With the initial public offering (IPO) boom in full swing in the Indian equity market, coworking startup Smartworks
filed its draft red herring prospectus (DRHP) with the capital markets regulator SEBI last week.
The startup’s IPO will comprise a fresh issue of INR 550 Cr and an offer for sale (OFS) of 67.49 Lakh equity shares.
The startup also plans to raise INR 110 Cr through a pre-IPO placement prior to filing its red herring prospectus (RHP).
Smartworks will use the proceeds from the fresh issue to meet its capital expenditure needs related to fit-outs in the new centres, security deposits for the new centres, and other general corporate purposes.
Additionally, a portion of the funds will be utilised for the repayment, prepayment, or redemption of certain borrowings.
Following market regulators’ nod for its IPO launch, shares of Smartworks will get listed on the NSE and the BSE.
It is pertinent to note that Smartworks narrowed its net loss to INR 49.8 Cr in the…
