Smartworks’ IPO will comprise a fresh issue of INR 550 Cr and an offer for sale (OFS) of 67.49 Lakh equity shares
Smartworks narrowed its net loss to INR INR 49.9 Cr in the financial year 2023-24, while revenue from operations grew to INR 1039.3 Cr
NS Niketan LLP is the largest shareholder in Smartworks with a 42.42% stake
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 financial year 2023-24 (FY24) while revenue from operations rose to INR 1,039.4 Cr, as per its DRHP.
This comes amid a revival in the IPO mart this year with nearly a dozen new-age tech startups, including Ola Electric, Unicommerce, FirstCry, ixigo and Awfis getting listed on Dalal Street. Further, the likes of Ecom Express and MobikWik are also looking to go public this year.
As Smartworks nears its stock market debut, let’s take a look at the shareholding pattern and people at the helm of the IPO-bound coworking startup.
Who Sits At Smartworks’ Cap Table?
According to the draft documents filed by the company, Smartworks has 73 shareholders, with 7 in the promoter and promoter group and 66 public shareholders.
NS Niketan LLP is the largest shareholder with 4.37 Cr shares. It holds a 42.42% stake in Smartworks on a fully diluted basis.
SNS Infrarealty LLP is the second largest shareholder in Smartworks with 2.75 Cr equity shares, translating to 26.73% stake.
Coming in next is Space Solutions India Pte Ltd. (formerly Lisbrine Pte Limited) with 1.96 Cr cumulative convertible preference shares, convertible into 1.96 Cr equity shares prior to filing the red herring prospectus. This would translate into a 19% equity stake.
Further, Mahima Stock Investment Limited owns 42.68 Lakh shares or a 4.14% stake in Smartworks. Meanwhile, Ananta Capital Ventures Fund I holds a 1.08% stake in the IPO-bound company and Deutsche Bank A.G., London owns a 0.82% stake.
Who’s Who At Smartworks?
Neetish Sarda – Managing Director, Founder
A science graduate from University of London, Neetish Sarda oversees critical operational and growth-oriented functions of the company. He is responsible for supervising the C Suite/senior management and teams tasked with sales, business development, operations, product, and technology functions of the company.
Prior to incorporating Smartworks in 2015, Sarda served as a director as Vision Comptech Integrators Limited. He was paid a remuneration of INR 1.14 Cr in FY24.
Harsh Binani – Executive Director, Cofounder
An economics (honours) graduate from the Delhi University, Harsh Binani is responsible for overseeing finance, corporate and support functions of the company.
Binani joined Smartworks in 2017 and, in his current role, manages the C-suite/senior management and teams responsible for investor relations, finance and accounts, marketing, and human resources functions of the firm.
He was paid a remuneration of INR 1.16 Cr in FY24. Previously, he has also worked at McKinsey & Company, Chicago.
Punam Dargar – Company Secretary and Compliance Officer
A commerce graduate of the University of Calcutta, Punam Dargar joined Smartworks in 2020 and is responsible for corporate secretarial and compliance functions of the company. She is also a member of the Institute of Company Secretaries in India and was paid a remuneration of INR 16.4 Lakh in FY24.
Sahil Jain – Chief Financial Officer
A commerce graduate of St. Xaviers College, Kolkata, Sahil Jain is responsible for accounting, banking, and secretarial functions within the company. He has also completed a general management program for young leaders conducted by IIM Bangalore.
He is an associate of both the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India.
He joined Smartworks in 2022 and received a remuneration of INR 64 Lakh in FY24. Previously, he worked as an executive trainee at Religare Finvest Limited.
Pratik Ravindra Agrawal – Chief Business Officer
Pratik Ravindra Agarwal is responsible for overseeing the management of the company’s sales, business development, account management and new real estate leasing verticals.
He holds a bachelor’s degree in science and a diploma in economics from the University of London and received a remuneration of INR 83.8 Lakh in FY24.
Prashant Hakim – Chief Operating Officer
A commerce graduate of the Calcutta University, Prashant Hakim is responsible for overseeing the daily operations of the company. In addition, he also manages space acquisition, procurement, warehousing, legal affairs and the information technology department.
Hakim also holds a post-graduate diploma in business management from the Indian Business Academy, Bengaluru and received a remuneration of INR 94.8 Lakh in FY24.
Prior to joining Smartworks, he worked at companies such as Ernst & Young LLP, KPMG Global Services Private Limited, Syven Global Services Private Limited, Thomson Reuters India Private Limited, Genpact India Private Limited and GE Capital International Services Private Limited.
Anirudh Tapuriah – Chief of Strategy and Investor Relations
Anirudh Tapuriah joined Smartworks in 2021 and is currently responsible for fundraising, investor relations, mergers and acquisitions, business finance, and strategic initiatives within the company. In FY24, Tapuriah was paid a remuneration of INR 96.2 Lakh.
He holds a bachelor’s degree in commerce with honours from the University of Calcutta and is an associate member of the Institute of Chartered Accountants of India. He has also completed an executive programme in business management from the Indian Institute of Management.
In the past, he worked with Shyam Steel Industries Limited, SBI Capital Markets Limited, Grant Thornton India LLP and DEN Networks Limited.
Gokul Nolambur Rajasekar – Group Chief Technology Officer
An electronics and communication engineering graduate of Anna University, Chennai, Rajasekar oversees product, technology, data, and design verticals of Smartworks.
In addition, he works closely with founders and management, shaping product vision and 298 strategy to meet both internal infrastructure and client-facing requirements. Rajasekar received a remuneration of INR 58 Lakh in FY24.
Kalpana Devnani – Chief Human Resources Officer
Kalpana joined Smartworks in May this year and is responsible for developing and executing our human resources strategy and fostering a performance-driven and inclusive culture within the company.
She is a computer science engineer and also holds a post-graduate diploma in management from the Management Development Institute, Gurgaon. Previously, Devnani has also worked with Jubilant Foodworks Limited, Esme Consumer Private Limited, and ICICI Bank Limited.
