Table Space, a managed workspace startup, is gearing up for its initial public offering (IPO). This offering is expected to include a new issue of shares valued at up to Rs 1,000 crore, along with an offer for sale (OFS) segment. In preparation for the public offering, the company successfully completed a pre-IPO fundraising round of Rs 200 crore through private placement, which received approval at an extraordinary general meeting (EGM) held last month.
According to documents filed with the Ministry of Corporate Affairs (MCA), the forthcoming pre-IPO fundraising round represents 20% of the total size of the new issue. This indicates that the new issue portion of the IPO is projected to be approximately Rs 1,000 crore.
Founded in 2017 by Amit Banerji, Table Space offers tailored coworking spaces and claims to have a capacity exceeding 10 million square feet, boasting 290 unique clients across seven cities including Bengaluru.
On the financial front, Table Space has surpassed the Rs 1,000 crore revenue milestone, achieving a remarkable 50% year-on-year growth to Rs 1,360 crore in FY25, compared to Rs 906 crore in FY24. Excluding an exceptional item, the company’s profit soared nearly threefold to Rs 14.6 crore during the same timeframe.
It is noteworthy that Table Space reported an exceptional item of Rs 1,568 crore, which stemmed from a non-cash fair valuation loss on its CCPS-A instruments. These preference shares are designed to convert into equity just before a liquidation event, such as an IPO, or earlier, pending investor approval.
Table Space is set to enter a competitive and rapidly changing flex-workspace market, where it will face off against several listed competitors in India. Prominent players already listed on the stock exchanges include WeWork India Management, Smartworks Coworking Spaces, IndiQube Spaces, and Awfis Space Solutions. Among these, WeWork India is often regarded as the largest by revenue and scale, having recently spearheaded the sector’s IPO movement and holding a significant presence in the market.
