Table Space, an Indian provider of managed workspaces, is preparing for an initial public offering (IPO) next year, aiming for a valuation of at least $2.5 billion, according to individuals familiar with the company’s plans.
The Bengaluru-based firm has enlisted Axis Bank to act as the bookrunner for the upcoming IPO, sources shared.
Founded in 2017, Table Space specializes in leasing large office properties, converting them into fully serviced and technology-enabled spaces. These spaces are tailored to corporate clients as customized offices, co-working spaces, or managed meeting areas. Hillhouse Capital made a $300 million investment in the company in late 2022, which resulted in Table Space’s valuation reaching around $550 million at the time.
Currently, the company operates more than 60 locations across six major Indian cities. Its clients include several Fortune 500 companies, such as Apple, Google, Mastercard, PayPal, AMD, Ericsson, and Shell. Table Space has expanded its real estate portfolio to over 9.5 million square feet and has plans to almost double its footprint over the next three years. To achieve this, the company is expected to invest approximately $535 million.
When approached for comment, Table Space declined to respond.
In a recent interview with a prominent Indian publication, Kunal Mehra, co-founder and president of Table Space, mentioned that the firm is forecasting its annual revenue to reach close to $600 million by March 2027.
The company’s IPO ambitions come amid mixed signals in the global flexible workspace market. WeWork’s financial struggles have raised concerns about the sustainability of the co-working model, yet demand for flexible office solutions in India’s major cities remains resilient. This demand is largely fueled by the growth of the technology sector and multinational companies looking to avoid long-term lease commitments.
Table Space’s decision to go public follows the successful IPO of Awfis, another workspace provider backed by Peak XV Partners. Awfis’ stock has risen by nearly 70% in the five months since its listing. Other Indian workspace companies, including WeWork India, Indiqube, and Simpliwork, are also considering public offerings.
India has seen a surge in tech IPOs this year, surpassing the number of U.S. listings. Indian companies have raised over $9 billion through IPOs and follow-on public offerings (FPOs) this year, despite a slowdown in growth-stage startup funding.
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By Proptechbuzz
By Ravi Kumar
