Tablespace Prepares for $350 Million India IPO
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Tablespace Prepares for $350 Million India IPO
- Tablespace Technologies Ltd., an Indian managed workspace provider, is reportedly preparing for an Initial Public Offering (IPO) in India that aims to raise as much as $350 million.
- The Bengaluru-based company, founded in 2017 by Kunal Mehra, Krishnaswamy Nagarajan, and Anurag Tyagi, is backed by Hillhouse Investment Management Ltd.
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Tablespace Technologies Ltd., a prominent Indian managed workspace provider, is reportedly gearing up to file for an Initial Public Offering (IPO) in India, with aspirations to raise up to $350 million. The company, which specializes in providing premium managed office spaces for large enterprises, intends to submit its draft papers by early August. This proposed offering is expected to include a fresh issue of shares potentially worth up to 10 billion rupees, alongside an offer for sale.
Founded in 2017, Tablespace is headquartered in Bengaluru, India. It has secured a total of $402 million in funding across five rounds, with its latest Series D round occurring on August 17, 2024. Hillhouse Capital, a key institutional investor, led a $300 million funding round in 2021, and has invested approximately $160 million in Tablespace to date. The company has a significant footprint, operating over 60 centers across six major Indian cities, including Bengaluru, Hyderabad, Pune, Mumbai, and Delhi NCR. Tablespace manages a real estate portfolio exceeding 9.5 million square feet, with plans to nearly double this within three years through an investment of approximately $535 million.
Tablespace focuses on serving large enterprises, including Fortune 500 companies such as Apple, Google, Mastercard, JPMorgan, Samsung, Accenture, and Microsoft. The company reported an operating revenue of approximately $105 million (₹874 crore) in FY24, an increase from ₹604 crore in the previous fiscal year. This IPO initiative follows a trend in India’s flexible workspace market, with other players like Awfis and IndiQube also pursuing or having completed public listings. The demand for flexible workspaces in India remains robust, driven by a growing technology sector and multinational corporations seeking to reduce long-term lease commitments.