Executive Centre India, which provides flexible workspace solutions, has got Securities and Exchange Board of India’s (Sebi’s) approval for its proposed initial public offering (IPO) of fresh equity shares with a face value of ₹2 each, aggregating up to ₹2,600 crore.
Post-IPO, Executive Centre will join the already listed coworking/managed office/flex space operators, including WeWork India (total market cap of around ₹8,046 crore as of January 14, 2026), Smartworks (₹5,474 crore), IndiQube Spaces (₹4,218 crore), Awfis Space Solutions (₹3,234 crore), Dev Accelerator (₹348 crore), and Kontor Space (₹41 crore), on the exchanges.
Among the major listed operators, WeWork’s total revenue for the second quarter of 2025-26 (Q2FY26) stood at ₹585.5 crore, up 17.2 per cent year-on-year (Y-o-Y), while the profit for the same period stood at ₹6.4 crore, down 96.85 per cent Y-o-Y. The company’s stock has corrected by 7.4 per cent as of January 14, 2026, as it closed at ₹600 against its issue price of ₹648.
Smartworks posted a revenue of ₹424.8 crore, up 21 per cent Y-o-Y, while it recorded a loss of ₹3.13 crore in Q2FY26 against the loss of ₹15.82 crore in Q2FY25. The company’s stock has gained 16.5 per cent since its listing as it closed at ₹474 against its issue price of ₹407.
In Q2FY26, IndiQube posted a revenue of ₹354 crore (up 38 per cent Y-o-Y) while its profit for the period stood at ₹28 crore (up 260 per cent Y-o-Y). IndiQube’s stock has corrected by 16 per cent, closing at ₹199 on January 14 versus its issue price of ₹237.
Awfis’ revenue for the quarter grew by 26 per cent Y-o-Y to ₹367 crore while its profit stood at ₹16 crore, up 6.66 per cent Y-o-Y (on a like-to-like basis). The company’s stock has gained 18.1 per cent as it closed at ₹452.3 against its issue price of ₹383.
Flex operators such as Table Space, Bhive Workspace, and Simpliwork are also planning to go public in the near future, reflecting the maturity in the segment.
This comes at a time when India’s flex stock is projected to exceed 100 million square feet (msf) across Tier-I cities by the end of 2026 as flex operators expand and upgrade their portfolios to effectively accommodate the growing demand from global capability centres (GCCs). According to Vestian, driven by strong demand from GCCs, India’s flex ecosystem has expanded to 82.3 msf spread across nearly 1,400 centres in the top seven cities. The market continues to remain consolidated, with the top 10 operators controlling 67 per cent of the total stock.
Executive Centre will use the issue’s net proceeds for investing in TEC Abu Dhabi, a direct subsidiary, and to partly finance the acquisition of TEC SGP and TEC Dubai, two step-down subsidiaries held by one of the company’s corporate promoters, TEC Singapore. The transaction is being carried out in accordance with the terms of an internal restructuring agreement. The remaining proceeds will be used for general corporate purposes.
The company, which has been in India since 2008, is part of the Singapore-based TEC group, a premium flexible workspace provider. It also operates in Singapore, Dubai, Abu Dhabi, the UAE, Jakarta, Ho Chi Minh City, Manila, and Colombo.
Executive Centre said it leases bare-shell properties that it “transforms into tech-enabled, modern, and aesthetically designed office spaces”. The properties are then operated as premium flexible workspaces for a diverse customer base.
As of March 31, 2025, the company’s total portfolio comprised 89 operational centres across 14 cities in seven countries. In FY25, it had more than 1,550 customers. The net revenue retention rate stood at 120.33 per cent and 123.92 per cent in FY25 and FY24, respectively.
For FY25, the company reported a total income of ₹1,346.39 crore, up 27.58 per cent from the previous year. Revenue from operations stood at ₹1,322.64 crore, up 27.59 per cent. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) for FY25 stood at ₹713.32 crore, a growth of 22.23 per cent.
 "Executive Centre joins growing list of flex-office players taking IPO route")
