India, July 10 -- The IPO of managed workspace provider Smartworks got off to a slow start, with the issue subscribed 17% till 12 PM on the first day of bidding.

According to the BSE data, the IPO received bids for 17.22 Lakh shares as against 1.04 Cr shares on offer.

The portions reserved for non-institutional investors (NIIs) and employees saw the highest demand, with both segments getting subscribed 25%.

While NIIs placed bids for 5.6 Lakh shares compared to 22.17 Lakh shares reserved for them, employees placed bids for 26,532 shares against 1.07 Lakh shares on offer.

Retail investors bid for 11.31 Lakh shares against 51.73 Lakh shares on offer, translating to 22% subscription.

As is generally the case, qualified institutional buy...