Smartworks IPO Soars: Stock Surges 15% on Debut Day

Smartworks Coworking Spaces Ltd saw its shares jump over 15% on debut. The stock listed at a 7% premium against the issue price and surged to Rs 469. The IPO, targeting Rs 600 crore for expansion and debt reduction, was oversubscribed by 13.45 times.

Shares of Smartworks Coworking Spaces Ltd made an impressive debut on Thursday, opening at a premium of over 7% compared to its issue price of Rs 407.

The stock initially listed at Rs 436.10 on the BSE, rising by 7.14% from the issue price, and further climbed by 15.23% to reach Rs 469. On the NSE, it commenced trading at Rs 435, marking an increase of 6.87%.

The company's market valuation hit Rs 5,241.48 crore during morning trade. The Rs 583-crore initial public offering saw a 13.45 times subscription on its closing day, with a price band set between Rs 387 to Rs 407 per share. The Gurugram-based firm plans to use the capital raised for expansion and debt reduction, boasting 48 operational centers with significant seating capacity.