Highlights
Tablespace Technologies IPO: Fresh Equity Issue and OFS Details
Tablespace Technologies, a provider of managed workspaces, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an upcoming initial public offering (IPO). This proposed IPO includes a new equity share issue amounting to a maximum of Rs 800 crore, along with an offer for sale (OFS) of up to 6.54 crore shares. Each equity share will have a face value of Re 1.
The selling shareholder, AGS TS II Holdings Pte Ltd, which is supported by Hillhouse, plans to sell up to 4.98 crore shares through the OFS. Additionally, promoters Karan Chopra and Kunal Mehra will be offloading up to 13.11 lakh and 1.01 crore shares, respectively. Others participating in the OFS include Srinivas Prasad, Narendra Kumar Kamaraju, RSP Real Estate LLP, and Ramachandra Venkatasubba Rao, with planned sales of 19.67 lakh, 7.24 lakh, 8.40 lakh, and 7.24 lakh shares, respectively.
The anticipated proceeds from the issue will primarily be allocated towards repaying or prepaying certain borrowings amounting to Rs 550 crore. The company also intends to utilise the funds for supporting inorganic growth through undisclosed acquisitions and general corporate needs.
As of the date of the DRHP, AGS TS II Holdings Pte. Ltd., supported by Hillhouse, holds the largest stake at 41.76%. Co-founders, the late Amit Monoranj and Karan Chopra, own 22.14% and 12.47%, respectively. Other shareholders include Bergamo Trust with 6.19%, as well as Narendra Kumar Kamaraju and KAM Advisors Private Limited, who hold 4.05% and 3.96%, respectively.
Established in 2017 by Amit Banerji and Karan Chopra, Tablespace specializes in offering tailored coworking environments. The company claims a capacity exceeding 11 million square feet and serves over 425 enterprise clients across more than 80 centres in 9 cities.
Financial Highlights
For the fiscal year ending in March 2026, Tablespace Technologies recorded a significant 66.3% increase in operating revenue, reaching Rs 2,262 crore compared to Rs 1,360 crore in FY25. Despite this growth, the company faced a net loss of Rs 403 crore during this timeframe, primarily attributed to losses stemming from fair value adjustments on preference shares. However, a profit before tax of Rs 135 crore was reported.
Managing the IPO
The book running lead managers for this issue include Axis Capital, BofA Securities India, CLSA India, IIFL Capital Services, and JM Financial, while KFin Technologies will serve as the registrar. The IPO is set to position Tablespace among the publicly traded entities within India’s managed workspace industry, alongside notable competitors like Smartworks, WeWork India, Indiqube, and Awfis, who have also entered the public markets.