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Smartworks, a prominent provider of flexible workspaces, has leased 470,000 square feet at the DLF Commercial Building in Gurugram, marking its fourth managed campus in the city. The company operates 45 centres across 13 cities, offering 9.12 million square feet of workspace. As of mid-August 2024, Smartworks filed its draft red herring prospectus for an IPO, which will include a fresh issue of INR 550 crore in equity shares and an offer for sale of 6.759 million shares. The company is considering raising INR 110 crore through a pre-IPO placement and has attracted USD 29 million from Keppel Ltd since 2019.
Smartworks, the flexible workspace provider preparing for an upcoming IPO, has secured a lease for 470,000 square feet of office space at the DLF Commercial Building in DLF City-V, Gurugram. This marks the fourth managed campus for the company in Gurugram, complementing its existing locations at Golf View Corporate Towers on Golf Course Road, RK 4 Square in Cyber City, and ASF Insignia in Vatsal Valley. These campuses have played a key role in Smartworks' expansion strategy, positioning the company to cater to the rising demand for serviced office spaces in this fast-growing commercial hub. Advertisement
Neetish Sarda, the founder of Smartworks, shared that the company's growth in Gurugram highlights the increasing demand for fully managed and serviced campuses, reflecting the evolving needs of businesses in the region.
Smartworks, a major player in the managed campus sector, currently operates across 45 centres in 13 cities, offering a total super built-up area of 9.12 million square feet. This rapid expansion has been part of the company's broader strategy to tap into India's increasing demand for flexible workspaces. Since its early days, Smartworks has positioned itself as a leader in this space, responding to changing market needs, particularly in urban centres like Gurugram, where businesses are increasingly adopting hybrid work models.
As of mid-August 2024, when it filed its draft red herring prospectus, Smartworks is set for its initial public offering (IPO). The IPO will include a fresh issue of equity shares valued at INR 550 crore, along with an offer for sale (OFS) of 6.759 million shares, as stated in its draft filing with the Securities and Exchange Board of India (SEBI). Additionally, Smartworks is considering a pre-IPO placement that could raise INR 110 crore. The company intends to use around INR 140 crore of the proceeds to settle existing loans, with the remainder earmarked for general corporate purposes.
This IPO approval from SEBI follows several years of steady growth and expansion. Over the past few years, Smartworks has established a significant presence across India, backed by strategic investments, including USD 29 million from Singapore-based Keppel Ltd since 2019. This partnership has bolstered Smartworks' financial strength and market credibility, helping the company scale its operations and expand its network of managed workspaces. Smartworks has also attracted significant backing from Singapore's Keppel Ltd, which has invested USD 29 million since 2019, reinforcing its strong position in the market.
Smartworks continues to expand its presence in Gurugram, a key market for the company, reflecting the growing demand for flexible and serviced office spaces. As the company prepares for its IPO, it remains well-positioned for further growth in the Indian market. With significant backing from Keppel Ltd, which has invested USD 29 million since 2019, Smartworks is poised to strengthen its foothold in the managed workspace industry. The upcoming IPO will help the company reduce debt and focus on its expansion goals, particularly in the rapidly growing flexible office space market in India.
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