Smartworks Coworking IPO is set to begin public subscriptions on July 10 and will end on July 14, with a bidding window for anchor investors opening for one day on July 9, as stated by the company.
The company has decreased the size of its IPO. The new issue amount has been reduced to ₹445 crore from the previously intended ₹550 crore, while the Offer for Sale (OFS) has been adjusted to 33.79 lakh shares from 67.59 lakh shares.
Smartworks Coworking IPO price band has been established at ₹387-407 per share for its total initial public offering of ₹583 crore. With the upper limit of this price range, the IPO is now estimated to be ₹583 crore, resulting in a market valuation of approximately ₹4,645 crore.
Funds from the fresh issue, amounting to ₹226 crore, will be allocated for capital expenditures related to fit-outs at new centers and security deposits for these centers. ₹114 crore will be utilized for repaying loans, while the remaining amount will be designated for general corporate needs.
Smartworks Coworking Spaces Ltd is a prominent provider of office solutions and managed campuses.
The company focuses on leasing large, empty properties in prime areas and converting them into fully serviced, technology-enabled campuses with contemporary amenities.
Smartworks Coworking IPO GMP is +27. This indicates Smartworks Coworking share price were trading at a premium of ₹27 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Smartworks Coworking share price was indicated at ₹434 apiece, which is 6.63% higher than the IPO price of ₹407.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.’
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