Smartworks Plans Expansion With Its IPO Proceeds

Smartworks is among the largest managed workspace companies, with 41 centers in 14 cities

- Madhurima Nandy

Smartworks Coworking Spaces Ltd plans to retire high-cost debt and fund its expansion with the money it raises from its upcoming initial public offering of shares, top company executives said. The Gurugram-based flexible workspace operator is preparing to launch its ₹583-crore IPO on July 10. The IPO will be a combination of a fresh issue of shares aggregating to ₹445 crore and an offer for sale (OFS) amounting to ₹137.56 crore. (No fresh shares will be issued as part of the OFS; the money will flow to investors selling the shares, not to the company.) Smartworks plans to use proceeds from the IPO, which will conclude on July 14, for capital expenditu