Smartworks Coworking Spaces, India’s largest managed office campus operator, has raised INR 173.64 crore from anchor investors ahead of its IPO, which opens today, 10 July. The company allotted 42,66,378 equity shares at the upper end of the price band (INR 407 per share) to 13 institutional investors, reflecting strong pre-IPO institutional interest.
Smartworks IPO Anchor Book Details: Strong Domestic Participation, Balanced Global Interest
Smartworks IPO anchor round saw participation from a mix of domestic mutual funds, AIFs, insurance firms, and foreign portfolio investors (through ODI structures). This balanced mix signals a broad-based institutional endorsement of Smartworks’ differentiated model of managed campuses tailored to mid and large enterprises.
Significantly, 32.04% of the anchor allocation was taken up by three domestic mutual funds—Tata Mutual Fund, Aditya Birla Sun Life, and Baroda BNP Paribas Mutual Fund.
Smartworks IPO Anchor Investor Allocation Table
Below is the detailed breakdown of anchor allottees, the number of shares they received, and their investment amount:
| No. | Anchor Investor | Shares Allocated | Amount (INR Cr) |
|---|---|---|---|
| 1 | Tata Mutual Fund – Tata Small Cap Fund | 5,07,384 | 20.65 |
| 2 | Axis New Opportunities AIF – Series II | 5,07,384 | 20.65 |
| 3 | Aditya Birla Sun Life Insurance Co Ltd | 5,07,384 | 20.65 |
| 4 | Baroda BNP Paribas Large & Mid Cap Fund | 5,07,384 | 20.65 |
| 5 | Buoyant Opportunities Strategy‑II | 4,64,472 | 18.90 |
| 6 | SageOne‑Flagship Growth OE Fund | 4,64,472 | 18.90 |
| 7 | SBI General Insurance Co Ltd | 4,64,472 | 18.90 |
| 8 | Trust MF – Flexi Cap Fund | 1,76,004 | 7.16 |
| 9 | Trust MF – Small Cap Fund | 1,75,968 | 7.16 |
| 10 | BNP Paribas Financial Markets – ODI | 1,22,863 | 5.00 |
| 11 | Société Générale – ODI | 1,22,864 | 5.00 |
| 12 | Shine Star Build Cap Pvt Ltd | 1,22,863 | 5.00 |
| 13 | Coeus Global Opportunities Fund | 1,22,864 | 5.00 |
| Total | 42,66,378 | 173.64 |
Smartworks IPO Snapshot
| Details | Figures |
|---|---|
| IPO Dates | 10 – 14 July 2025 |
| Price Band | INR 387 – 407 per share |
| Lot Size | 36 shares (INR 14,652 minimum) |
| Fresh Issue | INR 445 crore |
| OFS | 33,79,740 shares |
| Total Issue Size | INR 575.80 – 582.56 crore |
| Listing | NSE & BSE |
| Promoters | Neetish Sarda, Harsh Binani & others |
Business Overview: Largest Managed Office Operator in India
Smartworks Coworking Spaces has built India’s largest managed office campus portfolio as of March 2024, with over 8.99 million sq. ft. across 50 centres in 15 cities. Its marquee clients include 728 enterprises, many from the mid-to-large segment, reflecting enterprise stickiness in its model.
The firm is also expanding globally, with two centers in Singapore totaling 35,036 sq. ft., servicing 83 clients. With a technology-driven approach and a 794-strong workforce, Smartworks offers premium workspaces with advanced amenities, catering to the evolving workspace needs post-pandemic.
IPO Objectives
- Capital expenditure for new centre fit-outs – ₹225.84 crore
- Debt repayment – ₹114 crore
- General corporate purposes
🗓️ IPO Timeline
| Event | Date |
|---|---|
| Anchor Allotment | 9 July 2025 |
| IPO Opens | 10 July 2025 |
| IPO Closes | 14 July 2025 |
| Basis of Allotment | 15 July 2025 |
| Refunds Initiated | 16 July 2025 |
| Shares Credited in Demat | 16 July 2025 |
| Listing Date | 17 July 2025 |