(MENAFN- IANS) Mumbai, July 7 (IANS) Smartworks Coworking Spaces' losses widened to Rs 63.17 crore in FY25, a rise of Rs 13.22 crore against FY24 losses, the company said in its red herring documents on Monday ahead of its initial public offering (IPO).

The co-working space provider's net loss stood at Rs 49.95 crore in the preceding 2023-24 financial year.

The IPO opens for public subscription on July 10 and concludes on July 14. The price band has been fixed at Rs 387-407, and investors had to buy a lot of 36 shares to place a bid, according to the red herring prospectus.

The shares allocation to anchor investors will take place on July 9. The IPO is a combination of fresh shares worth Rs 445 crore and an offer for sale of 3,379,740 equity shares.

Earlier, Smartworks had planned to raise over Rs 550 crore through selling fresh shares, but they reduced it to Rs 445 crore. Similarly, the offer-for-sale (OFS) portion has been cut to 33.79 shares from 67.59 shares.

NS Niketan LLP, SNS Infrarealty LLP and Space Solutions India Pte. Ltd are likely to offload their stake through OFS.

Of the total funds raised, about Rs 226 crore will go toward capital expenditures for security deposits and fit-outs in new centres, Rs 114 crore will go toward loan repayments, and the remaining sum will be used for general business needs.

Meanwhile, according to the company's RHP, operating revenue increased to Rs 1,374.05 crore in the last financial year as compared to Rs 1,039.36 crore in FY24.

The Gurugram-based company presently operates in 48 locations with a combined seating capacity of over 1.9 lakh.

JM Financial, BOB Capital Markets Limited, IIFL Capital Services, and Kotak Mahindra Capital Company Limited are the running lead managers for the Smartworks IPO, while MUFG Intime India Pvt Ltd is the registrar.

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