Bengaluru, July 7 -- Smartworks Coworking Spaces Ltd plans to retire high-cost debt and fund its expansion with the money it raises from its upcoming initial public offering of shares, top company executives said.

The Gurugram-based flexible workspace operator is preparing to launch its Rs.583-crore IPO on 10 July. The IPO will be a combination of a fresh issue of shares aggregating to Rs.445 crore and an offer for sale (OFS) amounting to Rs.137.56 crore. (No fresh shares will be issued as part of the OFS; the money will flow to investors selling the shares, not to the company.)

Smartworks plans to use proceeds from the IPO, which will conclude on 14 July, for capital expenditure related to fit-outs and security deposits for its new cen...