Smartworks Coworking Spaces, which is engaged in the business of customised managed workspace solutions, offering fully serviced, tech-enabled office environments ... will launch its ₹582.5 crore initial public offering (IPO) on July 10. The IPO will remain open for subscription till July 14. The IPO is a combination of a fresh issue and an offer-for-sale of a total of 1.43 crore shares.

Incorporated in 2015, Smartworks Coworking Spaces is an office experience and managed campus platform operating in India, with a lease signed portfolio of 8.0 msf as of March 31, 2024.

Smartworks operates 46 operational centres with 183,613 capacity seats, serving 738 clients occupying 152,619 seats, as of March 31, 2025. With a committed occupancy rate of 89.03% as of June 30, 2025.

The company pursues multi-centre (same city) and also multi-city growth opportunities by investing in and nurturing longterm partnerships with its clients. Some of its key clients include Google IT Services India Private Limited, L&T Technology Services Limited, Bridgestone India Private Limited, Philips Global Business Services LLP and others.

Know before investing

Strengths 

• Smartworks managed 8.99 million sq. ft. across 50 centres in India.
• Revenue grew at a CAGR of 38.98% between FY2023 and FY2025.
• The largest centre spans 0.7 million sq. ft. at Vaishnavi Tech Park.
• Committed occupancy rate reached 89.03% as of June 30, 2025.
• Serves large enterprise clients with deals up to 6,300 seats.

Risks 

• 75.19% of rental revenue comes from just four key cities.
• Heavy dependence on large clients needing 300+ seats increases risk.
• Failure to find right properties may hurt growth and profits.
• Past losses and negative cash flows may continue in future.
• Lease renewals depend on Landlords, risking higher costs or exits.