Table Space hired bankers for an IPO targeting $2.5B, up from a $550M mark

Leases large offices in India and converts them into tech-enabled, fully serviced campuses for corporate clients.

That Indian flexible workspace — with Fortune 500 tenants and strong demand — deserves a public multiple WeWork's collapse never invalidated.

$300 million from Hillhouse Investment in a late-2022 funding round; currently valued at about $550 million

Founded in 2017 in Bengaluru, Table Space leases large office spaces and transforms them into fully serviced, tech-enabled campuses offered as customized offices, co-working spaces and managed meeting rooms.

By October 2024 it operated more than 60 centers across six Indian cities with over 9.5 million square feet, and planned to nearly double that footprint within three years by investing about $535 million; co-founder Kunal Mehra expects annual revenue to reach nearly $600 million by March 2027.

Demand for flexible office space in major Indian cities stayed strong even as WeWork collapsed globally, driven by tech firms and multinationals cutting long-term leases.

Awfis's 70% post-IPO surge showed Indian public investors will pay for flexible workspace, unlike the private round that marked Table Space at $550 million.

India out-delivered the US on tech IPOs in 2024 with more than $9 billion raised — the window the company is racing to use.

A sector's poster-child collapse doesn't settle its economics: regional demand and enterprise tenants can carry a different public story.

As of October 2024, the IPO was being prepared for the following year with Axis as bookrunner, alongside a ~$535 million expansion plan to nearly double the 9.5-million-square-foot portfolio within three years.