Smartworks Coworking IPO Subscribed 1.15 Times On Day Two; GMP Down
The price band for the IPO is set between Rs 387 and Rs 407 per share.
Smartworks Coworking Spaces Ltd.'s initial public offering was subscribed 1.15 times on its second day of bidding on Friday. The IPO was subscribed 50% on its first day, with only the non-institutional investor portion being fully booked.
The price band for the IPO is set between Rs 387 and Rs 407 per share. The company will raise Rs 445 crore via a fresh issue of shares and will offer 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 on Wednesday 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, fund capital expenditure and for other general corporate purposes. Capex will get Rs 225.84 crore and Rs 114 crore will be used for loan repayments.
IPO Details
Issue opens: 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.
Smartworks Coworking IPO Subscription Status
The Smartworks Coworking IPO was subscribed 1.15 times as of 5:00 p.m. on Friday.
Qualified Institutional Buyers: 0.63 times or 63%.
Non-Institutional Investors: 1.79 times
Retail Investors: 1.18 times
Portion Reserved for employees: 1.01 times
Smartworks Coworking IPO GMP
The grey market premium of Smartworks Coworking IPO has fallen to Rs 18 as of 6:30 p.m., according to InvestorGain. This implies shares of the company are estimated to list at Rs 425 apiece, indicating a 4.42% 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.
