Table Space aims to reach a $2.5 billion valuation in India IPO next year
India’s managed workspace provider, Table Space is targeting to go public with an initial public offering next year, and sources close to the matter place this valuation at over $2.5 billion. It appointed Axis as a bookrunner for the IPO.
Table Space, founded in 2017, is the largest independent office space leasing company that supplies completely serviced, technology-enabled campuses on large office spaces to corporate clients. The company also provides customized offices, co-working spaces, as well as managed meeting rooms. Last year, the startup raised $300 million from Hillhouse Capital, which valued it at $550 million by the end of 2022.
Table Space spans over 60 centers in six major Indian cities; it is going to service clients that range from Fortune 500 companies like Apple, Google, Mastercard, PayPal, AMD, Ericsson, and Shell. It has enlarged its portfolio of real estate to over 9.5 million square feet and aims at nearly doubling that footprint in the next three years by investing approximately $535 million.
The representative of Table Space did not send a response to an e-mail sent for comment on its IPO plans.
The company, in an interview recently, said that an executive from the firm mentioned that the company will reach $600 million in annual revenue by March 2027. That is part of its expansion plans and prepping for its IPO.
At such a time of moderate uncertainty within the global flexible workspace sector, the move to take an IPO is significant. As noted, the financial woes of WeWork have sent shockwaves throughout the global model for co-working space capital. But demand within the country remains robust, led by growth within the Indian tech sector and multi-national corporations that cannot be bothered with long-term lease commitments.
The goal of Table Space for an IPO follows the successful public debut of Awfis, a Peak XV-backed co-working space provider whose shares have increased by almost 70% in the 5 months following its IPO launch. Other competing firms looking to do public listings include WeWork India, IndiQube and Simpliwork.
India is witnessing a record pace of tech IPOs this year, even surpassing the US in terms of volume as valuation multiples in the South Asian market approach record highs. Indian firms raised more than $9 billion through IPOs and FPOs in the year 2024, even while funding slows for growth-stage startups.
