Keppel-backed Smartworks eyes IPO

16 Aug 2024 , 12:13 PM

Supported by global asset manager Keppel, Smartworks Coworking Spaces has submitted preliminary documents to SEBI, the capital markets regulator, in order to raise money through an IPO.

An offer-for-sale (OFS) of 67.59 lakh equity shares by current equity shareholders is combined with a new issuance of equity shares valued at Rs 550 crore to form the IPO.

In the OFS, investors Space Solutions India Pte (previously Lisbrine Pte) will sell the remaining 51.59 lakh shares, with promoters NS Niketan LLP and SNS Infrarealty LLP selling 16 lakh shares each.

It is possible that the largest managed campus operator in Gurugram may use pre-IPO placement to fund an additional Rs 110 crore before submitting the Red Herring Prospectus with the Registrar of Companies (ROC). The aforementioned sum will be subtracted from the new issue if the pre-IPO placement is successful.

The remaining 30.81 percent of Smartworks’ shares are held by public shareholders, including 1.08 percent and 19 percent of shares held by Ananta Capital Ventures Fund and Space Solutions India, respectively. Promoters own 69.19 percent of the company (on a fully diluted basis).

Since 2019, investors such as Keppel, the firm that owns Space Solutions India Pte, have supported the company. It issued CCPS (compulsorily convertible preference shares) to Space Solutions India in 2019, raising Rs 177.22 crore.

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