Tablespace Technologies, a prominent managed workspace solutions provider based in Bengaluru, has formally submitted its Draft Red Herring Prospectus (DRHP) to SEBI, signaling its intent to launch an Initial Public Offering (IPO).
IPO Structure and Shareholder Details
The proposed IPO comprises two main components: a fresh issue of equity shares aiming to raise up to Rs 800 crore, and an Offer for Sale (OFS) of up to 65,475,432 equity shares. Key selling shareholders in the OFS include AGS TS II Holdings Pte. Ltd., which is controlled by Hillhouse Investment funds, offering up to 49,834,140 shares. Other selling shareholders include Karan Chopra (up to 1,311,430 shares), Kunal Mehra (up to 10,074,740 shares), Srinivas Prasad (up to 1,967,140 shares), Narendra Kumar Kamaraju (up to 723,910 shares), RSP Real Estate LLP (up to 840,162 shares), and Ramachandra Venkatasubba Rao (up to 723,910 shares).
The company's promoters are Karan Chopra, Kunal Mehra, Sarita Banerji, KAM Advisors Private Limited, and AGS TS II Holdings Pte. Ltd.
Business Model and Market Position
Tablespace Technologies specializes in providing comprehensive, enterprise-grade managed workspace solutions to global capability centers, Fortune 500 companies, and multinational corporations. Their integrated 'single-cheque' model covers the entire workspace lifecycle, from leasing and design to fit-out, operations, facilities management, and compliance.
According to a CBRE report cited in the DRHP, Tablespace has grown significantly since its incorporation in 2017. As of March 31, 2026, it operates one of India's largest managed workspace portfolios by leased area, totaling 9.33 million square feet. Notably, 98.01 percent of this area is in Grade A properties across 33 key office clusters in eight Tier-1 cities. The report also highlights the company's strong operational efficiency, with an occupancy rate of 92.64 percent for its mature facilities, positioning it among the top benchmarked operators.
Financial Performance
For the financial year 2026, Tablespace Technologies reported a normalized revenue of INR 24,776.83 million, marking a substantial 56.42 percent increase over the previous year. Normalized EBITDA for the same period stood at INR 4,537.99 million, showcasing a robust growth of 124.36 percent year-over-year. The company's profit before exceptional items and tax reached INR 1,347.12 million.
Book Running Lead Managers
The IPO will be managed by a consortium of book running lead managers, including Axis Capital, BofA Securities India, CLSA India, IIFL Capital Services, and JM Financial. KFin Technologies Limited has been appointed as the registrar for the issue.