Table Space, an Indian workspace company, aims for a $2.5 billion valuation in its IPO next year, according to sources.
Based in Bengaluru, Table Space has chosen Axis as the underwriter for the IPO.
Founded in 2017, Table Space transforms large office spaces into tech-enabled campuses for corporate clients, offering customized offices and co-working spaces. In late 2022, it raised $300 million from Hillhouse Capital and is now valued at around $550 million.
Operating over 60 centers in six Indian cities, the company serves major clients like Apple and Google. It plans to expand its real estate to nearly 19 million square feet by investing $535 million over the next three years.
Table Space declined to provide further comments.
In a recent interview, co-founder Kunal Mehra projected the company’s revenue to reach nearly $600 million by March 2027.
Table Space’s IPO plans come amid uncertainty in the flexible workspace sector, influenced by WeWork’s struggles. However, demand for flexible office spaces in India remains strong, especially from tech firms and multinationals.
The company’s IPO follows the successful debut of Awfis, which has seen its stock rise nearly 70% since going public. Other startups, like WeWork India, are also considering IPOs.
This year, Indian tech IPOs have outpaced those in the U.S., raising over $9 billion despite a slowdown in growth-stage startup deals.
`
