Tablespace Technologies files DRHP with SEBI to launch its IPO; check details

Managed workspace solutions provider Tablespace Technologies, also known as Table Space, has filed its Draft Red Herring Prospectus with SEBI for a proposed initial public offering (IPO). The Bengaluru-headquartered company offers managed workspace solutions to global capability centres, Fortune 500 companies and multinational corporations.

According to the DRHP, the proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 800 crore and an offer for sale of up to 65,475,432 equity shares with a face value of Rs 1 each.

The offer for sale (OFS) includes up to 49,834,140 equity shares by investor promoter selling shareholder AGS TS II Holdings Pte. Ltd., which is ultimately owned and controlled by funds of Hillhouse Investment, up to 1,311,430 equity shares by Karan Chopra, and up to 10,074,740 equity shares by Kunal Mehra.

The company’s promoters are Karan Chopra, Kunal Mehra, Sarita Banerji, KAM Advisors Private Limited and AGS TS II Holdings Pte. Ltd. The remaining offer for sale comprises up to 1,967,140 equity shares by Srinivas Prasad, up to 723,910 equity shares by Narendra Kumar Kamaraju, up to 840,162 equity shares by RSP Real Estate LLP and up to 723,910 equity shares by Ramachandra Venkatasubba Rao.

Tablespace said it provides bespoke, enterprise-grade managed workspace solutions through an integrated single-cheque model covering leasing, design, fit-out, operations, facilities management and compliance across the workspace lifecycle.

According to the CBRE report cited in the DRHP, the company has, since its incorporation in 2017, become one of the largest managed workspace operators in India by leased area, at 9.33 million square feet as of 31 March 2026. Of this, 98.01 per cent was in Grade A properties across 33 key office clusters in eight Tier-1 cities. The report also said the company had the highest occupancy rate for mature facilities or mature centres at 92.64 per cent among benchmarked operators.

As per the DRHP, the company reported normalised revenue of INR 24,776.83 million for financial year 2026, up 56.42 per cent from the previous year. For the same period, it reported normalised EBITDA of INR 4,537.99 million, registering growth of 124.36 per cent over the previous year. Profit before exceptional items and tax stood at INR 1,347.12 million.

Axis Capital, BofA Securities India, CLSA India, IIFL Capital Services and JM Financial are the book running lead managers to the issue. KFin Technologies Limited is the registrar. The filing sets out the proposed fresh issue and offer for sale structure, the list of selling shareholders, the company’s business model, operating footprint and its financial performance for FY26.