Indian-managed workspace provider Table Space is setting ambitious goals with plans to target a $2.5 billion valuation in its upcoming IPO, slated for 2025. According to sources close to the matter, the Bengaluru-based company has appointed Axis Securities as the bookrunner for this high-profile public offering. Founded in 2017, Table Space has quickly emerged as a key player in India’s flexible workspace industry, leasing large office spaces and converting them into fully serviced, tech-enabled campuses. These spaces cater primarily to corporate clients, offering customised offices, coworking spaces, and managed meeting rooms.

Hillhouse Capital’s $300 million investment in Table Space in late 2022 helped boost the startup’s valuation to $550 million. Table Space operates more than 60 centres across six major Indian cities, including hubs for global corporations such as Apple, Google, Mastercard, PayPal, AMD, Ericsson, and Shell. The company’s real estate portfolio spans over 9.5 million square feet, and they plan to nearly double this footprint within the next three years by investing approximately $535 million.

In a recent interview with an Indian daily, Table Space’s co-founder and president, Kunal Mehra, shared the company’s bold revenue goals, expecting annual earnings to reach nearly $600 million by March 2027. This growth trajectory highlights Table Space’s confidence in the resilient demand for flexible office spaces in India despite challenges in the global coworking market.

The IPO announcement comes as WeWork’s struggles have raised concerns about the sustainability of the coworking space model. Yet Table Space remains optimistic, fueled by India’s thriving technology sector and multinational corporations’ growing need for flexible workspaces that allow them to sidestep long-term lease commitments. According to the company’s leadership, these factors position Table Space to survive and thrive in the evolving workspace landscape.

The IPO also follows the successful public debut of Awfis, a coworking space provider backed by Peak XV. Awfis’ stock surged nearly 70% within five months of its IPO, illustrating the strong investor interest in India’s coworking sector. Table Space is not alone in its IPO ambitions; other key players like WeWork India, Indiqube, and Simpliwork are also exploring the possibility of going public.

India’s IPO market has been on a significant upswing in 2024. With valuation multiples reaching new highs, Indian firms have raised more than $9 billion through IPOs and FPOs this year, surpassing the U.S. market. However, while growth-stage startup deals have slowed, Table Space’s plans signal confidence in the long-term prospects of India’s flexible workspace market.

As Table Space gears up for its IPO, the company is well-positioned to capitalise on the rising demand for flexible, tech-enabled office spaces. Their aggressive expansion and strategic partnerships drive their expected success in Indian and global markets.