Table Space files DRHP with Sebi for ₹800 crore fresh issue, OFS

The managed workspace provider's IPO will also include an OFS of up to 65.48 million shares, with proceeds earmarked for debt repayment, acquisitions and corporate purposes

Managed workspace provider Tablespace Technologies Ltd (Table Space) has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) comprising a fresh issue of equity shares worth up to ₹800 crore and an offer for sale (OFS) of up to 65.48 million shares.

 

The shares, with a face value of ₹1 each, will be offered by the promoter and other selling shareholders. The OFS includes up to 49.83 million shares held by AGS TS II Holdings Pte. Ltd, an investor-promoter selling shareholder ultimately owned and controlled by funds of Singapore-based global investment firm Hillhouse Investment.

 

 

Individual promoter selling shareholders Karan Chopra and Kunal Mehra will offer up to 1.31 million and 10.07 million shares, respectively.

 

The remaining OFS comprises up to 1.97 million shares held by Srinivas Prasad, 0.72 million shares by Narendra Kumar Kamaraju, 0.84 million shares by RSP Real Estate LLP and 0.72 million shares by Ramachandra Venkatasubba Rao.

 

Table Space’s promoters are Chopra, Mehra, Sarita Banerji, KAM Advisors Pvt Ltd and AGS TS II Holdings Pte. Ltd.

 

The Bengaluru-headquartered company provides managed workspace solutions to global capability centres (GCCs), Fortune 500 companies and multinational corporations. Its integrated model covers leasing, design, fit-out, operations, facilities management and compliance across the workspace lifecycle.

 

The company will use the IPO proceeds for repayment or pre-payment, in full or in part, of certain or all of its borrowings, funding inorganic growth through unidentified acquisitions, and general corporate purposes.

 

As of June 30, 2026, Table Space’s outstanding borrowings from banks and financial institutions on a consolidated basis stood at ₹970.63 crore.

 

According to a CBRE report cited in the DRHP, Table Space had a leased area of 9.33 million square feet as of March 31, 2026, making it one of India’s largest managed workspace operators. About 98.01 per cent of its leased area was in Grade A properties across 33 office clusters in eight tier-I cities.

 

The company had an occupancy rate of 92.64 per cent for mature facilities, the highest among the benchmarked operators, according to the report.

 

According to the DRHP, the company reported normalised revenue of ₹2,477.68 crore for the financial year 2025-26 (FY26), up 56.42 per cent year-on-year (YoY). For the same period, Table Space reported earnings before interest, tax, depreciation and amortisation (Ebitda) of ₹453.79 crore, up 124.36 per cent YoY.

 

Table Space’s profit before exceptional items and tax for FY26 stood at ₹134.71 crore, compared with ₹17.36 crore in FY25. The company reported a loss after tax of ₹403.35 crore in FY26, compared with Rs 1,554.10 crore in FY25.

 

Post-IPO, Table Space will join listed co-working, managed office and flex-space operators, including WeWork India, Smartworks, Awfis Space Solutions, Dev Accelerator and Kontor Space.

 

Apart from the listed flex-space operators, several companies, including Executive Centre India, Bhive Workspace and Simpliwork, are planning to go public in the near future, reflecting the maturity of the segment. Executive Centre India has already received Sebi approval for an IPO.

 

Flex-space operators have been accounting for an increasing share of office demand in India. Their share of office leasing rose from 5 per cent in 2017 to 21 per cent in 2025 and 24 per cent in the first half of 2026, according to myHQ by Anarock, a commercial real estate discovery platform.

 

Axis Capital, BofA Securities India, CLSA India, IIFL Capital Services and JM Financial are the book-running lead managers to the issue. KFin Technologies is the registrar.  

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