Managed workspace provider Table Space Technologies has filed its draft papers for an Rs 800 crore IPO. The company plans to use a large portion of the funds to pay off debt, which stood at over Rs 970 crore as of mid-2026. Investors will be monitoring how the firm improves its profitability while navigating intense competition in the commercial office space sector.
Bengaluru-based Table Space Technologies has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to launch an initial public offering. The company is aiming to raise Rs 800 crore through a fresh issue of shares, in addition to an offer-for-sale (OFS) component involving 6.54 crore shares from existing investors and promoters.
The primary focus of this IPO is capital restructuring. Out of the fresh funds, the company has earmarked Rs 550 crore specifically for the repayment of outstanding debt. As of June 2026, the company’s total debt was reported at Rs 970.6 crore. By reducing this debt load, the company aims to improve its financial flexibility and lower interest costs, which have been a significant pressure point on its balance sheet.
Table Space operates in the managed workspace sector, providing office solutions to large enterprises. It currently manages a portfolio of 11.46 million square feet of office space spread across 33 clusters in eight major Indian cities, including Mumbai, Bengaluru, Gurugram, and Hyderabad. This business model relies on securing large office spaces and leasing them out to corporate clients, which involves significant upfront capital spending and long-term lease liabilities.
Regarding financial performance, the company has shown strong top-line growth. For the fiscal year ending March 2026, the company reported revenue of Rs 2,262.3 crore, representing a 66.3% increase from Rs 1,360.5 crore in the previous year. Despite this growth in revenue, the company continues to report losses. For the fiscal year 2026, it recorded a net loss of Rs 403.3 crore, though this is a notable improvement from the Rs 1,554.1 crore loss in the preceding year.
The company faces a highly competitive environment. The managed office sector in India is crowded with several players, including companies like Awfis and various global and local workspace providers. Success in this sector depends on the company's ability to maintain high occupancy rates across its portfolio and manage the costs associated with fitting out and maintaining these large office spaces.
The IPO will see major existing shareholders selling their stakes, with AGS TS II Holdings Pte—an entity linked to Hillhouse Investment—planning to sell up to 4.98 crore shares. Other promoters, including Karan Chopra and Kunal Mehra, are also participating in the share sale. The company is also exploring a pre-IPO placement of up to Rs 160 crore, which, if successful, would reduce the size of the fresh issue. The next important steps for investors will be tracking the regulatory approval process from SEBI, the final IPO timeline, and updates on the company’s plans to manage its debt and move toward consistent profitability.