Kolkata: The IPO of Smartworks Coworking Spaces Ltd got a good response in the market. On Day 2 ending Friday, it garnered bids 1.2 times of the overall subscription.
The demand was largely driven by non-institutional investors, while qualified institutional buyers (QIBs) subscribed 63% of their allocated portion.
According to NSE data, the IPO received bids for 1,19,96,496 shares against 1,04,01,828 shares on offer. Non-institutional investors subscribed 1.8 times of their quota, with retail individual investors (RIIs) subscribing 1.2 times. QIB participation, though moderate so far, is expected to pick up as the issue nears its close.
Ahead of the IPO opening, Smartworks raised ₹173.6 crore from 12 institutional investors through its anchor book on July 9, allotting 42.6 lakh shares at ₹407 apiece. Key investors included Tata Mutual Fund, Axis New Opportunities AIF, Aditya Birla Sun Life Insurance, SBI General Insurance, BNP Paribas and Societe Generale.
The IPO hit the market on July 10, aiming to raise nearly ₹600 crore to fund expansion plans and reduce debt. The price band is set between ₹387 and ₹407 per share. The offer will close on July 14.