Ecom Express and Smartworks receive SEBI nod for IPO

Logistics firm Ecom Express and coworking space provider Smartworks have secured 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) totaling 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 is the 13-year-old firm's second attempt at going public, after pausing its Rs 4,860 crore IPO plan approved in February 2022.

In the logistics space, Delhivery and Blackbuck are already listed on the stock exchange, while Shadowfax is also gearing up for their IPOs.

Smartworks, which also submitted its draft IPO papers in August, plans to raise funds through a fresh equity issue worth Rs 550 crore, alongside an offer for sale (OFS) of 67.49 lakh equity shares by its promoters.

As of March 2024, Smartworks has a presence in as many as 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, with a portfolio of 41 centers spanning 8 million square feet.

Smartworks will become the second firm, after Awfis, to get listed on the bourses. As per media reports, WeWork India, Simpliwork, Table Space firm, DevX, and Indiqube are also gearing up for their IPOs.