Table Space, an Indian managed workspace provider, is targeting a valuation of more than $2.5 billion in an IPO scheduled for next year, people familiar with the matter told TechCrunch.
The Bengaluru-headquartered startup has hired Axis Securities as bookrunner for its IPO, the people said.
Founded in 2017, Table Space leases large office spaces, converts them into service-rich, technology-enabled campuses, and provides customized offices, coworking spaces, and managed meeting rooms to corporate clients. I'm doing it. Hillhouse Capital invested $300 million in Table Space in a funding round in late 2022, and the startup is now valued at around $550 million.
The company operates over 60 centers across six Indian cities, primarily serving Fortune 500 companies such as Apple, Google, Mastercard, PayPal, AMD, Ericsson, and Shell. The company has expanded its real estate portfolio to over 9.5 million square feet across major cities in India and aims to nearly double this footprint within three years with an investment of approximately $535 million. .
Tablespace declined to comment.
In a recent interview with an Indian daily, Kunal Mehra, the company's co-founder and president, said he expects the company's annual revenue to reach nearly $600 million by March 2027. Ta.
Table Space's IPO and expansion plans come amid some uncertainty in the global flexible workspace space. While WeWork's high-profile struggles call into question the viability of the co-working space business model around the world, demand for flexible office space in India's major cities is driven by a growing tech sector and remains strong, driven by multinational companies seeking to reduce long working hours. Fixed term lease contract.
Table Space's IPO plans also follow the stellar public debut of Peak XV-backed co-working space provider Awfis, whose stock has soared nearly 70% in the five months since its IPO. A number of startups, including WeWork India, Indiqube and Simpliwork, are also in various stages of consideration to go public.
The Indian market has delivered more tech IPOs than the U.S. this year, and valuation multiples in South Asia are nearing record highs. Indian companies have raised more than $9 billion through IPOs and FPOs this year, even as growth-stage startup deals remain subdued.