Smartworks Coworking Spaces Limited has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, as required by SEBI regulations. The report, issued by CARE Ratings Limited and reviewed by the company's Audit Committee, confirms that the utilization of IPO proceeds is in line with the disclosures made in the Offer Document.

The IPO, which raised ₹445.00 crore, has seen a total utilization of ₹272.30 crore as of December 31, 2025, with ₹172.70 crore remaining unutilized. The utilization primarily included repayment of borrowings, capital expenditure for fit-outs in new centers and security deposits, general corporate purposes, and offer-related expenses.

Specifically, ₹114.00 crore was utilized for repayment of borrowings, ₹64.50 crore for capital expenditure and security deposits in new centers, ₹56.36 crore for general corporate purposes (including rental expenses and vendor payments), and ₹37.44 crore for offer-related expenses. The company has incurred net losses in the past five financial years but has maintained cash profits during those periods.

The unutilized proceeds of ₹172.70 crore are primarily held in fixed deposits with various banks, with maturity dates ranging from January 2026 to July 2026, earning interest rates between 2.75% and 7.00%. The report confirms no deviation from the stated objects of the IPO, and all necessary approvals are in place. The company's management has stated that the utilization of funds is in line with the offer document, and there are no material deviations observed.