Smartworks Leases 470,000 Sq Ft at DLF City-V, Gurugram
IPO-bound flexible workspace provider Smartworks has expanded its footprint in Gurugram by leasing a massive 470,000 sq ft of office space at the DLF Commercial Building in DLF City-V. This marks the company’s fourth managed campus in Gurugram, adding to its existing locations at Golf View Corporate Towers (Golf Course Road), RK 4 Square (Cyber City), and ASF Insignia (Vatsal Valley).
Emphasizing the rising demand for managed office spaces, Smartworks founder Neetish Sarda stated, “Our expansion in Gurugram showcases the growing need for fully managed and serviced campuses.”
As one of the largest managed campus operators in India, It has a robust portfolio. According to its draft red herring prospectus (DRHP) filed on August 14, 2024, the company boasts a total super built-up area of 9.12 million square feet across 45 centers in 13 cities.
The company has recently secured approval from the Securities and Exchange Board of India (SEBI) to proceed with its much-awaited IPO. The IPO will include a fresh issue of equity shares worth ₹550 crore and an offer for sale (OFS) of 6.759 million shares. Additionally, Smartworks may raise ₹110 crore through a pre-IPO placement, as per its DRHP.
Of the IPO proceeds, ₹140 crore will be allocated toward loan repayment, while the remaining funds will be used for general corporate purposes.
Since 2019, Singapore-based Keppel Ltd has been a key investor in Smartworks, contributing $29 million to the company’s growth.
Smartworks’ continued expansion, combined with its IPO plans, underscores its commitment to revolutionizing India’s managed office space segment.
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