Flexible workspace provider Smartworks has secured approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO will consist of a fresh issue of equity shares worth five billion rupees (approximately $66.8 million) and an offer for sale (OFS) of 67.59 lakh shares.

Smartworks may also consider raising 1.1 billion rupees (around $14.2 million) through a pre-IPO placement, as outlined in its draft red herring prospectus (DRHP). About 1.4 billion rupees (approximately $18.8 million) will be allocated for loan repayment, with the remaining funds earmarked for general corporate purposes.

As of March 31, 2024, Smartworks had established a robust presence across 13 cities with a portfolio of 41 centers spanning 8 million square feet. The company has also ventured into the international market, leasing 35,000 square feet of workspace in Singapore.

Since 2019, Singapore-based Keppel Ltd. has been a key investor in Smartworks, contributing $29 million to the company. Recently, Smartworks raised 1.68 billion rupees (about $20.24 million) from investors, including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, and family trusts.

Smartworks reported revenue of 10.39 billion rupees (approximately $134.5 million) for FY24, reflecting a 46% year-on-year growth. The company plans to invest 2.38 billion rupees (around $30.8 million) over the next three years in the fit-out of upcoming centers, reinforcing its commitment to scaling operations and capturing market demand.