(Reuters) -Smartworks Coworking Spaces’ shares climbed 14% in their trading debut in Mumbai, valuing the company at 52.96 billion rupees (about $617 million) as investors bet on rising demand for integrated office solutions in India.
The provider of integrated enterprise workspaces opened at 435 rupees, above its issue price of 407.
Smartworks’ IPO comes amid strong demand for commercial space in India, following two consecutive years of record office leasing activity and as global companies expand their presence in India.
This has propelled India into becoming Asia-Pacific’s top office market, along with Japan and Singapore, according to real estate services provider CBRE.
Smartworks’ $67.9 million initial public offering was subscribed 13.45 times over three days, largely by qualified institutional buyers, including foreign investors, domestic banks, insurers and mutual funds.
The firm competes with WeWork India Management and Awfis Space Solutions in the domestic market.
($1 = 85.8480 Indian rupees)
(Reporting by Manvi Pant; Editing by Vijay Kishore)
