| Annual Financials | Mar 2023 | Mar 2024 | Mar 2025 |
| Revenue | 7113.92 | 10393.64 | 13740.56 |
| Expenses | 8802.96 | 11807.32 | 14891.28 |
| Other Income | 326.78 | 737.46 | 356.13 |
| Total Revenue | 7440.70 | 11131.10 | 14096.69 |
| Profit Before Tax | -1362.26 | -676.22 | -794.59 |
| Net Profit | -1010.46 | -499.57 | -631.79 |
Smartworks Coworking Spaces
Smartworks Coworking Spaces IPO
₹13,932
12.53 xOver-subscribedBidding Dates10 Jul, 25 -14 Jul, 25
Min Investment ₹13,932
Lot Size36
Price Range₹387 – ₹407
Issue Size ₹605.97 Cr.
Download Doc
IPO Subscription Details
Retail Subscription Details
3.38 x
Non-Institutional Buyers (sHNI)
13.85 x
Non-Institutional Buyers (bHNI)
27.14 x
Qualified Institutional Buyers (QIB)
21.43 x
Employees
2.35 x
Total12.53 x
12.53 x IPO Timeline
IPO Offer Start
10 Jul,25
IPO Offer Ends
14 Jul,25
Allotment Finalisation
15 Jul,25
Refund Initiation
16 Jul,25
Listing of Shares
17 Jul,25
IPO Analysis
Strengths
The company was the largest managed campus operator amongst benchmarked operators in terms of total stock as of March 31, 2024, with a lease signed portfolio of 8.0 million square feet. It has a total SBA of 8.99 million square feet across 50 Centres in 15 cities with 203,118 Capacity Seats as of March 31, 2025. The company has shown steady growth with a CAGR of 20.80% in total SBA managed between March 31, 2023 to March 31, 2025, and a CAGR of 38.98% in Revenue from operations between Fiscal 2023 to Fiscal 2025.
The company focuses on leasing entire/large bare shell properties in prime locations and transforming them into fully serviced, aesthetically pleasing and tech-enabled Campuses with daily-life and aspirational amenities. As of March 31, 2025, 94.37% of the SBA under the company's management is in key clusters in India's Tier 1 cities. The company has four lease signed centers in India above 0.5 million square feet in size, with the largest being approximately 0.7 million square feet.
The company caters to mid-to-large Enterprise Clients with requirements typically exceeding 300 Seats, often across multiple Centres and cities. In Fiscal 2025, 63.44% of the company's Rental Revenue came from Clients with more than 300 Seats. The company has achieved a Seats Retention Rate of 86.83% for Fiscal 2025, indicating strong Client relationships and satisfaction.
Risks
During Fiscal 2025, the company derived 75.19% of its Rental Revenue from Centres located in Pune, Bengaluru, Hyderabad and Mumbai. Any adverse developments affecting such locations and Centres could have an adverse effect on the company's business, results of operations and financial condition.
The company's business is focused on Clients who typically require over 300 Seats across multiple Centres and cities. The company may not have equal negotiating power with such Clients and it may be difficult to find suitable replacements upon termination of agreements with such Clients, which could adversely affect the company's business, cash flows, results of operation and financial performance.
The company's success largely depends on its ability to identify the right buildings/properties in right locations and sourcing such Centres at the right rate of rental and other commercial terms. Any failure to do so will adversely affect the company's business, cash flows, results of operations and profitability.
Objectives
Repayment, prepayment, or redemption of certain borrowings availed by the Company
Capital expenditure for fit-outs in the New Centres and for security deposits of the New Centres
Funding for general corporate purposes, including ongoing general corporate expenses, exigencies and contingencies, organic and inorganic growth opportunities, acquisitions, marketing and brand building exercises, funding working capital requirements, and investment in subsidiaries
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2023 | Mar 2024 | Mar 2025 |
| Total Assets | 44735.03 | 41470.84 | 46508.54 |
| Current Assets | 3609.37 | 2651.59 | 2552.57 |
| Fixed Assets | 41125.66 | 38819.25 | 43955.97 |
| Total Equity & Liabilities | 44735.03 | 41470.84 | 46508.54 |
| Total Liabilities | 44420.37 | 40970.77 | 45429.73 |
| Current Liabilities | 7817.04 | 9550.03 | 12166.22 |
| Non Current Liabilities | 36603.33 | 31420.74 | 33263.51 |
| Total Equity | 314.66 | 500.07 | 1078.81 |
Cash Flow
| Cash Flow | Mar 2023 | Mar 2024 | Mar 2025 |
| Net Cash Flow | 546.21 | -260.39 | 147.32 |
| Investing Activities | -3066.30 | -1921.59 | -2760.77 |
| Operating Activities | 5318.32 | 7433.00 | 9285.16 |
| Financing Activities | -1705.81 | -5771.80 | -6377.07 |
About Smartworks Coworking Spaces
The company operates in the office experience and managed Campus platform sector. It has achieved market leadership through scale and steady growth. The company's business model involves leasing and transforming large properties in key Indian clusters into amenity-rich spaces. It focuses on acquiring Enterprise Clients with higher Seat requirements and...more
Website
Managing DirectorNeetish Sarda
we are part of Raise Financial Services
built with love
for indians who love to invest & trade
Market Community
Follow us on
