Mumbai, July 7
Smartworks Coworking Spaces' losses widened to Rs 63.17 crore in FY25, a rise of Rs 13.22 crore against FY24 losses, the company said in its red herring documents on Monday ahead of its initial public offering (IPO).
The co-working space provider's net loss stood at Rs 49.95 crore in the preceding 2023-24 financial year.
The IPO opens for public subscription on July 10 and concludes on July 14. The price band has been fixed at Rs 387-407, and investors had to buy a lot of 36 shares to place a bid, according to the red herring prospectus.
The shares allocation to anchor investors will take place on July 9. The IPO is a combination of fresh shares worth Rs 445 crore and an offer for sale of 3,379,740 equity shares.
Earlier, Smartworks had planned to raise over Rs 550 crore through selling fresh shares, but they reduced it to Rs 445 crore. Similarly, the offer-for-sale (OFS) portion has been cut to 33.79 shares from 67.59 shares.
NS Niketan LLP, SNS Infrarealty LLP and Space Solutions India Pte. Ltd are likely to offload their stake through OFS.