Table Space Seeks $2.5B Valuation in India IPO

Sources familiar with the matter have informed TechCrunch that Table Space, an Indian-managed workspace provider, is aiming for a valuation of $2.5 billion or more for an IPO scheduled for next year

According to the sources, the Bengaluru-based startup has appointed Axis as the bookrunner for the IPO.

Table Space, established in 2017, leases expansive office spaces, converts them into completely equipped, technology-enabled campuses, and provides them to corporate clients as managed meeting rooms, co-working spaces, and customized offices.

In late 2022, Hillhouse Capital invested $300 million in Table Space during a funding round. The startup is presently valued at approximately $550 million.

The company predominantly serves Fortune 500 companies, including Apple, Google, Mastercard, PayPal, AMD, Ericsson, and Shell, by operating over 60 centers in six urban Indian cities.

The startup has increased its real estate portfolio to over 9.5 million square feet in prominent Indian cities. It intends to nearly double this footprint within three years by investing approximately $535 million.

Table Space declined to respond.

Kunal Mehra, the company’s co-founder and president, stated in a recent interview with an Indian daily that the company anticipates an annual revenue of nearly $600 million by March 2027.

The global flexible workspace sector is currently experiencing uncertainty, exacerbated by Table Space’s IPO and expansion plans.

Although WeWork’s high-profile failures have raised concerns about the sustainability of the co-working space business model globally, the demand for flexible office spaces in major Indian cities remains robust, fueled by a burgeoning technology sector and multinational corporations that are seeking to reduce long-term lease commitments.

The IPO plans of Table Space are also in line with the successful public debut of Awfis, a co-working space provider sponsored by Peak XV. Awfis’ stock has increased by nearly 70% in the five months since its IPO.

Numerous ventures, such as IndiQube, Simpliwork, and WeWork India, are in various stages of contemplating going public.

In the South Asian market, valuation multiples are approaching all-time highs, and the Indian market has produced more tech IPOs this year than the U.S. even though growth-stage startup transactions have remained muted, Indian firms have raised over $9 billion through IPOs and FPOs this year.