IPO-bound Smartworks raises $20 Mn from anchor investors

IPO- bound Smartworks, a managed office space provider, has raised Rs 174 crore (approximately $20 million) from anchor investors ahead of its initial public offering (IPO).

Smartworks raised money from top institutional investors like Tata Mutual Fund, Aditya Birla Sun Life, Axis Mutual Fund, and SBI General Insurance in its anchor round. 

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The company issued 42.66 lakh shares at Rs 407 each, as per its BSE filing. Other investors included Baroda BNP Paribas Mutual Fund, Trust Mutual Fund, Societe Generale, and Buoyant Capital.

The total IPO size is Rs 583 crore. Of this, Rs 445 crore will come from selling new shares, and the rest from existing shareholders selling their stake. The funds will be used to open new centres, repay loans and for general business needs.

About Smartworks 

Founded in 2016, the Gurugram-based Smartworks offers customized managed office spaces to businesses on long-term leases. It competes with companies like WeWork India, Awfis, and Table Space in the flexible workspace market.

On the financial side, Smartworks’ net loss increased by 26.5% year-on-year to Rs 63.2 crore in FY25 while its operating revenue rose by 32% to Rs 1,374 crore during the same period.

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Smartworks’ IPO will open for public subscription on July 10, 2025, and close on July 14, 2025. The price band is set between ₹387 and ₹407 per share. The minimum investment for retail investors is ₹14,652 for one lot of 36 shares.