IPO
Co-working player Smartworks’ Rs.583-Cr IPO oversubscribed 13X
The INR 583-crore IPO of Gurugram-headquartered Smartworks Coworking Spaces got subscribed 13.45 times. The issue received bids for more than 13.99 crore shares, as against the offer size of 1.04 crore shares. While Non Institutional Investors (NIIs) booked their reserved portion 22.78 times, retail investors subscribed the portion kept nearly 3.53 times. Qualified Institutional Buyers (QIBs) booked their reserved portion around 24.41 times.The public issue comprised a fresh issuance of shares worth INR 445 crore, and an offer-for-sale of 33.79 lakh shares worth INR 137.56 crore by the existing shareholders. Smartworks had raised INR 173.6 crore from 12 institutional investors via anchor book.Smartworks is an office experience and managed Campus platform, having a total SBA of 8.99 million square feet across 50 centres in 15 cities. The company will repay its debt amounted to INR 114 crore through fresh issue proceeds.
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