Smartworks Coworking Spaces’ $67.6 million India IPO was fully subscribed on the second day of bidding on Friday, as retail and non-institutional investors bet on demand for integrated office spaces at a time when multiple global companies are expanding in India.
As of 2:30 pm IST, non-institutional investors had bid for 1.49 times the shares reserved for them and retail investors had bid for all the allotted shares. Smartworks had reserved the largest portion of shares for retail investors.
Global companies, looking to tap into cheaper, English-speaking talent, are setting up more offices in India and expanding their in-house teams.
This has catapulted the country into becoming Asia-Pacific’s top office market, along with Japan and Singapore, according to real estate services provider CBRE.
An outsourcing boom has also increased demand for integrated parks, loaded with amenities such as fitness centers and food and beverage outlets, according to CBRE’s 2025 India Market Outlook report.
Integrated tech parks are expected to account for up to 65% of India’s new office supply in 2025, the report said.
($1 = 85.7710 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Sonia Cheema)
