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Grey‑Market Premium Soars Nearly 12% for Smartworks & Anthem Biosciences IPOs Ahead of Listing

Prime Highlights

  • Smartworks IPO is priced at a 6–7% premium; Anthem Biosciences is at more than 12% GMP prior to debut.
  • Both offerings witness strong investor demand prior to their respective listing debuts.

Key Fact

  • Smartworks raised ₹174 crore from 12 anchor investors in the upper price band.
  • Anthem Biosciences experiences robust valuation with grey market sentiment also pointing towards strong investor demand.

Key Background

Smartworks Coworking Spaces and Anthem Biosciences are both blue-chip firms that are gearing up to list in the public market, and both are seeing strong investor interest in the grey market where they are not listed. Their respective GMPs have risen through the roof—Smartworks is trading at around 6–7% premium over issue price, and Anthem Biosciences is observing a GMP of more than 12%, showing optimistic hopes from market onlookers.

Smartworks has notified a ₹583 crore initial public issue (IPO) in a price band of ₹387–₹407 per equity share. The issue includes a fresh issue of ₹445 crore and an offer-for-sale (OFS) of ₹137.6 crore. The IPO comes for subscription between July 10 and July 14. On July 9, the firm allotted ₹174 crore worth of shares to 12 institutional investors like top mutual funds and insurance companies at the higher band price of ₹407 per share.

The IPO proceeds are timely. Smartworks would retire part of its debt, pay for fit-outs and security deposits on new spaces, and use part for other general corporate purposes. The company currently has 50 coworking facilities across 15 cities with around 10 million square feet of area, hosting over 800 enterprise customers as of FY25. Financially, Smartworks has impressed, with revenue growing from ₹711 crore for FY23 to an estimated ₹1,374 crore in FY25 and adjusted EBITDA rising from ₹36 crore to ₹172 crore over the same time frame.

Anthem Biosciences, however, is offering an IPO of ₹3,395 crore wholly through OFS in the price range of ₹540–₹570. The valuation indicated by the company’s GMP indicates a value of more than ₹31,800 crore and is an opportunity for listing. While GMP is not so much an indicator of the success of a listing, it tends to indicate underlying investor appetite.