Smartworks Coworking IPO GMP

July 17, 2025 Written By Mihir Gohel, Reviewed and Fact Checked by Harpal Parmar

The Smartworks Coworking IPO marks the entry of one of India’s leading managed office space providers into the public market. Opening for subscription from July 10 to July 14, 2025, the IPO aims to raise ₹582.56 crore through a mix of fresh issue and offer for sale, with a price band of ₹387 to ₹407 per share. Smartworks manages 8 million sq. ft. across 41 centers in 13 cities, catering to mid-to-large enterprises, MNCs, and startups. The company’s scale, focus on flexible workspace solutions, and strong client base position the Smartworks Coworking IPO as a notable opportunity for investors seeking exposure to India’s evolving office space sector.

₹25

Latest IPO GMP

Last updated on 16 Jul 2025 18.25

₹407

IPO Offer Price

*cut off price

₹435.00

Listing Price

Listing Date 17/07/2025

Expert Opinions

The Smartworks Coworking IPO is generating moderate to positive market sentiment, with analysts highlighting its leadership in the managed office space sector and a strong client roster that includes major corporates like Google and L&T Technology Services. Key strengths are its ability to efficiently transform and lease large commercial spaces, maintain a high occupancy rate of 89%, and implement cost-effective, modular fit-outs supported by proprietary technology. The company’s risk-mitigating model, with long-term client and landlord agreements, adds stability.

However, challenges include persistent net losses (₹63.18 crore in FY25), client concentration, cyclical demand, and the need to sustain high occupancy levels. For FY 2025, the Smartworks Coworking IPO shows a robust ROCE of 42.30% and Net Asset Value (NAV) of ₹10.55. From a long-term perspective, Smartworks’ scale and innovation position it well, but investors should monitor profitability trends and sectoral risks before committing to extended horizons.

Investor Considerations

Investors evaluating the Smartworks Coworking IPO should weigh the company’s strong revenue growth, up 32% year on year to ₹1,409.67 crore in FY25, against persistent net losses, which widened to ₹63.18 crore in the same period. The flexible workspace sector outlook remains positive, fueled by rising demand from large enterprises and MNCs seeking scalable, tech-enabled offices. For FY 2025, the Smartworks Coworking IPO is valued at a high Price to Book Value of 38.58 and carries a substantial Debt/Equity ratio of 2.90, reflecting aggressive expansion and significant leverage.

Growth prospects are supported by a large operational footprint and high occupancy rates, but risks include client concentration, dependence on a few major cities, and the challenge of achieving sustained profitability. While short-term investors may see volatility, the IPO is best suited for long-term investors willing to accept sector and financial risks for potential future gains.