Smartworks Coworking Spaces Ltd, a workplace solutions provider, has raised ₹173.64 crore from anchor investors ahead of its upcoming initial public offering (IPO).
In an exchange filing to BSE, the company confirmed the allocation of 42.66 lakh equity shares at ₹407 per share to 13 anchor investors. Each share has a face value of ₹10.
Among the investors were Tata Mutual Fund, Aditya Birla Sun Life, Baroda BNP Paribas, SBI General Insurance, and Societe Generale. The filing also noted that three domestic mutual funds participated through four different schemes.
IPO grey market sentiment shows modest premium
According to data from Investorgain, Smartworks' shares are currently commanding a grey market premium (GMP) of ₹30 per share. Based on the upper price band of ₹407, the shares could potentially list at ₹437, reflecting a premium of around 7.37%.
The GMP rose by ₹2 following the anchor round allotment, up from ₹28 the previous day. While GMP provides an early indication of investor sentiment, it is not an official metric and may not always reflect actual listing prices.
IPO details and use of proceeds
Smartworks plans to raise ₹582.56 crore through a book-built issue comprising both fresh equity and an offer-for-sale (OFS) component.
The public issue will open on 10 July and close on 14 July. The company has set the price band between ₹387 and ₹407 per equity share, with a minimum lot size of 36 shares.
Proceeds from the IPO will be used to repay outstanding loans, develop new coworking centres, and provide security deposits for those centres. Remaining funds will be allocated towards general corporate purposes.
JM Financial, BOB Capital Markets, IIFL Capital Services, and Kotak Mahindra Capital are the lead managers to the issue. MUFG Intime India Private Limited is the registrar.
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By Ravi Kumar