Table Space plans to file its draft red herring prospectus with SEBI next month for a public offering worth up to $350 million (roughly ₹3,000 crore), according to a Bloomberg report. The IPO would include a ₹1,000 crore fresh equity issue alongside an offer for sale by existing shareholders.
The managed workspace provider has appointed Axis Capital, IIFL Capital Services, BofA Securities, and CLSA as book-running lead managers. Table Space declined to confirm the filing timeline. A spokesperson told Inc42: "As a matter of policy, we do not comment on market speculation or media reports."
What Table Space has done to prepare
The company has been telegraphing its public market intentions for over a year. It converted from a private to a public entity in 2025, renaming itself Table Space Technologies Ltd. The board approved the ₹1,000 crore fresh issue earlier this year, and the company cleared a ₹200 crore private placement at an extraordinary general meeting.
Three independent directors joined the board as part of this restructuring. In June, the startup hired former Mphasis executive Ashwin Chandrasekar as chief information and technology officer.
Table Space raised $300 million in equity funding from Hillhouse Capital in 2022. That remains its only disclosed institutional round.
The business and the balance sheet
Founded in 2017 by the late Amit Banerji and Karan Chopra, Table Space now operates under co-CEOs Chopra and Kunal Mehra. The company manages over 11 million square feet of workspace across 80-plus centres in nine Indian cities, serving more than 425 enterprise clients.
Its model differs from traditional coworking. Table Space provides customised managed offices and ready-to-move suites primarily to large enterprises and global capability centres (GCCs), not freelancers or small startups.
The financials show strain. Table Space reported a net loss of ₹1,561 crore in FY25 versus a ₹11 crore profit the year before. The company attributed the swing to "exceptional items" without specifying them. Operating revenue rose 51% to ₹1,360 crore from ₹908 crore in FY24. FY26 financials have not been filed.
Where Table Space fits in the public market wave
This would be the latest in a string of flexible workspace IPOs. Awfis, Smartworks, WeWork India, and IndiQube have all gone public in the past two years. Demand from enterprises and multinationals building GCCs in India has driven investor interest in the sector.
The differentiation Table Space is selling: pure enterprise focus. While Awfis and WeWork India serve a mix of startups and corporates, Table Space pitches itself as a Grade A managed office provider for large organizations. Whether public market investors will pay a premium for that positioning depends on how they read the FY25 loss.
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Logicity's Take
A 51% revenue jump is impressive, but the ₹1,561 crore loss will dominate DRHP scrutiny. "Exceptional items" is a phrase that demands explanation in a prospectus. For finance teams watching the sector, the question is whether enterprise-only managed office operators can justify richer multiples than hybrid coworking plays like Awfis. If Table Space prices aggressively, it sets a valuation benchmark every GCC-focused real estate provider will cite.
What happens next
If the August filing timeline holds, SEBI's review process typically takes two to three months. A Q4 2026 or early 2027 listing is plausible, market conditions permitting. The company has not disclosed whether its ₹200 crore pre-IPO placement has closed or who participated.
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Source: Inc42 Media / Anjali Jain
Manaal Khan
Tech & Innovation Writer
Produced with AI assistance and reviewed by the Logicity editorial team. Learn more in our Editorial Policy.
