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SMARTWORKS IPO

Smartworks Coworking Spaces Limited

IPO Doc

Start Date10-07-2025

Application Timing10am-5pm

Price Range₹387 - ₹407

Min Qty36

Min. Investment₹13932

Listing DateNA

Close Date14-07-2025

About Smartworks Coworking Spaces Limited

Smartworks Coworking Spaces Limited, incorporated in 2015, is one of India’s leading providers of managed workspace solutions. The company offers fully serviced, tech-enabled, and customized office environments designed to enhance employee productivity and wellness. These modern campuses come equipped with premium amenities like cafeterias, gyms, crèches, and medical centers.

Smartworks primarily caters to large enterprises, MNCs, Indian corporates, and startups across India. As of March 31, 2025, the company serves 728 clients with 1.69 lakh seats, making it one of the most scaled players in the segment. Their portfolio includes four of India’s five largest leased campuses, including Vaishnavi Tech Park in Bengaluru.

Their ecosystem-driven model connects clients, landlords, service partners, and employees to deliver a holistic workplace experience. The company has 794 permanent employees as of March 2025.

Why To Invest in Smartworks Coworking Spaces Limited

Sectoral Leadership: Smartworks is among the few large-scale managed workspace players in India, catering to the rising demand for hybrid and flexible work models.

Strong Client Base: Over 728 enterprise clients including MNCs and growing Indian corporates ensure stable recurring revenues.

High Growth Potential: Revenue has grown 27% YoY in FY25, reflecting strong operational scalability.

EBITDA Margin of 62.39%: Indicates operational efficiency and robust cost control.

Asset-Light Model: By partnering with landlords and focusing on long-term leases, the company maintains capital efficiency.

Tech-Enabled Platform: Seamless digital infrastructure offers an edge in the modern coworking space industry.

Large Untapped Market: Rising demand for flexible, employee-friendly campuses in Tier 1 and Tier 2 cities creates strong future potential.

Financial Table

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	4,650.85	4,147.08	4,473.50
Revenue	1,409.67	1,113.11	744.07
Profit After Tax	-63.18	-49.96	-101.05
EBITDA	857.26	659.67	424.00
Net Worth	107.51	50.01	31.47
Reserves and Surplus	4.69	29.01	-46.23
Total Borrowing	397.77	427.35	515.39

Strengths And Risks

Market Leadership in Coworking Segment: Smartworks is a leading player in the managed coworking space in India, with a significant presence across major cities and the ability to serve large enterprises at scale.

Large Campus Transformation Capabilities: The company has a proven track record of acquiring and converting entire buildings into Smartworks-branded, fully serviced office campuses, offering seamless integration of design, tech, and amenities.

Strong Focus on Enterprise Clients: By targeting mid-to-large enterprises with high seat requirements, Smartworks ensures higher occupancy rates, longer lease terms, and stronger client retention.

High Operational Efficiency: With an EBITDA margin of 62.39%, the company demonstrates effective cost management and strong execution capabilities, helping maintain profitability at the operating level.

Tech-Enabled & Capital-Efficient Business Model: Smartworks’ asset-light strategy and investment in technology allow for faster scalability, reduced capital expenditure, and better financial efficiency.

Continued Financial Losses: Despite revenue growth, the company reported a net loss of 63.18 crore in FY25, indicating it is still in the red and profitability remains a concern.

High Financial Leverage: With a Debt/Equity ratio of 2.90, the company operates with significant borrowings, which may affect financial flexibility and interest coverage during downturns.

Weak Return on Equity: The Return on Net Worth (RoNW) stands at -58.76%, suggesting poor returns for shareholders and a need for stronger capital performance.

Competitive and Fragmented Industry: The managed office space industry is highly competitive with both domestic and international players, potentially impacting margins and market share.

Vulnerability to Macroeconomic Slowdowns: The business is sensitive to corporate leasing demand. Any slowdown in the real estate or enterprise hiring environment could negatively affect occupancy and expansion.

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Company

Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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SEBI RA Registration:

INH000013332

AMFI Registration:

ARN-35911

Attention Investors:

Beware of fixed/guaranteed/regular returns/ capital protection schemes. Brokers or their authorized persons or any of their associates are not authorized to offer fixed/guaranteed/regular returns/ capital protection on your investment or authorized to enter into any loan agreement with you to pay interest on the funds offered by you. Please note that in case of default of a member claim for funds or securities given to the broker under any arrangement/ agreement of indicative return will not be accepted by the relevant Committee of the Exchange as per the approved norms.
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Trading in leveraged products like options without proper understanding could lead to losses. Please trade at your own risk.
Writing/ selling options or trading in option strategies based on tips, without basic knowledge & understanding of the product and its risks could lead to losses.
Dealing in unsolicited tips through WhatsApp, Telegram, YouTube, Facebook, SMS, calls, etc should be avoided.
Trading in “Options” based on recommendations from unauthorised / unregistered investment advisors and influencers should be avoided.

Awareness regarding guidelines regarding margin collection:

Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020
Update your mobile number & email Id with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge
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All investors are requested to take note that 6 KYC attributes i.e. Name, PAN, Address, Mobile Number, Email id and Income Range have been made mandatory. Investors availing custodian services will be additionally required to update the custodian details.
The last date to update KYC is on or before March 31, 2022.
Thereafter non-compliant trading accounts will be blocked for trading by the Exchange.
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To ensure smooth settlement of trades, the investors are requested to ensure that both the trading and demat accounts are compliant with respect to the KYC requirement.
The investors are hereby requested to comply with the regulatory guidelines issued by Exchanges and Depositories from time to time with regard to KYC compliance and related requirements.
We do proprietary trading

Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

*Investors are requested to note that Stock broker Astha Credit and Securities Private Limited is permitted to receive/pay money from/to investor through designated bank accounts only named as client bank accounts. Stock broker Astha Credit and Securities Private Limited is also required to disclose these client bank accounts to Stock Exchange. Hence, you are requested to use following client bank accounts only for the purpose of dealings in your trading account with us. The details of these client bank accounts are also displayed by Stock Exchanges on their website under “Know/ Locate your Stock Broker.

1. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorize your bank to make payment in case of allotment. No worries for refund as the money remains in the investor's account. 2. KYC is a one-time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (Broker, DP, Mutual Fund, etc.), you need not undergo the same process again when you approach another intermediary.

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Investment in the securities market is subject to market risks, read all the related documents carefully before investing.
Brokerage will not exceed SEBI prescribed limit.
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For commodities derivatives please note that Commodities Derivatives are highly leveraged instruments.
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Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL/CDSL on the same day......................issued in the interest of investors. We do Pro trading.

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SMARTWORKS IPO

About Smartworks Coworking Spaces Limited

Why To Invest in Smartworks Coworking Spaces Limited