Executive Centre India has secured SEBI approval for a ₹2,600-crore IPO. The fresh issue will be used to acquire TEC Singapore and TEC Dubai as part of a major internal restructuring. With strong FY25 financials, a growing network of centres, and rising enterprise demand, TEC aims to strengthen its presence across Asia.
The Executive Centre (TEC) India has received regulatory approval from SEBI for its proposed initial public offering, setting the stage for a ₹2,600-crore public issue. The IPO will consist entirely of fresh equity shares with a face value of ₹2 each. According to the draft red herring prospectus, the company plans to channel a large portion of the proceeds toward its ongoing internal restructuring. The funds will support investment in TEC Abu Dhabi to facilitate the acquisition of TEC Singapore and TEC Dubai, both step-down subsidiaries currently held by TEC Singapore.
Strengthening Global Integration Through Restructuring
The planned acquisition marks a strategic realignment within the TEC Group, aimed at consolidating ownership structures and streamlining operations across key Asian and Middle Eastern markets. The company noted in its filing that the restructuring reflects a long-term strategy to enhance operational efficiency and unlock value within its portfolio of premium flexible workspaces. “The transaction is part of an internal restructuring arrangement,” the document stated, signalling a deeper push toward unified regional growth.
TEC has been active in India since 2008 and continues to operate as one of the most premium workspace providers in the region. Its presence spans seven countries, including India, the UAE, Singapore, Indonesia, Vietnam, the Philippines and Sri Lanka. As of March 31, 2025, the company managed 89 centres across 14 cities.
A Scalable, Asset-Light Model Driving Growth
The Executive Centre follows an asset-light approach, leasing bare-shell Grade A commercial properties and converting them into fully managed, tech-enabled offices. This model has enabled rapid expansion across markets while maintaining premium quality standards. Out of its 89 operational centres, 80 offer private office formats, while six locations in India and the Middle East operate under managed solutions.
The company continues to serve a diverse client base, ranging from multinational enterprises to growing SMEs. During FY25, it worked with more than 1,550 clients across regions. Net revenue retention remained strong at 120.33% in FY25 and 123.92% the year before—an indicator of client expansion within existing TEC centres.
Steady Revenue Growth and Strong Financial Indicators
Financial performance in FY25 further highlights TEC’s momentum. Total income for the year stood at ₹1,346.4 crore, up 27.6% from ₹1,055.3 crore in FY24. Revenue from operations rose to ₹1,322.6 crore, continuing the company’s year-on-year growth trend. EBITDA improved to ₹713.3 crore from ₹583.5 crore in the previous fiscal, reflecting higher occupancy and effective cost controls.
Industry analysts view this trajectory as a sign of rising demand for premium flexible workspace solutions across Asia. With hybrid work adoption stabilising, enterprises continue to look for long-term, high-quality managed spaces rather than conventional leases.
Lead Managers and Next Steps
Kotak Mahindra Capital Company, ICICI Securities, and Nomura Financial Advisory and Securities (India) are serving as the book-running lead managers for the IPO. Once listed, the public offer is expected to strengthen TEC India’s capital structure and support its push toward deeper integration and expansion across key global markets.
The IPO marks a pivotal moment for TEC India, positioning it for the next phase of growth in the evolving flexible workspace landscape.
