Managed workspace provider Tablespace Technologies has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares worth up to Rs 800 crore and an offer for sale (OFS) of up to 6.54 crore shares. The equity shares will carry a face value of Re 1 each. Hillhouse-backed AGS TS II Holdings Pte Ltd, a promoter selling shareholder, will offload up to 4.98 crore shares through the OFS. Promoters Karan Chopra and Kunal Mehra will sell up to 13.11 lakh and 1.01 crore shares, respectively. The OFS will also include shares from Srinivas Prasad, Narendra Kumar Kamaraju, RSP Real Estate LLP and Ramachandra Venkatasubba Rao, who will sell up to 19.67 lakh, 7.24 lakh, 8.40 lakh and 7.24 lakh shares, respectively. The net proceeds from the issue will be primarily used to repay or prepay, in full or in part, certain borrowings worth Rs 550 crore. The company also plans to use the proceeds for funding inorganic growth through unidentified acquisitions and general corporate purposes. As of the DRHP date, Hillhouse-backed AGS TS II Holdings Pte. Ltd. is the largest shareholder with a 41.76% stake, followed by co-founders, late Amit Monoranj with 22.14% and Karan Chopra with 12.47%. Bergamo Trust holds 6.19%, while Narendra Kumar Kamaraju and KAM Advisors Private Limited own 4.05% and 3.96%, respectively. Co-founded by late Amit Banerji, Karan Chopra and Kunal Mehra in 2017, the company provides enterprise-grade managed workspace solutions to GCCs, Fortune 500 companies and multinational corporations through an integrated model covering leasing, design, fit-outs, operations and facilities management. As of March 2026, it had 9.33 million sq ft of leased area across 33 office clusters in eight Tier-1 cities, with 98.01% in Grade A properties and a 92.64% occupancy rate at mature facilities. For the fiscal year ended March 2026, Tablespace reported a 66.3% year-on-year rise in operating revenue to Rs 2,262 crore from Rs 1,360 crore in FY25. The company posted a net loss of Rs 403 crore during the period, largely due to losses from fair value changes in preference shares. However, it reported a profit before tax of Rs 135 crore. Axis Capital, BofA Securities India, CLSA India, IIFL Capital Services and JM Financial are the book running lead managers for the issue, while KFin Technologies is the registrar. The IPO will place Tablespace among the listed players in India’s managed workspace segment, joining peers such as Smartworks, WeWork India, Indiqube and Awfis that have tapped the public markets. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our invest
