Tablespace technologies files draft papers with Sebi to raise funds through IPO
Tablespace Technologies has filed its DRHP with SEBI for an IPO comprising a fresh issue of up to ₹800 crore and an OFS. The managed workspace provider plans to repay borrowings, pursue acquisitions and fund corporate needs.
By Kumar Gaurav, ETMarkets.com |
Agencies
Tablespace Technologies is moving toward an IPO, combining a ₹800 crore fresh issue with an OFS, as strong FY26 revenue and EBITDA growth bolster its public-market plans.
Bengaluru-headquartered managed workspace solutions provider Tablespace Technologies is moving closer to going public after filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
According to the DRHP, the proposed IPO comprises a fresh issue of equity shares aggregating up to ₹800 crore and an offer for sale (OFS) of up to 65,475,432 equity shares with a face value of ₹1 each.
The OFS includes up to 49,834,140 equity shares to be sold by investor-promoter selling shareholder AGS TS II Holdings Pte. Ltd., which is ultimately owned and controlled by funds of Hillhouse Investment. Karan Chopra and Kunal Mehra, the individual promoter selling shareholders, will offer up to 1,311,430 shares and 10,074,740 shares, respectively.
Tablespace Technologies’ promoters are Karan Chopra, Kunal Mehra, Sarita Banerji, KAM Advisors Private Limited and AGS TS II Holdings Pte. Ltd.
The remaining OFS comprises up to 1,967,140 equity shares to be sold by Srinivas Prasad, up to 723,910 equity shares by Narendra Kumar Kamaraju, up to 840,162 equity shares by RSP Real Estate LLP and up to 723,910 equity shares by Ramachandra Venkatasubba Rao.
KFin Technologies is the registrar to the issue. Axis Capital, BofA Securities India, CLSA India, IIFL Capital Services, and JM Financial are the book running lead managers to the issue.
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Use of IPO proceeds
The company said it will not receive any proceeds from the OFS component of the IPO. The proceeds from the OFS will accrue to the respective selling shareholders after deducting their proportion of offer-related expenses and applicable taxes.
“Each of the Selling Shareholders shall be entitled to their respective portion of the proceeds of the Offer for Sale, after deducting its proportion of the Offer-related expenses and the relevant taxes thereon, as applicable. Our Company will not receive any proceeds from the Offer for Sale and the proceeds received from the Offer for Sale will not form part of the Net Proceeds,” the company said in its DRHP.
Tablespace Technologies plans to use the proceeds from the fresh issue towards the repayment or pre-payment, in full or in part, of certain or all of its borrowings.
The company also plans to use the proceeds to fund inorganic growth through unidentified acquisitions and for general corporate purposes.
About Tablespace Technologies
Tablespace Technologies provides bespoke, enterprise-grade managed workspace solutions for global capability centres (GCCs), Fortune 500 companies and multinational corporations.
The company operates an integrated “single-cheque” model spanning leasing, design, fit-out, operations, facilities management and compliance across the workspace lifecycle.
As per the DRHP, Tablespace Technologies reported normalised revenue of ₹2,477.68 crore for financial year 2026, representing a 56.42% growth over the previous year.
Normalised EBITDA stood at ₹453.79 crore during the same period, registering a growth of 124.36% year-on-year. Profit before exceptional items and tax stood at ₹134.71 crore.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
According to the DRHP, the proposed IPO comprises a fresh issue of equity shares aggregating up to ₹800 crore and an offer for sale (OFS) of up to 65,475,432 equity shares with a face value of ₹1 each.
The OFS includes up to 49,834,140 equity shares to be sold by investor-promoter selling shareholder AGS TS II Holdings Pte. Ltd., which is ultimately owned and controlled by funds of Hillhouse Investment. Karan Chopra and Kunal Mehra, the individual promoter selling shareholders, will offer up to 1,311,430 shares and 10,074,740 shares, respectively.
Tablespace Technologies’ promoters are Karan Chopra, Kunal Mehra, Sarita Banerji, KAM Advisors Private Limited and AGS TS II Holdings Pte. Ltd.
The remaining OFS comprises up to 1,967,140 equity shares to be sold by Srinivas Prasad, up to 723,910 equity shares by Narendra Kumar Kamaraju, up to 840,162 equity shares by RSP Real Estate LLP and up to 723,910 equity shares by Ramachandra Venkatasubba Rao.
KFin Technologies is the registrar to the issue. Axis Capital, BofA Securities India, CLSA India, IIFL Capital Services, and JM Financial are the book running lead managers to the issue.
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ALSO READ: Smallcap, midcap mutual funds see rise in inflows; largecap funds witness first outflow in 30 months
Use of IPO proceeds
The company said it will not receive any proceeds from the OFS component of the IPO. The proceeds from the OFS will accrue to the respective selling shareholders after deducting their proportion of offer-related expenses and applicable taxes.
“Each of the Selling Shareholders shall be entitled to their respective portion of the proceeds of the Offer for Sale, after deducting its proportion of the Offer-related expenses and the relevant taxes thereon, as applicable. Our Company will not receive any proceeds from the Offer for Sale and the proceeds received from the Offer for Sale will not form part of the Net Proceeds,” the company said in its DRHP.
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Tablespace Technologies plans to use the proceeds from the fresh issue towards the repayment or pre-payment, in full or in part, of certain or all of its borrowings.
The company also plans to use the proceeds to fund inorganic growth through unidentified acquisitions and for general corporate purposes.
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About Tablespace Technologies
Tablespace Technologies provides bespoke, enterprise-grade managed workspace solutions for global capability centres (GCCs), Fortune 500 companies and multinational corporations.
The company operates an integrated “single-cheque” model spanning leasing, design, fit-out, operations, facilities management and compliance across the workspace lifecycle.
As per the DRHP, Tablespace Technologies reported normalised revenue of ₹2,477.68 crore for financial year 2026, representing a 56.42% growth over the previous year.
Normalised EBITDA stood at ₹453.79 crore during the same period, registering a growth of 124.36% year-on-year. Profit before exceptional items and tax stood at ₹134.71 crore.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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