Now Reading: Table Space files ₹800 crore IPO with SEBI
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Table Space files ₹800 crore IPO with SEBI
Table Space, a Bengaluru-based managed workspace provider, has filed its draft red herring prospectus with SEBI for an IPO comprising a fresh issue of up to ₹800 crore and an offer for…
The Story in Brief
Table Space, a Bengaluru-based managed workspace provider, has filed its draft red herring prospectus with SEBI for an IPO comprising a fresh issue of up to ₹800 crore and an offer for sale of up to 6.55 crore shares. Investor promoter Hillhouse will sell 4.98 crore shares, while co-CEOs Karan Chopra and Kunal Mehra will part with smaller lots. The company may also raise up to ₹160 crore in a pre-IPO placement.
For FY26, Table Space reported normalised revenue of ₹2,477.68 crore and normalised EBITDA of ₹453.80 crore, but a net loss of ₹402 crore. Its leased area stood at 9.33 million sq ft, 98% in Grade-A properties. However, the company has high client concentration, its top ten customers contributed 35.6% of operating revenue in FY26, leaving it exposed to the technology sector's spending cycles.
The Indian Opinion
The narrative around Table Space leans either bullish on its enterprise-heavy model or bearish on its losses and client concentration. Both miss the nuance. Its managed workspace focus gives long contracts and high revenue visibility, but 35.6% of operating revenue from ten clients is a genuine risk. The real test will be whether the company can add enough new enterprise clients over the next two years to bring that share down to 25% or lower. That number will tell us if the growth is sustainable or just a captive story.
Sources (3): realty.economictimes.indiatimes.com, inc42.com, inc42.com (2)
This story was synthesised by AI from the 3 sources linked above.
Updated: this story now draws on 3 sources.
