Smartworks Coworking Spaces IPO
Smartworks Coworking Spaces Limited (SMARTWORKS) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 17 July 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +3.4% (likely range -10% to +21%), day's high +7.2%, chance of a gain 50%. Actual: +6.9% at the open, +15.3% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 29,03,910 | 7,08,75,864 | 24.4x | |
| NII (HNI) total | 22,17,233 | 5,05,06,848 | 22.8x | |
| Big NII (above ₹10 lakh) | 14,78,156 | 4,01,12,460 | 27.1x | |
| Small NII (₹2-10 lakh) | 7,39,077 | 1,03,94,388 | 14.1x | |
| Retail | 51,73,543 | 1,82,71,764 | 3.53x | |
| Employees | 1,07,142 | 2,54,844 | 2.38x | |
| Total | 1,04,01,828 | 13,99,09,320 | 13.5x |
Bids on NSE and BSE together, as published by NSE, as of 14 Jul 2025, 07:00 PM. Shares offered exclude the anchor portion. 11% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Smartworks Coworking Spaces's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| EPACK DurableJan 2024 | 25.5x | 28.1x | 6.29x | 16.4x | ₹652 Cr | -3.9% | -2.4% |
| Ceigall IndiaAug 2024 | 31.5x | 14.4x | 3.77x | 13.8x | ₹1,267 Cr | +4.5% | +5.9% |
| Jana Small Finance BankFeb 2024 | 38.7x | 25.1x | 5.46x | 18.5x | ₹590 Cr | -4.3% | -1.2% |
| Concord Enviro SystemsDec 2024 | 17.3x | 14.2x | 5.56x | 10.7x | ₹497 Cr | +17.8% | +22.7% |
| Medi Assist Healthcare ServicesJan 2024 | 40.1x | 14.9x | 3.19x | 16.2x | ₹1,172 Cr | +10.1% | +23.9% |
| Suraj Estate DevelopersDec 2023 | 24.3x | 18.9x | 9.30x | 15.6x | ₹424 Cr | -5.6% | -1.5% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| JM Financial | 109 | +22.8% | 75% |
| BOB Capital Markets | 6 | +4.9% | 50% |
| IIFL Capital Services | 94 | +19.3% | 71% |
Offer documents (NSE)
Frequently asked
What is the Smartworks Coworking Spaces IPO price band and lot size? ₹387–407 per share, with a lot of 36 shares, so the smallest retail bid is ₹14,652.
How many times has it been subscribed? 13.5x overall: QIB 24.4x, NII 22.8x, retail 3.53x, employees 2.38x.
How did it list? It opened at ₹435, +6.9% against the issue price of ₹407, and closed its first day +9.3%.
