Tablespace Technologies, a company that runs managed offices for businesses, is getting ready to sell shares to the public for the first time. It plans to file an initial public offering, or IPO, that could bring in as much as $350 million.
The offering will include a fresh issue of shares worth 10 billion rupees, along with a sale of shares from current investors. The company has hired four banks to guide the deal - Axis Capital, IIFL Capital Services, BofA Securities, and CLSA. These details were shared by individuals close to the situation.
The draft IPO papers are expected to be submitted by early August. Deliberations are ongoing and the final size and structure could change, the people said. Tablespace is backed by Hillhouse Investment Management, a global investment firm.
The business itself is sizable. Tablespace operates 11.5 million square feet of office space across nine Indian cities, according to its website.
Get the market news that matters in a five-minute read with Market Briefs, our free daily newsletter
India's flexible office space market is growing at a strong clip. Right now it is worth about $4.53 billion. By 2031, research firm Mordor Intelligence expects it to hit $8.7 billion.
The reason is straightforward: multinational companies are expanding in India, and they want spaces that can adapt quickly. Managed workspace providers like Tablespace handle that shift.
Tablespace is not the first to spot this opportunity. Over the past two years, three competitors have gone public in India - Awfis Space Solutions, WeWork India Management, and Smartworks Coworking Spaces. This wave of stock market entries highlights the rapid growth of India's flexible office sector as global companies increase their footprint here.
Tablespace operates in a space that has drawn significant investor attention. Awfis, which went public in May 2024, raised about $1.1 billion at its peak valuation. WeWork India, the local franchise of the co-working giant, listed later that year with strong demand.
Smartworks, founded by seasoned real estate developers, followed in early 2025. All three stocks have traded above their issue prices, signaling market appetite.
Hillhouse, the Chinese-founded but globally active investment firm that backs Tablespace, has a track record of backing real estate tech and flexible space companies across Asia. The IPO proceeds are expected to fund expansions into new Indian cities and upgrade existing properties. Tablespace also plans to invest in technology platforms to manage occupancy and energy use, which are critical for profitability.
India's office market is not just growing - it is fundamentally shifting. Large corporations now prefer managed spaces over long-term leases because they can scale up or down quickly. This trend accelerated after the pandemic, when companies reassessed their real estate needs.
As a result, flexible workspace providers are capturing an increasing share of total office absorption in cities like Bengaluru, Mumbai, Delhi NCR, and Hyderabad.
Join Market Briefs, our free daily newsletter, for a quick daily rundown of the markets
