Table Space, an Indian managed workspace provider, is targeting a valuation of $2.5 billion or more for an initial public offering planned for next year, sources familiar with the matter told britcommerce.
The Bengaluru-based startup has hired Axis as bookrunner for the IPO, sources said.
Founded in 2017, Table Space rents large office spaces, transforms them into full-service technology campuses, and offers them to corporate clients as custom offices, co-working spaces, and managed meeting rooms. Hillhouse Capital invested $300 million in Table Space in a funding round in late 2022, and the startup is currently valued at about $550 million.
The company operates over 60 centers across six urban cities in India and primarily serves Fortune 500 companies such as Apple, Google, Mastercard, PayPal, AMD, Ericsson and Shell. The startup has expanded its real estate portfolio to over 9.5 million sq ft across major cities in India and aims to nearly double this footprint in three years by investing around $535 million.
Table Space declined to comment.
in a recent interview In an Indian newspaper, the company’s co-founder and president, Kunal Mehra, said the company expects annual revenue to reach almost $600 million by March 2027.
Table Space’s IPO and expansion plans come at a time of mild uncertainty in the global flexible workspace sector. While WeWork’s high-profile struggles have cast doubt on the viability of the coworking space business model around the world, demand for flexible office spaces in major Indian cities remains strong, driven by a sector growing technology companies and multinational corporations looking to reduce term lease commitments.
Table Space’s IPO plans also follow the stellar public debut of Awfis, a Peak XV-backed coworking space provider whose shares have risen nearly 70% in the five months since its IPO. Many startups, including WeWork India, Indiqube and Simpliwork, are also in various stages of deliberations to go public.
The Indian market has generated more tech IPOs this year than the United States, as valuation multiples approach record highs in the South Asian market. Indian companies have raised more than $9 billion through IPOs and FPOs this year, even as growth-stage startup deals remain muted.