Table Space IPO: Managed Workspace Provider Files for Public Listing

Table Space Technologies, a prominent player in India's managed workspace sector, has initiated its journey toward a public listing by filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company is seeking to raise approximately ₹800 crore through a fresh issuance of shares, complemented by an offer for sale (OFS) that could see up to 6.55 crore equity shares change hands. This move signals a significant step for the Bengaluru-based firm, which has rapidly established itself as a key provider of premium office solutions for global corporations.

Founded in 2017, Table Space has carved out a substantial niche, boasting 9.33 million square feet of leased workspace across 33 strategically located clusters in eight major Indian metropolitan areas as of March 31, 2026. Its client roster includes prestigious Global Capability Centers (GCCs), Fortune 500 entities, and multinational corporations that rely on the company for sophisticated, fully managed office environments. This strong market position is underpinned by a high occupancy rate of 92.64% in its mature facilities, reflecting robust demand for its services.

The proposed IPO structure includes the fresh issue of ₹800 crore, intended to bolster the company's financial flexibility. Proceeds are earmarked for significant debt reduction, with outstanding borrowings standing at ₹970.63 crore as of June 30, 2026. Additionally, funds will be allocated towards strategic acquisitions and general corporate initiatives, signaling an ambition for continued expansion and market consolidation. The offer for sale component will allow existing shareholders to divest a portion of their holdings.

Among the key participants in the offer for sale is major investor Hillhouse Investment (Singapore), which plans to offload up to 49.83 million shares through its investment vehicle, AGS TS II Holdings Pte. Ltd. Promoters Karan Chopra and Kunal Mehra are also set to participate in the OFS, indicating a balanced approach to liquidity for early backers and founders as the company enters its next growth phase.

Table Space's financial performance in FY 2025-26 demonstrates considerable momentum. The company reported a normalized revenue of ₹2,477.68 crore, marking a substantial year-over-year increase of 56.42%. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) saw an even more impressive surge, climbing 124.36% to ₹453.79 crore. These figures highlight the company's operational efficiency and its ability to capitalize on the growing demand for flexible and managed office spaces within India's dynamic corporate ecosystem.

The Indian commercial real estate market, particularly the managed office segment, has experienced significant growth, driven by multinational companies expanding their operations and startups seeking agile workspace solutions. With a projected compound annual growth rate (CAGR) of over 10% for the flexible office market in India over the next five years, Table Space is well-positioned to benefit from these favorable tailwinds. The IPO, managed by a consortium of leading investment banks including Axis Capital, Bank of America Securities India, CLSA India, IIFL Capital Services, and JM Financial, is expected to provide the capital necessary to further solidify its market leadership.