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Smartworks Coworking Spaces IPO listing forecast: As investors await the debut of Smartworks Coworking Spaces shares on the stock exchanges, the grey market premium (GMP) suggests a decent listing on the BSE and NSE, scheduled for Thursday, July 17, 2024.
Ahead of their market debut, the unlisted shares of Smartworks Coworking Spaces were exchanging hands at ₹425 per share. This reflects a grey market premium of ₹18, or 4.42 per cent higher than the issue price of ₹407, according to several sources tracking unofficial market activity.
However, it is important to note that the grey market premium has declined over time. It was recorded at ₹30 on the opening day of the public issue, dropped to ₹20 by the time the issue closed on July 14, and currently stands at ₹18. While a positive listing is still expected, this downward trend in the premium indicates cooling sentiment in the unofficial market.
That said, if the current grey market premium holds, Smartworks Coworking Spaces shares may list around ₹425, which includes the issue price and the premium. Investors who have been allotted shares can therefore expect a gain of over 4 percent per share at the time of listing. However, investors should also keep in mind that the grey market premium is not a regulated or official indicator. It provides only a rough estimate and should not be the sole factor in predicting the stock’s actual performance after listing.
Smartworks Coworking Spaces IPO details
The Smartworks IPO included both a fresh issue and an offer for sale. The fresh issue comprised 10.9 million equity shares, aggregating to ₹445 crore, while the offer for sale consisted of up to 3.4 million equity shares worth ₹137.56 crore. The price band for the IPO was set between ₹387 and ₹407 per share, with a minimum lot size of 36 shares.
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The offering received a strong response from investors with getting oversubscribed by 13.45 times. Among investor categories, qualified institutional buyers (QIBs) led the way with a subscription of 24.41 times. Non-institutional investors (NIIs) followed closely, subscribing 22.78 times. Retail investors also showed interest, with a 3.53 times subscription rate in their allotted quota.
Smartworks Coworking Spaces plans to use the net proceeds from the fresh issue to repay or prepay certain borrowings, invest in capital expenditure for fit-outs in new centres, and cover security deposits for these new centres. A portion of the funds will also be directed towards general corporate purposes.
It is important to note that the company will not receive any proceeds from the offer for sale. The funds raised through the OFS will go directly to the selling shareholders.
About Smartworks Coworking Spaces
Founded in 2015, Smartworks Coworking Spaces operates in the business of providing customised, tech-enabled managed workspaces. The company focuses on delivering fully serviced office environments tailored to the needs of enterprises and their employees.
Smartworks primarily serves mid-to-large-sized businesses, including Indian corporates, multinational companies (MNCs), and startups. Its offerings go beyond just office space, providing modern campus-like environments that include amenities such as cafeterias, gyms, crèches, and medical centres, all aimed at enhancing employee well-being and productivity.
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