As of March 31, 2024, Smartworks had established a presence in 13 cities with a portfolio comprising 41 centres spanning 8 million sq ft.
The company has also entered the international market with leasing of 35,000 sq ft space in Singapore.
Since 2019, Singapore-based Keppel Ltd. has been a prominent and longstanding investor in Smartworks, having invested $29 million in the company to date.
Smartworks, which recently raised Rs 168 crore (about $20.24 million) from investors including Keppel Ltd, Ananta Capital Ventures Fund I, Plutus Capital and various family trusts, will invest Rs 238 crore in the next three years in fit-out of the upcoming centres, it said.
The company’s proposed initial share sale is a combination of a fresh issue of equity shares worth Rs 550 crore and an offer for sale (OFS) of 67.59 lakh shares, according to its DRHP.Smartworks may consider raising Rs 110 crore through a pre-IPO placement, according to the DRHP. About Rs 140 crore will be kept for payment of loans and the remaining funds will be utilised for general corporate purposes.
With a portfolio of 8 million sq ft and 180,000 seats, the company reported Rs 1,039 crore revenue in FY24, a 46% growth from the previous year.