Table Space, India’s largest flex workspace provider, eyes $2.5B valuation for upcoming IPO
One of India’s largest providers of managed workspaces, Table Space, is reportedly aiming for a valuation of over $2.5 billion when it conducts an initial public offering (IPO) next year. Founded in 2017, Table Space leases large office spaces across major Indian cities and transforms them into fully-serviced and tech-enabled workcampuses catering to large corporates.
Sources familiar with the matter indicate that Table Space has selected Axis Capital as the bookrunner to handle its IPO. The Bengaluru-headquartered startup is currently valued at around $550 million after raising $300 million from Hillhouse Capital in late 2022. Table Space currently operates more than 60 centers spanning over 9.5 million square feet in six major cities, primarily serving Fortune 500 clients in sectors like technology, finance and energy.
The company plans to double its real estate footprint to nearly 20 million square feet in the coming three years by investing approximately $535 million. Table Space’s co-founder and president recently stated the startup expects annual revenues to reach close to $600 million by March 2027 as it rapidly expands.
This planned IPO comes at a time when the global flexible workspace industry is facing some uncertainty in the wake of WeWork’s well-documented struggles. However, demand for managed offices and co-working spaces remains robust in key Indian business hubs driven by technology companies, multinationals and the hybrid work model’s growth.
Successful listings of other players like Awfis which saw its stock price surge 70% have encouraged other Indian flexible workspace providers like WeWork India, Indiqube and Simpliwork to explore going public. If successful, Table Space’s IPO would value it significantly higher than rival Awfis and strengthen India’s position as a leading market for tech IPOs amid a funding winter for growth-stage startups.
