Smartworks Coworking Shares Jump 15% After Premium Listing
Shares of Smartworks Coworking Space listed at a premium of 7% over IPO price.
Shares of Smartworks Coworking Spaces Ltd. soared as much as 15% in its first session of trading on Thursday after the stock listed at a premium over IPO price.
The scrip opened at Rs 435 on the NSE and Rs 436.1 on the BSE, a 7% premium over the issue price was Rs 407. The grey market had also indicated a premium listing in the same range.
The company's market cap was as high as Rs 5,220 crore.
Smartworks Coworking Spaces opened at Rs 435 on the NSE and Rs 436.1 on the BSE, a 7% premium over the issue price was Rs 407.
Smartworks Coworking raised Rs 445 crore via a fresh issue while exisiting shareholders offloaded equity worth Rs 137.6 crore via an OFS.
The IPO was subscribed 13.92 times amounting to a total bid offer of nearly Rs 5,700 crore, led by demand from institutional and non-institutional 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.
Smartworks Coworking Spaces listing ceremony at NSE. (Image: NSE livestream)
Smartworks is a high-quality office space and managed campuses operator. 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.
