Bengaluru-based managed workspace provider Table Space has officially restructured itself into a public company and bolstered its board with seasoned leaders, marking a crucial step in its march toward a much-anticipated IPO.
From Private to Public: Laying the Groundwork for Listing
In July 2025, Table Space Technologies dropped the word “Private” from its name, rebranding as Table Space Technologies following Ministry of Corporate Affairs (MCA) filings. This conversion from a private to a public entity is a mandatory prerequisite for companies planning to list on domestic bourses, and signals that the startup is firmly on the IPO path.
At the same time, the company appointed three independent directors to its board:
- Nilesh S. Vikamsey, Partner at KCC & Associates
- Ganesh Natarajan, former Chairman of NASSCOM
- Anthony Couse, former CEO of JLL Asia Pacific
The appointments are designed to strengthen governance and bring credibility ahead of regulatory scrutiny. Independent directors play a critical role in boosting investor confidence and aligning governance with public-market expectations.
Table Space IPO Timeline & Valuation Ambitions
Table Space has long been rumoured to be targeting an April 2025 IPO filing, with valuations pegged at around USD 2.5 billion (~INR 21,745 crore). Some industry reports suggest that Axis Capital has been hired as bookrunner.
However, the sudden passing of founder Amit Banerji in January 2025 led to leadership reshuffles that could affect timelines. Co-founders Karan Chopra and Kunal Mehra stepped in as co-CEOs, with Chopra additionally serving as chairman and Mehra as president. In a show of confidence, Mehra has been actively raising funds to increase his stake—reportedly securing about INR 200 crore from private credit funds in June to buy additional shares.
Financial Snapshot: Profitable, But Pressured
The company, founded in 2017, has demonstrated scale and profitability—key attributes for IPO investors.
- FY24 Revenue: INR 898 crore, up 37% YoY
- FY24 Net Profit: INR 11 crore, down sharply from INR 45 crore in FY23 (a 75% decline)
While revenue momentum is strong, the profit slump may raise questions. The coworking sector is notorious for its capital intensity, and investors will weigh whether Table Space can sustain margins while scaling.
Strategic Leases
Recent leasing activity further underlines Table Space’s aggressive expansion.
- In July 2025, the company signed a six-year lease for 5,34,532 sq. ft. at Intellion Park, Gurugram, with Tata Realty’s Mikado Realtors, at a monthly rent of around INR 3.5 crore (INR 65 per sq. ft.).
- The lease, valued at nearly INR 252 crore over six years, includes a three-year lock-in and a deposit of INR 1.42 crore, with a 15% rent escalation every three years.
- Crucially, Table Space plans to sublease this space to Google, which has been expanding aggressively in India. This deal alone is expected to yield a monthly rent of approximately INR 3.47 crore from the tech giant.
This partnership highlights Table Space’s positioning as an enabler of global capability centers (GCCs) in India, a market seeing exponential demand from multinational firms.
Market Context: A Sector in Flux
The coworking industry in India is projected to grow from USD 2 billion (~INR 17,396 crore) in 2025 to USD 3 billion (~INR 26,096 crore) by 2030, at a CAGR of 7%. Table Space, with over 315 clients including Dell, EY, Fujitsu, AMD, and Shell, is already a dominant player in enterprise-focused managed workspaces.
Competition is heating up:
- Awfis, Smartworks, and IndiQube are already listed.
- WeWork India and DevX are seeking SEBI’s observation letter.
- Awfis is currently the only profitable listed peer, but Table Space demonstrated profitability in FY24 despite sector headwinds.
Conclusion
Table Space IPO journey comes at a pivotal moment. On one hand, it boasts robust revenue growth, marquee clients, and global tie-ups like Google. On the other hand, it faces profit compression, leadership transitions, and a capital-intensive growth model that could test investor appetite.
Still, its ability to secure large-scale leases and attract global occupiers suggests resilience and a differentiated play in the coworking market. With governance structures now in place and IPO preparations in motion, all eyes will be on SEBI filings expected in the coming months.
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