Tablespace Technologies Files DRHP for ₹800 Crore IPO

BENGALURU, India — August 12, 2026 — Enterprise workspace provider Tablespace Technologies Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) featuring a fresh equity issue of up to ₹800 crore alongside an Offer for Sale (OFS) of up to 6.55 crore shares. The strategic listing comes amid heightened momentum in India's flexible office space market, allowing the firm to deleverage its balance sheet and fund strategic inorganic expansion.

Issue Structure and Shareholding Breakdown

According to the regulatory filing submitted to SEBI, the public offer carries a face value of Re 1 per equity share. The Offer for Sale component consists of up to 65,475,432 equity shares offloaded by promoter selling shareholders and early investors.

• AGS TS II Holdings Pte Ltd: Investor promoter backed by Hillhouse Investment funds will sell up to 4.98 crore equity shares.

• Individual Promoters: Co-founders Karan Chopra and Kunal Mehra are offloading up to 13.11 lakh shares and 1.01 crore shares, respectively.

• Other Shareholders: Shares are also being offered by Srinivas Prasad, Narendra Kumar Kamaraju, RSP Real Estate LLP, and Ramachandra Venkatasubba Rao.

The company may also consider a Pre-IPO placement of up to ₹160 crore. If completed, the fresh issue quantum will be reduced accordingly.

Utilization of Proceeds and Financial Profile

Tablespace Technologies plans to deploy the capital raised from the fresh issue primarily for debt reduction and strategic acquisition opportunities.

As of June 30, 2026, the company recorded total consolidated borrowings of ₹970.63 crore from banks and financial institutions.

Financially, Tablespace reported normalized revenue of ₹2,477.68 crore for FY26, marking a 56.42% increase from the prior fiscal year. Normalized EBITDA rose 124.36% year-on-year to ₹453.80 crore. While profit before tax stood at ₹134.71 crore, the company recorded a net loss of ₹403.35 crore for FY26, driven mainly by accounting adjustments involving fair value changes in preference shares.

Official Sources Section

Regulatory filings made with the Securities and Exchange Board of India (SEBI) and company disclosures confirm that Axis Capital, BofA Securities India, CLSA India, IIFL Capital Services, and JM Financial are serving as Book Running Lead Managers. KFin Technologies Limited has been appointed as the official registrar to the issue.

Market Positioning and Impact

"According to DRHP disclosures and industry benchmarking reports by CBRE, Tablespace managed 9.33 million square feet of leased area across 33 office clusters in eight Tier-1 Indian cities as of March 31, 2026. Grade-A properties account for 98.01% of its total portfolio, recording a mature facility occupancy rate of 92.64%."

The public debut will position Tablespace alongside other major listed flexible space operators in India, including Awfis Space Solutions, Smartworks, and WeWork India.

Why It Matters

Commercial real estate dynamics in India are shifting rapidly, with corporate occupiers increasingly favoring agile, fully managed workspaces over traditional long-term capital-intensive leases. Tablespace's primary concentration on Global Capability Centres (GCCs) and Fortune 500 enterprises—which occupy over 53% of its total portfolio—underscores deep institutional demand for managed office spaces in India's technology hubs.

Key Facts at a Glance

• Fresh Issue Size: Up to ₹800 crore.

• Offer For Sale (OFS): Up to 6.55 crore equity shares.

• Primary Objective: ₹550 crore allocated for partial or full prepayment of debt.

• Portfolio Scale: 9.33 million sq. ft. across 33 clusters in 8 major cities.

• Key Client Base: 431 unique corporate clients, including 45 Fortune 500 companies.

Frequently Asked Questions (FAQ)

What is the issue size of the Tablespace Technologies IPO?

The proposed IPO consists of a fresh issue of equity shares worth up to ₹800 crore and an Offer for Sale of up to 6.55 crore equity shares by promoters and early investors.

Who are the lead managers for the Tablespace IPO?

The book running lead managers are Axis Capital, BofA Securities India, CLSA India, IIFL Capital Services, and JM Financial.

How will Tablespace use the funds raised from the fresh issue?

The net proceeds will be utilized primarily to prepay or repay existing borrowings worth ₹550 crore, with the remaining capital set aside for inorganic growth via acquisitions and general corporate purposes.

Source: Securities and Exchange Board of India (SEBI) DRHP Filings, Bombay Stock Exchange (BSE), National Stock Exchange of India (NSE)