NIIs drive demand for Smartworks Coworking Spaces IPO; GMP up 5%

Smartworks Coworking Spaces IPO subscription status: Non-institutional investors (NIIs) were driving the demand for the initial public offering (IPO) of workspace solutions provider Smartworks Coworking Spaces, leading to its full subscription on the final day of subscription on July 14, 2025.

 

Smartworks Coworking Spaces IPO received bids for 1,62,51,804 shares against 1,04,01,828 on offer, resulting in an oversubscription of 1.56 times till 10:48 AM on July 14, showed the NSE data. 

 

Among the individual categories, NIIs bid the highest, oversubscribing the category reserved for them by 2.76 times. This was followed by retail investors, who bid 1.57 times.

 

However, the response from qualified institutional buyers (QIBs) remains sluggish, as they are yet to fully subscribe to their category. They have booked 64 percent of their reserved quota.

Smartworks Coworking Spaces IPO details

The public offering comprises a fresh issue of 10.9 million equity shares worth ₹445 crore and an offer for sale (OFS) through which promoters and investors are selling up to 3.4 million shares worth approximately ₹137.56 crore.

 

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Smartworks Coworking Spaces IPO is being offered at a price band of ₹387-407 per share and a lot size of 36 shares.

 

Investors can bid for a minimum of 1 lot or 36 shares of Smartworks Coworking Spaces IPO with an investment amount of ₹14,652.

 

Smartworks Coworking Spaces will not receive any proceeds from the OFS, which will be given to shareholders divesting their stakes through the public issue. The company proposes to utilise the proceeds from the fresh issue for repayment, prepayment, or redemption (in full or part) of certain borrowings, to meet capital expenditure for fit-outs in new centres, and for placing security deposits at new centres. The company will further use the proceeds for general corporate purposes.

 

For the public issue, the company has appointed Kfin Technologies as registrar, while GYR Capital Advisors serves as the book-running lead manager. 

Smartworks Coworking Spaces IPO grey market premium (GMP) today

The unlisted shares of Smartworks Coworking Spaces were commanding a decent premium in  the grey market on Monday. Sources tracking unofficial market activity reveled  that the unlisted shares of Smartworks Coworking Spaces were trading at around ₹427 apiece, indicating a grey market premium (GMP) of ₹4.91 or 4.91 per cent over the upper end of the issue price of ₹407.

Smartworks Coworking Spaces IPO allotment date, listing date

As the public issue closes for subscription today, the basis for allotment of company shares is set to be finalised on Tuesday, July 15. The company's shares will be credited into demat accounts tentatively on July 16.

 

Shares of Smartworks Coworking Spaces are slated to list on the BSE and NSE tentatively on July 17.

Smartworks Coworking Spaces IPO review

Analysts at Anand Rathi Research and Geojit Financial Services have both recommended investors subscribe to the Smartworks Coworking Spaces IPO for long-term prospects. READ MORE

About Smartworks Coworking Spaces

Smartworks Coworking Spaces is an office experience and managed campus platform. It was the largest managed campus operator in terms of total stock, with 8.0 million square feet of lease-signed space (according to the CBRE Report), as of March 2024. The company serves mid-to-large enterprises, including Indian corporates, MNCs, and startups. By March 2025, Smartworks had expanded its portfolio to 8.99 million square feet of leased and managed space.