Smartworks Coworking Spaces initial issue is priced at 5.8x TTM EV/EBITDA compared to 14.4x of its domestic listed peer and industry avg. of 6.8x TTM EV/EBITDA of global listed peers. Moreover, the issue is priced at 20.4x FY25 EV/Adj. Cash EBITDA compared to 49.9x FY25 EV/Adj. Cash EBITDA of its domestic listed peer.