Smartworks Coworking Raises Rs 174 Crore From Anchor Investors
Three domestic mutual funds have applied through four schemes.
Smartworks Coworking Spaces Ltd. 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.
Domestic entities mopped up the biggest stake of the anchor allocation, with Tata, Axis, Aditya Birla, and Baroda BNP Paribas mopping up a nearly 48% cumulative portion.
Tata Mutual Fund - Tata Small Cap Fund, Axis New Opportunities AIF - Series II, Aditya Birla Sun Life Insurance Co., and Baroda BNP Paribas Large & Mid Cap Fund got the highest allocation of 11.89%.
Buoyant Opportunities Strategy-II, Sageone-Flagship Growth OE Fund, and SBI General Insurance Co got the second highest allotment of 10.89%.
Three domestic mutual funds have applied through four schemes. Tata Mutual Fund, Baroda BNP Paribas and Trust Mutual Fund were the fund houses in this category, the coworking company said in an exchange filing.
The company had filed its IPO papers with the Securities and Exchange Board of India to raise up to Rs 583 crore through an initial public offering. It will raise Rs 445 crore via a fresh issue of shares and will offer existing shares worth Rs 137.56 crore for sale, as per the red herring prospectus.
The company intends to utilise the proceeds in repaying all the debts, fund capital expenditure and for other general corporate purposes.
Smartworks Coworking Spaces is a high-quality office space and managed campuses. The company provides modern amenities and services that enhance the work environment. It also turns unused properties into Smartworks-branded campuses.
The company serves mid-sized and large companies including Indian corporates, multinational firms, and startups. The spaces support everyday employee needs along with supporting teamwork and a positive workplace culture.
JM Financial Ltd., BOB Capital Markets Ltd., IIFL Securities Ltd. and Kotak Mahindra Capital Co. are the book running lead managers of the offering and Link Intime India Pvt. is the registrar.
