Smartworks Coworking IPO GMP is making headlines in India. The grey market premium (GMP) has shown steady growth over the last few days. Investors are paying close attention. If you’re wondering whether to apply or what the GMP means, you’re in the right place.
This blog covers all the key facts — from IPO details to GMP, subscription numbers, and listing date.
What is Smartworks Coworking?
Smartworks is a flexible office space provider. It offers ready-to-move offices to large businesses. Founded in 2016, Smartworks focuses on managed workspaces. Unlike WeWork or Awfis, it targets large enterprises, not startups.
It claims to be India’s largest managed office space operator. The company has offices across 13 cities. Its model is simple: lease large spaces, design and furnish them, then rent them to companies.
Smartworks Coworking IPO – Key Details
The Smartworks IPO opened on July 10, 2025, and closed on July 14, 2025.
Here are the main IPO facts:
- Price Band: ₹387 to ₹407 per share
- Lot Size: 36 shares
- Issue Size: ₹583 crore total
- ₹445 crore as fresh issue
- ₹138 crore as offer for sale (OFS)
- Face Value: ₹2 per share
The company plans to use the money for:
- Repaying ₹114 crore of loans
- Paying security deposits for centers
- Fit-out costs for new locations
- General business use
Smartworks raised ₹173.6 crore from anchor investors on July 9. These included top mutual funds and institutional buyers.
Smartworks Coworking IPO GMP – Latest Trends
Smartworks Coworking IPO GMP started around ₹18 and later moved up to ₹20–₹22. This means investors in the grey market are ready to pay ₹20 more than the upper band price of ₹407.
That puts the estimated listing price at around ₹427–₹429.
Here’s the GMP trend:
- Day 1 (July 10): ₹18
- Day 2 (July 11): ₹20
- Day 3 (July 12): ₹22
A rising GMP often signals strong demand. But remember, GMP is unofficial. It changes quickly and does not guarantee listing gains.
Still, many investors use GMP as a hint for short-term listing gains. A ₹20–₹22 premium suggests decent market interest.
IPO Subscription – Day-wise Report
The IPO saw good interest across investor categories.
Here are the numbers:
- Retail: 1.87× subscribed
- NII (High Net Worth): 3.73× subscribed
- QIB (Institutional): 0.66× subscribed
- Total: 1.92× subscribed by July 14
Retail and NII drove the demand. QIB response was slower but might pick up later. Non-institutional investors showed the most trust.
Subscription data tells us that retail interest is high. This could lead to oversubscription, which boosts chances for a strong listing.
Financials and Valuation
Here’s a quick look at Smartworks’ numbers:
- Revenue for FY24: ₹750 crore (approx)
- EBITDA Margin: Moderate
- Net Profit: Not strong — losses in some quarters
Despite not being very profitable, Smartworks has strong demand.
Investors believe the managed office model will grow. Its closest peer, Awfis, has a similar model. Awfis now has a market cap near ₹4,800 crore.
At the upper price band, Smartworks may list with a valuation around ₹4,645 crore. This is in line with its peers.
Smartworks IPO Listing and Allotment Dates
Let’s break down the timeline:
- IPO Closed: July 14, 2025
- Allotment Date: Likely on July 15
- Refunds (if not allotted): July 16
- Shares in Demat: July 16
- Listing on NSE/BSE: Expected on July 17
Once the shares list, the real test begins. If the GMP holds, listing price may touch ₹427–₹430.
Should You Apply? What the Market Says
Analysts are mixed but hopeful. Some say the IPO is fairly valued. Others are cautious due to weak profits. But strong anchor support and high retail interest show solid market trust.
Here’s what’s working in favor:
- Fast-growing flexible office market
- Large clients and strong presence in major cities
- Reasonable valuation compared to peers
Risks include:
- High competition
- Ongoing losses
- Unpredictable real estate trends
If you are a short-term investor, the Smartworks Coworking IPO GMP points to gains. For long-term investors, wait for better clarity on profits.
Final Thoughts – What GMP Tells Us
The Smartworks Coworking IPO GMP shows that people expect a good listing. A ₹20–₹22 premium is not huge, but it’s solid. It reflects steady demand.
Retail and NII interest confirms market trust. QIB numbers were lower, but the allotment will show how big investors really feel.
If you’re applying, expect heavy competition. If you’re watching, wait for the listing. It will show how much strength the IPO really has.
Smartworks Coworking IPO GMP is one of the key indicators this week. Keep watching the GMP trend, and check allotment updates on July 15.
