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Managed workspace provider Table Space Technologies Ltd has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering comprising a fresh issue of INR 800 crore and an offer for sale (OFS) of up to 6.55 crore equity shares. The OFS will include shares held by promoter AGS TS II Holdings Pte. Ltd., ultimately owned and controlled by funds of Hillhouse Investment, as well as individual promoters Karan Chopra and Kunal Mehra and other existing shareholders. The Bengaluru-headquartered company provides managed workspace solutions to Global Capability Centres, Fortune 500 companies and multinational corporations. As of March 31, 2026, it had 9.33 million sq. ft. of leased area across eight Tier-1 cities.
Bengaluru-headquartered managed workspace provider Table Space Technologies Ltd has filed draft papers with market regulator Sebi for an initial public offering (IPO) comprising a fresh issue of INR 800 crore and an offer for sale (OFS) of up to 6.55 crore equity shares.
According to the Draft Red Herring Prospectus (DRHP) filed on Monday, the OFS will comprise shares offered by promoter AGS TS II Holdings Pte. Ltd., which is ultimately owned and controlled by funds of Hillhouse Investment. Individual promoters Karan Chopra and Kunal Mehra will also participate in the offer.
Existing shareholders Srinivas Prasad, Narendra Kumar Kamaraju, RSP Real Estate LLP and Ramachandra Venkatasubba Rao are also proposing to sell shares through the OFS.
The company plans to use the proceeds from the fresh issue to repay or pre-pay certain borrowings and fund inorganic growth through unidentified acquisitions. Part of the proceeds will also be used for general corporate purposes.
Table Space provides managed workspace solutions primarily to Global Capability Centres (GCCs), Fortune 500 companies and multinational corporations. Its integrated model covers leasing, workspace design and fit-outs, operations, facilities management and compliance across the lifecycle of a workspace.
According to a CBRE report cited in the DRHP, Table Space had a leased area of 9.33 million sq. ft. as of March 31, 2026. Around 98% of this area was located in Grade A properties across 33 key office clusters in eight Tier-1 cities.
The company reported an occupancy rate of 92.64% for its mature facilities. The DRHP, citing the CBRE report, said this was the highest occupancy rate among the benchmarked operators.
Table Space reported normalised revenue of INR 2,477.68 crore for FY26, representing a 56.42% increase from the previous year.
The proposed IPO comes amid continued expansion of India's managed office and flexible workspace segment, driven by demand from large enterprises and Global Capability Centres. Table Space's portfolio is concentrated in Grade A office properties across major Tier-1 office markets, according to the DRHP.
Axis Capital, BofA Securities India, CLSA India, IIFL Capital Services and JM Financial have been appointed as the book-running lead managers to the issue. KFin Technologies has been appointed as the registrar.
The final size and other terms of the offering will be subject to the applicable regulatory process and disclosures contained in the company's subsequent filings.
Source - PTI
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