SMARTWORKS COWORKING SPACES LIMITED FILES DRHP WITH SEBI
Smartworks Coworking Spaces Limited (“Smartworks” or “The Company), has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
Smartworks is an office experience and managed Campus platform. The Company is the largest managed campus operator, amongst the benchmarked peers, in terms of total stock as of March 31, 2024. (Source: CBRE Report).
The Company plans to raise funds through initial public offering of Equity Share Capital (face value ₹ 10 each) comprising of fresh issue of Equity Shares aggregating up to ₹ 5,500 million [₹ 550 crores] (The “Fresh Issue”) and offer for sale up to 6,759,480 equity share by Selling Shareholders (The “Offer for Sale”). (The “Total Issue Size”)
The Company proposes to utilize the Net Proceeds towards funding – (i) Repayment/ prepayment/ redemption, in full or in part, of certain borrowings availed by Company estimated amount to be ₹ 1400 million [₹ 140 crores] to be deployed in FY 2025 ; (ii) Capital expenditure for fit-outs in the New Centres and for security deposits of the New Centres estimated amount to be ₹ 2,823 million [₹ 282.30 crore] to be deployed in FY 2025, FY 2026 and FY 2027 and balance amount towards general corporate purposes. (The “Object of Issue”)
The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). (The “Listing Details”)
JM Financial Limited, BOB Capital Markets Limited, IIFL Securities Limited and Kotak Mahindra Capital Company Limited are the Book Running Lead Managers to the issue. (The “BRLMs”)