Logistics firm Ecom Express and coworking space provider Smartworks have both received approval from the Securities and Exchange Board of India (SEBI) for their initial public offerings (IPOs).
Ecom Express, which filed its draft red herring prospectus (DRHP) in August, aims to raise Rs 2,600 crore through its IPO. This includes a fresh equity issue of up to Rs 1,284.5 crore and an offer for sale (OFS) totalling Rs 1,315.5 crore. As part of the OFS, Partners Group will divest shares worth up to Rs 931 crore, while Warburg Pincus and BII (formerly CDC Group) will sell shares valued at Rs 211 crore and Rs 137 crore, respectively.
This marks the 13-year-old firm's second attempt at going public after pausing its Rs 4,860 crore IPO plan, which was approved in February 2022. In the logistics sector, Delhivery and Blackbuck are already listed, with Shadowfax also preparing for their IPO.
Meanwhile, Smartworks, which filed its draft IPO papers in August, plans to raise Rs 550 crore through a fresh equity issue and an offer for sale (OFS) of 67.49 lakh equity shares by its promoters. As of March 2024, Smartworks operates in 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, with a portfolio of 41 centers covering 8 million square feet.
Smartworks is set to become the second coworking firm to list on the stock exchanges, after Awfis. Other players like WeWork India, Simpliwork, Table Space, DevX, and Indiqube are also gearing up for their own IPOs.
