Smartworks Coworking Spaces IPO Review

Smartworks delivers Customised Managed Workspace Solutions designed to meet the specific needs of Enterprises seeking fully serviced, aesthetically pleasing and tech-enabled office environments along with daily life and aspirational amenities to their employees. They focus on mid-to-large Enterprises and have built a growing Client base, which includes Indian corporates, MNCs operating in India and startups. They strive to make Enterprises and their employees in India more productive at work by providing value-centric pricing and superior office experience vis-à-vis traditional workspaces, with access to enhanced services and amenities.

The company is promoted by NEETISH SARDA, he has over nine years of experience in the field of flexible workspaces, HARSH BINANI has around fourteen years of experience in management consulting and flexible workspace industry and SAUMYA BINANI.

The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 14,096.69 Million, ₹ 11,131.10 Million and ₹ 7,440.70 Million. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 8,928.77 Million, ₹ 7,334.16 Million and ₹ 4,566.76 Million. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ -631.79 Million, ₹ -499.57 Million and ₹ -1,010.46 Million respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ -6.18 and post-issue EPS of ₹ -5.54 for FY24. The pre-issue P/E ratio is -65.85x, while the post-issue P/E ratio is -73.52x against the Industry P/E ratio is 63x. The company's ROCE for FY24 is 42.30%, ROE for FY24 is -80.00% and RoNW is -58.76%. These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) of Smartworks Coworking Spaces showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Smartworks Coworking Spaces Limited IPO for Listing gain.

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About the Author
CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.