Smartworks Coworking IPO Subscribed 13.45 Times On Final Day

Smartworks Coworking Spaces Ltd.'s initial public offering was subscribed 13.45 times on its final day of bidding on Monday.

The price band for the IPO was set between Rs 387 and Rs 407 per share. The company sought to raise Rs 445 crore via a fresh issue of shares and offered existing shares worth Rs 137.6 crore for sale, as per the red herring prospectus.

The company's market value at the upper end of the price band is Rs 4,644.8 crore. Shares of Smartworks Coworking will debut on BSE and National Stock Exchange next week.

The company raised Rs 174 crore from anchor investors ahead of its initial public offering. The company allotted 42.7 lakh shares at Rs 407 apiece to 13 anchor investors.

The company intends to utilise the proceeds in repaying all the debts, funding capital expenditure and for other general corporate purposes. Capex will get Rs 225.8 crore and Rs 114 crore will be used for loan repayments.

• Issue opened: July 10.

• Issue closes: July 14.

• Issue price: Rs 387-407.

• Fresh issue: Rs 445 crore.

• Offer for sale: Rs 138 crore.

• Lot size: Minimum 36 shares.

The Smartworks Coworking IPO was subscribed 13.45 times as of 7 p.m. on Monday.

• Qualified Institutional Buyers: 24.41 times.

• Non-Institutional Investors: 22.78 times

• Retail Investors: 3.53 times

• Portion Reserved For Employees: 2.38 times

The grey market premium of Smartworks Coworking IPO has gone down to Rs 14 as of 7:00 p.m., according to InvestorGain. This implies shares of the company are estimated to list at Rs 421 apiece, indicating a 3.44% premium to the upper end of the price band.

It should be noted that GMP or grey market price is not an official price quote for the stock and is based on speculation.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisers and read red herring prospectus thoroughly before placing bids.