Funding Alert

Smartworks Raises $20 Mn from Anchor Investors Ahead of IPO

• ByStartupStory     |    July 11, 2025

Managed office space provider Smartworks has raised Rs 174 crore (approximately $20 million) from anchor investors ahead of its upcoming initial public offering (IPO), which is slated to open for public subscription on July 10, 2025.

According to the company’s filing with the Bombay Stock Exchange (BSE), Smartworks allotted 42.66 lakh equity shares at Rs 407 each to a dozen prominent institutional investors. The anchor book includes Tata Mutual Fund, Aditya Birla Sun Life, Axis Mutual Fund, SBI General Insurance, Baroda BNP Paribas Mutual Fund, Trust Mutual Fund, Societe Generale, and Buoyant Capital.

The total size of the IPO is Rs 583 crore, comprising a fresh issue of shares worth Rs 445 crore and an offer for sale (OFS) by existing shareholders for the remainder. The company plans to utilize the proceeds to fund capital expenditure for new centers, repay or prepay borrowings, and meet general corporate purposes.

Founded in 2016, Smartworks offers customized managed office spaces on long-term leases to enterprises. The company competes with major players in the flexible workspace segment including WeWork India, Awfis, and Table Space.

As per its red herring prospectus, Smartworks operated 41 centers across 13 Indian cities, covering over 8 million sq ft of office space as of March 2024. The company reported a revenue of Rs 1,374 crore in FY25, up from Rs 1,039 crore in FY24. However, net losses also widened to Rs 62 crore in FY25, compared to Rs 50 crore in the previous fiscal.

The IPO will remain open from July 10 to July 14, 2025, with a price band of Rs 387–407 per share. The minimum lot size is 36 shares, requiring a minimum investment of Rs 14,652 for retail investors.

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