Smartworks, the managed office space provider, has trimmed its stake in associate company CleanMax (CleanMax DOS Pvt Ltd) from 24.82% to 9.08%, according to a recent stock exchange filing. The shares—worth approximately ₹99 lakh—were sold to Clean Max Enviro Energy Solutions Limited, and since the buyer isn’t part of the promoter group, this doesn’t count as a related-party transaction. With this move, CleanMax is no longer categorized as an associate of Smartworks.
Financial Momentum
Smartworks recently made its stock market debut, raising ₹445 crore via a fresh issue and ₹137.5 crore through an offer-for-sale (OFS). Its stock began trading at a 7% premium over the IPO price and now reflects a market valuation of about ₹5,433 crore (≈ $632 million). Meanwhile, in Q1 FY26, Smartworks delivered a 21% year-on-year revenue increase to ₹379 crore and narrowed losses by 82%, bringing losses down to ₹4.1 crore.
Why It Matters
This partial exit from CleanMax aligns with Smartworks’ strategic shift from being a diversified holding entity toward a more sharpened focus on its core managed workspace business. Divesting from associate stakes also brings cleaner financial architecture—a helpful signal as it scales post-IPO.
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