Managed workspace provider Tablespace Technologies, which operates under the Table Space brand, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO). The proposed issue includes a fresh issue of equity shares worth up to ₹800 crore along with an offer for sale (OFS) of up to 6.54 crore shares, setting the stage for the company to join India’s growing listed managed-workspace sector.
The IPO comes as demand for managed office spaces continues to grow, particularly among global capability centres (GCCs), Fortune 500 companies and multinational corporations seeking flexible workplace solutions. Table Space plans to use a substantial portion of the fresh capital to reduce debt, while also keeping funds available for acquisitions and general corporate purposes.
Table Space Files IPO Papers With SEBI
The proposed IPO consists of two components:
- Fresh issue: Up to ₹800 crore.
- Offer for sale: Up to 6.54 crore equity shares.
- Face value: ₹1 per share.
- Primary objective: Debt repayment, acquisitions and general corporate purposes.
The OFS will allow existing shareholders to partially exit their investments while the fresh issue will provide capital directly to the company.
IPO Snapshot
| Particular | Details |
|---|---|
| Company | Tablespace Technologies |
| Brand | Table Space |
| Fresh Issue | Up to ₹800 crore |
| OFS | Up to 6.54 crore shares |
| Face Value | ₹1 per share |
| IPO Purpose | Debt repayment, acquisitions and corporate purposes |
| DRHP Filed With | SEBI |
Hillhouse-Backed Investor to Sell Majority of OFS
Singapore-based investment manager Hillhouse Investment is the largest shareholder in Tablespace Technologies through AGS TS II Holdings Pte Ltd and will be the biggest seller in the OFS.
AGS TS II Holdings plans to sell up to 4.98 crore shares. Promoters Karan Chopra and Kunal Mehra will also participate in the OFS, offering up to 13.11 lakh shares and 1.01 crore shares, respectively. Other selling shareholders include Srinivas Prasad, Narendra Kumar Kamaraju, RSP Real Estate LLP and Ramachandra Venkatasubba Rao.
As of the DRHP date, AGS TS II Holdings held a 41.76% stake in the company, making it the largest shareholder.
₹550 Crore of IPO Proceeds to Repay Debt
Debt reduction is one of the main purposes of the fresh issue.
Table Space plans to use approximately ₹550 crore from the IPO proceeds to repay or prepay borrowings, either fully or partially. The company had outstanding borrowings of around ₹970.6 crore as of June 2026, according to the IPO filing.
The remaining funds are expected to support inorganic growth through acquisitions that have not yet been identified, along with general corporate requirements.
Use of Fresh Issue Proceeds
| Use | Amount / Purpose |
|---|---|
| Debt repayment | ₹550 crore |
| Acquisitions | Unidentified future opportunities |
| General corporate purposes | Balance proceeds |
Table Space’s Business and Expansion
Founded in 2017, Tablespace Technologies was co-founded by the late Amit Banerji, Karan Chopra and Kunal Mehra.
The company provides managed workspace solutions covering the full workplace lifecycle, including:
- Leasing.
- Office design.
- Fit-outs.
- Workspace operations.
- Facilities management.
Its customers include global capability centres, Fortune 500 companies and multinational corporations.
As of March 2026, Table Space had 9.33 million square feet of leased area across 33 office clusters in eight Tier-1 Indian cities. Mature facilities recorded an occupancy rate of 92.64%, while around 98% of its leased portfolio was in Grade A properties.
Revenue Jumps 66% in FY26
Table Space recorded strong revenue growth during FY26.
Operating revenue increased 66.3% year-on-year to ₹2,262 crore in FY26 from ₹1,360 crore in FY25. However, the company reported a net loss of ₹403 crore, largely because of losses arising from fair-value changes in preference shares.
On a pre-tax basis, the company reported a profit of ₹135 crore during the year.
FY26 Financial Performance
| Metric | FY25 | FY26 |
|---|---|---|
| Operating Revenue | ₹1,360 crore | ₹2,262 crore |
| Revenue Growth | — | 66.3% |
| Net Profit/Loss | — | ₹403 crore loss |
| Profit Before Tax | — | ₹135 crore |
The contrasting net loss and profit-before-tax figures highlight the impact of non-operating fair-value adjustments on the company’s reported bottom line.
Managed Workspace Sector Heads Toward Public Markets
Table Space’s proposed listing comes as India’s managed-office sector becomes increasingly institutionalized.
The company would join other workspace operators that have entered India’s public markets, including Smartworks, WeWork India, IndiQube and Awfis.
The growing presence of listed workspace companies reflects rising demand from businesses that want flexible office capacity without taking on the full operational burden of conventional commercial real estate.
For managed workspace operators, scale, occupancy, long-term enterprise contracts and access to capital are becoming increasingly important as they expand across major business centres.
IPO Could Strengthen Table Space’s Balance Sheet
The proposed ₹800 crore fresh issue could materially strengthen Table Space’s financial position if the company uses the majority of the proceeds to reduce borrowings as planned.
Lower debt could potentially:
- Reduce financing costs.
- Improve balance-sheet flexibility.
- Support additional workspace expansion.
- Create capacity for acquisitions.
- Strengthen the company’s position when competing for large enterprise contracts.
At the same time, investors will likely assess the company’s ability to maintain high occupancy and revenue growth while managing the capital-intensive nature of the managed workspace business.
Looking Ahead
Table Space’s decision to file its DRHP marks a major step toward becoming a publicly listed managed workspace provider in India. The company is seeking up to ₹800 crore through a fresh issue, while existing shareholders will offer up to 6.54 crore shares through the OFS. With ₹550 crore of the fresh proceeds earmarked for debt repayment, the IPO could provide Table Space with a stronger balance sheet while also giving it capital for acquisitions and future expansion.
Looking ahead, investors will focus on whether Table Space can sustain the rapid revenue growth recorded in FY26 while improving profitability and managing its debt burden. Its large enterprise customer base, 9.33 million-square-foot footprint and high occupancy at mature facilities provide a strong foundation, but competition from other listed workspace operators is intensifying. The IPO will therefore offer public-market investors a closer look at the economics and growth prospects of India’s rapidly expanding managed-office industry.
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