Table Space, the Indian managed workspace provider, is trying to achieve a valuation of $2.5 billion or above when the company goes for its IPO, probably next year, sources close to the situation told Eltrys.
The Bengaluru-based startup has engaged Axis Securities as the bookrunner for the IPO, sources added.
Table Space was founded in 2017 with the vision of renting large office spaces, reimagining them into fully serviced technology-enabled campuses, and offering bespoke solutions to enterprise clients, including custom offices, coworking areas, and managed meeting rooms. Founded in 2017, Table Space focusses on renting large office spaces, reimagining them into fully serviced technology-enabled campuses, and offering bespoke solutions to enterprise clients, including custom offices, coworking areas, and managed meeting rooms. The major investment of $300 million by Hillhouse Capital in Table Space during the end of 2022 puts it at a valuation of about $550 million. 
It operates upwards of 60 facilities across six major Indian metropolises, predominantly catering to Fortune 500 customers such as Apple, Google, Mastercard, PayPal, AMD, Ericsson, and Shell. The start-up has aggressively expanded its portfolio of real estate to over 9.5 million sq. ft. across key Indian cities. It is eyeing almost doubling this space in three years with an investment of close to $535 million.
Table Space did not respond to any of these observations.
“We would hope to have revenues of near $600 million annually by March 2027,” Kunal Mehra, the company’s co-founder and president, said in an interview recently with an Indian daily.
Table Space’s IPO and expansion plans are coming at a time when there is moderate uncertainty in the flexible workspace market globally. The significant challenges of WeWork did raise questions on the validity of the global coworking space model. However, the growing technology sector and multinational businesses looking to cut back on long-term leasing commitments have kept the demand for flexible offices strong in major Indian cities.
The announcement of Table Space’s IPO comes as shares of Awfis, a Peak XV Partners-backed operator of co-working spaces, have increased by nearly 70% in the five months since its initial public offering. WeWork India, Indiqube, and Simpliwork are some of the startups that are in various stages of discussion over their respective IPO plans.
There have been more tech IPOs this year in the Indian market than in the U.S., with valuation multiples nearing all-time highs in the South Asian region. This year, Indian companies have gained more than $9 billion by way of IPOs and FPOs, irrespective of the slowdown in growth-stage startup transactions.
