IPO-bound flexible work space provider Smartworks has leased 470,000 sq ft office space at DLF Commercial Building in DLF City-V, Gurugram.
This is the fourth managed campus for Smartworks in Gurugram, in addition to the existing campuses at Golf View Corporate Towers (Golf Course Road), RK 4 Square (Cyber City), and ASF Insignia (Vatsal Valley).
“Our growth in Gurugram reflects the increasing demand for fully managed and serviced campuses,” said Neetish Sarda, founder at Smartworks.
Smartworks is one of the largest managed campus operators.
As on August 14, 2024, the date of filing of the draft red herring prospectus, Smartworks has a total super built-up area of 9.12 million square feet across 45 centres in 13 cities.
Last month, it received approval from the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO).
The planned IPO will comprise a fresh issue of equity shares worth Rs 550 crore and an offer for sale (OFS) of 6.759 million shares, according to its draft prospectus filed with the market regulator.
Smartworks may also consider raising Rs 110 crore through a pre-IPO placement, as per the DRHP. The company plans to use about Rs 140 crore from the IPO proceeds to repay loans and the remainder for general corporate purposes.
Singapore-based Keppel Ltd is a prominent backer of Smartworks, having invested $29 million since 2019.
