Indian managed workspace provider Table Space has been gearing up for an initial public offering in 2025 by targeting a valuation of $2.5 billion or more. According to sources close to the matter, the Bengaluru-based startup has enlisted Axis as the bookrunner for the IPO, TechCrunch reported.
Table Space was established in 2017 and specializes in leasing large office spaces to build technology-enabled, full-service campuses which it could then offer as customized offices, co-working spaces, and managed meeting rooms. The firm’s clients include top Fortune 500 companies, including Apple, Google, Mastercard, and PayPal.
Hillhouse Capital invested $300 million in the company, now worth around $550 million. Table Space has more than 60 centers in six major cities of India and now manages over 9.5 million square feet of office space, with a final goal of doubling the same footprint in four years, or 2027, at an investment of $535 million.
Despite the worldwide gloom surrounding the flexible workspace sector owing to the distress of WeWork, India has seen buoyant demand in flexible office spaces with the country’s strong technology sector and an ever-increasing quest from corporate clients for flexible lease terms.
The company’s co-founder, Kunal Mehra, was quoted by news reports recently saying it expects annual revenues of nearly $600 million by March 2027.
Table Space’s IPO comes at a time when the other successful listing by Awfis, whose stock has risen up by 70 percent post-IPO, follows in that way. Indian tech companies are increasingly coming to the public markets for IPOs this year. Indian companies have already managed to raise over $9 billion by IPOs in 2024, which outpaces their US-based competitors.
As Table Space gears up for an entry into the Indian equity markets, it is well-prepared for high growth as demand for corporate office solutions increases manifold in urban centers.
