Executive Centre India has received approval from Sebi to launch a Rs 2,600-crore IPO, comprising a fresh issue of equity shares. The proceeds will fund expansion in Abu Dhabi and acquisitions in Singapore and Dubai. The company operates 89 centers across seven countries and posted strong FY25 financials.
In a significant move for the flexible workspace sector, Executive Centre India has received the green light from the Securities and Exchange Board of India (Sebi) to proceed with its Rs 2,600-crore Initial Public Offering (IPO). The entire issue will be a fresh equity offering, with no Offer for Sale (OFS) component, signaling the company’s intent to raise capital for growth rather than providing exits to existing shareholders.
Key takeaways from the draft red herring prospectus (DRHP) reveal that the funds raised will be strategically deployed to expand the company’s international footprint. A major portion will be invested in TEC Abu Dhabi, while additional capital will be used to partly acquire TEC SGP and TEC Dubai from TEC Singapore, one of the company’s corporate promoters.
The Mumbai-based Executive Centre India is a premium provider of flexible office spaces. As of March 31, 2025, it operated 89 centers across 14 cities in seven countries, catering to a diverse clientele including multinational corporations, startups, and established enterprises.
Financially, the company has demonstrated robust performance. For FY25, it reported revenue of Rs 1,322.64 crore, marking a 27.59% year-on-year growth, and an EBITDA of Rs 713.32 crore. This strong financial base is expected to enhance investor confidence as the company enters the public markets.
The IPO is expected to strengthen Executive Centre India’s capital structure and support its ambition to become a dominant player in the Asia-Pacific flexible workspace market. With rising demand for agile office solutions post-pandemic, the company’s expansion into key hubs like Abu Dhabi, Singapore, and Dubai is seen as a timely and strategic move.
Sources: Business Standard, Rediff Moneynews, PTI