Table Space gears up for Rs 1,000 Cr IPO; to raise Rs 200 Cr in pre-IPO round

Table Space, a managed workspace startup, is preparing for an initial public offering (IPO). The issue is likely to comprise a fresh issue of shares worth up to Rs 1,000 crore, along with an offer for sale (OFS) component.

Ahead of the public issue, the company cleared a Rs 200 crore pre-IPO fundraise through private placement, which was approved at an extraordinary general meeting (EGM) held earlier last month.

According to filings submitted to the Ministry of Corporate Affairs (MCA), the upcoming pre-IPO fundraising round is equivalent to 20% of the total fresh issue size. This implies that the fresh issue component of the IPO is estimated to be approximately Rs 1,000 crore.

Founded by Amit Banerji in 2017, Table Space provides customized coworking spaces and claims to have a capacity of more than 10 million square feet with 290 unique clients over 7 cities including Bengaluru.

On the financial side, Table Space crossed the Rs 1,000 crore revenue mark by increasing 50% year-on-year to Rs 1,360 crore in FY25 from Rs 906 crore in FY24. Excluding the exceptional item, the company’s profit spiked nearly 3X to Rs 14.6 crore in the same period.

It's important to note that Table Space reported an exceptional item of Rs 1,568 crore, which rose from a non-cash fair valuation loss on its CCPS-A instruments. These preference shares are structured to convert into equity only immediately before a liquidation event (such as IPO), or earlier with investor consent.

Table Space will enter an increasingly crowded and fast-evolving flex-workspace market, competing with several listed peers in India. Key players already trading on the stock exchanges include WeWork India Management, Smartworks Coworking Spaces, IndiQube Spaces and Awfis Space Solutions. WeWork India, often viewed as the largest by revenue and scale among these, has led the sector’s recent IPO wave and commands significant market presence.