India Coworking Provider Smartworks Files For IPO

Despite suffering a substantial year-over-year loss in the millions, Smartworks, a prominent shared workspace provider in India, has filed to take its business public. 

The company announced it had cut its net loss by 51% to INR 49.8 Cr ($5.9 million) for the financial year 2023-24 (FY24). This figure was down from INR 101.02 Cr ($11.97 million) in the previous year. Alongside slashing total net losses, the workspace provider surpassed INR 1,000 Cr ($118.3 million) in annual revenue.  

Smartworks has filed its Draft Red Herring Prospectus (DRHP) with India’s Securities and Exchange Board (SEBI), revealing its intent to go public with an IPO. Inc42 reports the IPO will include an issue of equity shares worth INR 550 Cr ($65 million) coupled with an offer for sale (OFS) component of 67.49 lakh (6,749,000) equity shares.  

The company plans to utilize the IPO proceeds for various purposes — including capital expenditure for fit-outs in new centers and repayment of certain borrowings. 

Smartworks currently manages more than 8 million square feet of office space across more than 40 locations in 14 cities — serving over 600 enterprises including notable names like Honeywell, Starbucks Coffee, DHL, and Moglix.