Table Space plans a $2.5 billion IPO next year, hiring Axis as bookrunner. The managed workspace provider, backed by Hillhouse Investment, operates 60+ centres across India and aims to double its 9.5 million sq ft portfolio. Amid strong market demand, its IPO follows Awfis’ successful public debut and rising workspace investments.
India’s flexible workspace sector is set for another significant public offering as Table Space, a managed workspace provider, prepares for its IPO next year with a target valuation of $2.5 billion or more, according to sources cited by TechCrunch. The Bengaluru-based company has reportedly hired Axis as a bookrunner to lead the offering.
Expanding Footprint in India’s Managed Office Market
Founded in 2017, Table Space specialises in leasing large office spaces and converting them into fully serviced, tech-enabled campuses for corporate clients. The company caters to Fortune 500 firms such as Apple, Google, Mastercard, PayPal, AMD, Ericsson, and Shell, offering customised offices, co-working spaces, and managed meeting rooms.
Backed by Hillhouse Investment, which injected $300 million into the company in 2022, Table Space is valued at around $550 million. The firm operates over 60 centres across six major Indian cities, managing a real estate portfolio exceeding 9.5 million square feet. To fuel further expansion, Table Space aims to nearly double its footprint within three years, investing approximately $535 million.
IPO Plans Amid Rising Demand and Industry Shifts
The company’s planned IPO comes as the flexible workspace sector faces mixed global signals. While WeWork’s struggles have raised questions about the sustainability of co-working models worldwide, demand in India remains strong, driven by a booming technology sector and multinational firms looking to reduce long-term lease commitments.
Despite declining to comment on its IPO plans, Table Space’s co-founder and president, Kunal Mehra, stated in a recent interview that the company expects annual revenue to reach nearly $600 million by March 2027.
A Growing Market for Workspace IPOs
Table Space’s public offering follows the successful IPO of Awfis, a co-working space provider backed by Peak XV, whose stock has surged nearly 70% within five months of its debut. Several other managed workspace companies, including WeWork India, IndiQube, and Simpliwork, are also considering IPOs as the sector gains momentum.
India’s IPO market has been particularly active, outpacing the U.S. in tech IPOs this year as valuation multiples approach all-time highs. Indian firms have collectively raised over $9 billion through IPOs and FPOs in 2024, highlighting strong investor confidence despite a slowdown in growth-stage startup deals.
With an expanding footprint and rising corporate demand for flexible, tech-enabled office solutions, Table Space’s IPO is poised to be a significant milestone in India’s commercial real estate and co-working sector.
