Smartworks Coworking Spaces Ltd. share price target

Reported EPS of Rs 0.11, beating our expectations by (~37%), driven by higher-than-expected occupancy (84%) and VAS revenues

IPO NOTE

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.

Incorporated in 2015, Smartworks Coworking Spaces Ltd (SCSL) is engaged in the business of customized managed workspace solutions, offering fully serviced, tech-enabled office environments with aesthetic...

Company an office experience and managed Campus platform. As of March 31, 2024, company was the largest managed campus operator, amongst the benchmarked operators in terms of total stock, with a lease signed portfolio of 8.0 million square feet. Company have leased, and company manage a total SBA of 8.99 million square feet as of March 31, 2025. Company strive to make Enterprises and their employees in India more productive at work by providing value-centric pricing and superior office...

Smartworks Coworking Spaces Ltd (SCSL) is an office experience and managed campus platform with a leased & managed total super built-up area (SBA) of 8.99 mn sq ft across 50 centres and 15 cities as of Mar'25. SCSL was the largest managed campus operator amongst peers in terms of total stock as of Mar'24. The company operates by leasing entire bare-shell properties in prime location from landlords and transforming them into fully serviced, aesthetically pleasing and tech-enabled campuses. The company's capacity as of Jun'25 stood at 2,31,548 total seats across 48 operational campuses (1,90,421 seats), 2 fit-out...