Table Space, an Indian managed workspace supplier, is concentrating on a valuation of $2.5 billion or extra for an IPO deliberate for subsequent yr, sources conversant in the matter informed TechCrunch.
The Bengaluru-headquartered startup has employed Axis as a bookrunner for the IPO, the sources stated.
Founded in 2017, Table Space leases giant workplace areas, transforms them into absolutely serviced, tech-enabled campuses, and affords them to company shoppers as personalized places of work, co-working areas, and managed assembly rooms. Hillhouse Capital invested $300 million in Table Space in a funding spherical in late 2022, and the startup is at the moment valued at about $550 million.
The firm operates greater than 60 facilities throughout six city Indian cities, primarily serving Fortune 500 corporations similar to Apple, Google, Mastercard, PayPal, AMD, Ericsson and Shell. The startup has expanded its actual property portfolio to over 9.5 million sq. toes throughout main Indian cities, and goals to just about double this footprint inside three years by investing about $535 million.
Table Space declined to remark.
In a latest interview with an Indian day by day, the corporate’s co-founder and president Kunal Mehra stated the corporate expects annual income to achieve practically $600 million by March 2027.
Table Space’s IPO and enlargement plans come at a time of gentle uncertainty within the world versatile workspace sector. While WeWork’s high-profile struggles have forged doubts on the viability of the co-working house enterprise mannequin around the globe, demand for versatile workplace areas in main Indian cities stays robust, pushed by a rising know-how sector and multinational companies looking for to cut back long-term lease commitments.
Table Space’s plans for the IPO additionally comply with the stellar public debut of Awfis, a Peak XV-backed co-working house supplier whose inventory has surged practically 70% within the 5 months since its IPO. Many startups, together with WeWork India, Indiqube and Simpliwork are additionally in numerous levels of deliberations to go public.
The Indian market has delivered extra tech IPOs this yr than the U.S. as valuation multiples strategy all-time highs within the South Asian market. Indian corporations have raised over $9 billion through IPOs and FPOs this yr, whilst growth-stage startup offers stay muted.
