140 crore will be used to repay existing debt and the remaining funds will be used for general corporate purposes.
Business operations and market presence
Smartworks Coworking Spaces is renowned for its expertise in transforming large, basic properties into fully equipped workspaces with modern technology and amenities such as cafeterias, sports areas, gyms, nurseries and medical centres.
The company primarily serves medium and large companies requiring more than 300 positions.
As of March 2024, Smartworks operates 41 centres across 13 cities including Bengaluru, Mumbai, Hyderabad, Gurugram and Chennai with a total Super Built-Up Area (SBA) of 8 million sq ft.
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