Indian managed workspace provider Table Space wants to raise a valuation of more than $2.5 billion for an IPO slated to hit the markets next year, sources close to the matter speaking with TechCrunch said.
Sources said that the Bengaluru-based startup has appointed Axis as a bookrunner for the IPO.

Founded in 2017, Table Space rents large office spaces, turns them into fully serviced, tech-enabled campuses and leases them to corporate clients as customized offices, co-working space and managed meeting rooms. Hillhouse Capital invested USD 300 million in Table Space in a funding round towards the tail end of 2022 and the startup is now valued at about USD 550 million.

The firm currently runs over 60 centers across six Indian cities, catering mostly to Fortune 500 clients such as Apple, Google, Mastercard, PayPal, AMD, Ericsson, and Shell. Founded by seven friends in 2008, the startup now runs over 9.5 million square feet of real estate in major Indian cities and plans to roughly double the area with investment of about $535 million in three years.
Table Space declined to comment.

Company co-founder and president Kunal Mehra was quoted in an interview by a recent Indian daily: the company expects annual revenue to reach nearly $600 million by March 2027.

The WeCompany: News is Space, Table IPO and expansion plans come against a backdrop of mild uncertainty in the global flexible workspace sector following WeWork's high-profile struggles, muddying waters around the viability of the co-working space business model around the world, but demand for flexible office spaces in major Indian cities remains high as technology continues to grow, alongside multinational corporations seeking to reduce long-term lease commitments.

Table Space, too, will soon follow the stellar public debut of Awfis, which is a Peak XV-back co-working space provider that has had its stock surge nearly 70% in the five months since it went public. While WeWork India, Indiqube and Simpliwork are some of the startups at various stages of deliberations to go public.

The Indian market has witnessed more tech IPOs this year than the U.S. as valuation multiples approach all-time highs in the South Asian market. Indian firms have raised over $9 billion via IPOs and FPOs this year, even as growth-stage startup deals remain muted.