| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 387 to ₹ 407 | 36 | 10th Jul, 2025 – 14th Jul, 2025 | ₹582.56 Cr |
Smart Coworking Spaces Ltd.
Incorporated in 2015, Smartworks Coworking Spaces Ltd. is an office experience and managed Campus platform. As of March 31, 2024, the company emerged as India’s largest managed campus operator among benchmarked peers, with a lease-signed portfolio of 8.0 million sq. ft. By March 31, 2025, the total managed space expanded to 8.99 million sq. ft. Their platform transforms bare-shell properties into fully serviced, tech-enabled campuses, offering enterprise-grade workspaces with value-centric pricing and amenities such as cafeterias, gyms, medical centres, and crèches. Landlords, especially passive and non-institutional, benefit from the transformation of their bare shell properties into ‘Smartworks’ branded, fully serviced managed campuses. They equip their campuses with modern and aesthetically pleasing designs using its extensive design library, integrated proprietary technology solutions and amenities such as cafeterias, sports zones, Smart Convenience Stores, gymnasiums, crèches and medical centres. Their managed campus platform consists of a total SBA of 8.99 million sq. ft. across 50 centres in 15 cities such as Bengaluru (Karnataka), Pune (Maharashtra), Hyderabad (Telangana), Gurugram (Haryana), Mumbai (Maharashtra), Noida (Uttar Pradesh) and Chennai (Tamil Nadu), with 203,118 capacity seats, as of March 31, 2025. As on June 30, 2025, the company signed non-binding letters of intent/MoUs with landlords for an additional SBA of 1.46 million sq. ft. across three centres in Pune (Maharashtra), Kolkata (West Bengal) (partially handed over to the extent of 0.02 million sq. ft. which has been excluded) and Mumbai (Maharashtra). The company has also signed term sheets with landlords in Gurugram for a centre with a total SBA of 450,000 sq. ft. under the variable rental business model, of which SBA of 33,504 sq. ft. has been operationalised pursuant to agreements entered into by the company with the landlord and each of the respective client(s). The company has also leased two centres in Singapore, with a total SBA of 35,036 sq. ft., serving 83 clients as of June 30, 2025. Through modular designs, proprietary technology, and rapid delivery (45-60 days), Smartworks ensures cost-efficiency for clients. It focuses on mid-to-large enterprises and has built a growing client base, which includes Indian corporates, MNCs operating in India and startups such as Google IT Services India Private Limited, L&T Technology Services Limited, Bridgestone India Private Limited, Philips Global Business Services LLP, Persistent Systems Limited, Billionbrains Garage Ventures Private Limited (Groww) and MakeMyTrip (India) Private Limited. In FY25, the company had 86.8% seat retention rate. Additionally, the company launched value-added services (VAS) and fit-out-as-a-service (FaaS), providing asset-light, margin-accretive opportunities that enhance client engagement and build a sustainable ecosystem.
Objective of the Crizac Limited IPO
The company proposes to utilise the net proceeds from the issue towards the following objects:
- Repayment/ prepayment/ redemption, in full or in part, of certain borrowings availed by the company;
- Capital expenditure for fit-outs in the new centres and for security deposits of the new centres;
- General corporate purposes.
Rationale To Smart Coworking Spaces Limited IPO
Market leader with the ability to lease and transform entire/large properties across India’s key clusters into amenities-rich ‘Smartworks’ branded campuses
As of March 31, 2024, the company was the largest managed campus operator among the benchmarked operators in terms of total stock, with a lease-signed portfolio of 8.0 million sq. ft. They have a total of four lease-signed centres in India, exceeding 0.5 million sq. ft. in size, with the largest centre, approximately 0.7 million sq. ft., located in Vaishnavi Tech Park, Sarjapur, ORR, Bengaluru. Their pan-India presence in key clusters, value-centric pricing, and its ability to lease entire or large properties makes it a suitable partner for clients in mid-to-large enterprises. The company’s ability lies in partnering with landlords, especially passive and non-institutional, to lease entire/ large properties in key clusters in India. As of March 31, 2025, the company is present across 14 Indian cities and in Singapore. The 28 key clusters identified across Tier 1 cities account for around 80% of the total flexible workspace stock in these cities. As of March 31, 2025, it is present in 19 out of these 28 key clusters, accounting for over 94% of its managed SBA. The company has the ability to perform active asset management, which typically involves overseeing common area maintenance and building operations. The company’s commercial model and standardised operations resonate with the price-conscious ethos of the Indian market. It standardises designs, use modular and reusable fit-outs, achieve economies of scale and leverage proprietary technology in its facility build-out and operations. It offers superior office experiences with aesthetically pleasing designs, by understanding the clients’ functional requirements and preferences to provide customised solutions. This also ensures that clients get superior workspaces that adapt to their evolving needs and enables the company to consistently meet clients’ needs and maintain quality standards across its centres.
Financial acumen and strategic execution abilities make them capital efficient, resulting in superior working capital management
The company’s payback period, which is the time period for recovery of capital invested at the centre level, is shorter than the industry payback period. Further, payback period for the operator is expected to be 51-52 months from the fit-out commencement cycle and nearly 45-46 months from the date of operations. As of March 31, 2025, the average payback period for its mature centres is 30-32 months from the date of capital deployment for fit-outs. It has an efficient financial model that helps them conserve their equity in capital expenditures and working capital. The company uses customer deposits to fund some of its capital expenditure for fit-outs. Further, the long-term contracts and continued relationships with large enterprise clients enable them to secure lease rental discounting at competitive rates from major financial institutions, using locked-in rental payments as a collateral. Its strategic build-out model focuses first on common areas and shared infrastructure, with client-specific fit-outs done on demand, ensuring faster delivery and better capital optimization. Additionally, Smartworks maintains strong cash flow discipline, with receivable days consistently under 10 days across FY2023-25 period, supported by an advance rental collection model. This combination of disciplined capital deployment, effective use of client deposits, reliable revenue visibility, and quick receivables underscores Smartworks’ robust, scalable, and capital-efficient operating model within the managed workspace sector.
Valuation of Smart Coworking Spaces Limited IPO
India’s commercial office market, projected to grow at a 6.7% CAGR during FY25 to FY27 period, is largely fragmented, with 70.2% of the stock held non-institutionally. As the workplace landscape shifts toward hybrid working models, the demand for flexible workspaces is increasing, driven by both domestic companies and multinational corporations seeking cost-effective, modern office solutions. Being the market leader, Smartworks Coworking Spaces Ltd. is well-positioned to capitalize on this market growth. With a lease-signed portfolio of 8.99 million sq. ft., the company’s business model is tailored to the evolving needs of mid-to-large enterprises. Smartworks specializes in leasing and transforming large bare-shell properties into tech-enabled, amenity-rich campuses, allowing for fast and capital-efficient office solutions. Its extensive pan-India presence, combined with modular design capabilities and rapid delivery timelines, gives it a competitive edge in the growing managed workspace sector. The company’s strong relationships with landlords and enterprises, along with their ability to optimize capital expenditure, position them to capture significant market share as flexible workspaces become more prevalent in India. Further, the management intends to maintain its market leadership and scale its business by expanding new centres. Financially, the company has reported a revenue CAGR of 39.0% from Rs. 7,114 million in FY23 to Rs. 13,741 million in FY25. The EBITDA of the company showed a CAGR of 42.2% from Rs. 4,240 million in FY23 to Rs. 8,573 million in FY25. On the bottom line, the company reported net losses, which narrowed down from Rs. 1,010 million in FY23 to Rs. 632 million in FY25. According to the management, these losses are attributed to the new accounting rules that required the company to set aside specific financial provisions or adjustments, which affected the final net result. As of March 31, 2025, the company holds a debt of Rs. 2,160 million, and management intends to pay off a portion of this debt using the proceeds from the IPO. Given its proven track record of converting existing properties into fully serviced, tech-enabled workspaces, its strategic focus on offering flexible office solutions and ability to outpace industry growth, we recommend a “SUBSCRIBE” rating for the issue with a medium to long-term investment perspective.
What is the Smart Coworking Spaces Limited IPO?
The initial public offer (IPO) of Crizac Limited offers an early investment opportunity in Smart Works Coworking Spaces . A stock market investor can buy Smart Works Coworking Space Limited IPO shares by applying in IPO before Smart Works Coworking Space Limited shares get listed at the stock exchanges. An investor could invest in Smart Works Coworking Space Ltd IPO for short term listing gain or a long term.
How to apply for the Smart Works Coworking Space Limited IPO through StoxBox?
To apply for the Smart Works Coworking Space Limited IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Smart Works Coworking Space Limited IPO open?
Smart Works Coworking Space Limited IPO is opening on 10th Jul 2025. Apply Now
What is the lot size of the Smart Works Coworking Space Limited IPO?
The Lot Size of Smart Works Coworking Space Limited IPO is 36 equity shares. Login to your account now.
When is the Smart Works Coworking Space Ltd allotment date?
The allotment Date for Smart Works Coworking Space Limited IPO is 15th Jul 2025. Login to your account now.
When is the Smart Works Coworking Space Limited IPO listing date?
The listing Date for Smart Works Coworking Space Limited IPO is 17th July 2025. Login to your account now
What is the minimum investment required for the Smart Works Coworking Space Limited IPO?
In the Retail segment the minimum investment required is Rs. 14,652. Login to your account now
What is the maximum investment allowed for the Smart Works Coworking Space Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,90,476. Login to your account now
What are the risks associated with investing in the Smart Works Coworking Space Limited IPO?
During FY25, the company derived 75.2% of its rental revenue from its centres located in Pune, Bengaluru, Hyderabad, and Mumbai. Any adverse developments affecting such locations and centres could have an adverse effect on its business, results of operations and financial condition.
The company’s business primarily targets clients who typically require over 300 seats across multiple centres and cities. However, it may face challenges in negotiating with such large clients and may not possess equal bargaining power in these agreements. Additionally, finding suitable replacements in the event of contract termination with such clients could prove difficult, potentially impacting the company’s business, cash flows, operational results, and financial performance. The company’s success is largely dependent on its ability to identify the right buildings and properties in prime locations, as well as securing these centres at favourable rental rates and commercial terms. A failure to achieve this could negatively impact its business, cash flows, operational results, and overall profitability.
When will the Smart Works Coworking Space Limited IPO shares be credited to my Demat account?
The Smart Works Coworking Space Limited. IPO be credited to the account on allotment date which is 15th Jul 2025. Login to your account now
Where can I find the Smart Works Coworking Space Limited IPO prospectus?
The prospectus of Smart Works Coworking Space Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
