Bengaluru-based managed workspace operator Table Space is filing for a ₹800 crore share issue after expanding business and intensifying scrutiny, focusing on enterprise clients despite historical losses and a hefty debt burden.
Table Space is heading to the public markets after a long delay, but it is doing so with a business that is now much larger, more debt-heavy and more closely scrutinised than when listing plans were first floated. The Bengaluru-based managed workspace operator has filed draft papers for a fresh issue of up to ₹800 crore and an offer for sale of up to 6.55 crore shares, while also leaving room for a pre-IPO placement of as much as ₹160 crore. The company plans to use ₹550 crore of the new money to repay or pre-pay borrowings, underscoring how central balance-sheet repair is to the offering.
The timing matters. Table Space had originally been expected to move sooner, but the process was delayed after the death of founder and chief executive Amit Banerji in January 2025. Co-founders Karan Chopra and Kunal Mehra later became co-chief executives, and the company converted into a public company in 2025 as it prepared again for a stock market debut. By the time it arrives, however, the listed peer set is already fuller, giving investors several comparables in the flexible workspace space.
That shift is important because Table Space has built a different kind of business from some of its rivals. The company has spent about a decade targeting enterprises, multinational corporations and global capability centres, rather than chasing a broad base of smaller tenants and individual users. Industry observers say that focus can bring longer contracts and steadier relationships, but it also leaves the company more exposed to customer concentration. Table Space’s 10 largest clients accounted for 35.6% of operating revenue in FY26, up from 32.08% in FY25, according to its draft prospectus, with technology companies making up much of that group.
The company’s scale has nevertheless expanded sharply. Table Space said it operated 176 facilities and 11.42 million square feet of managed workspace by FY26, up 22% from FY24, while its leased area rose to 9.33 million square feet from 5.05 million square feet over the same period. That puts it ahead of where several listed peers were when they went public. Awfis entered the market with 191 centres and 5.6 million square feet, WeWork India with 68 centres and about 7.67 million square feet, and Smartworks with roughly 10 million square feet across 48 centres. More recently, Awfis filed its own draft prospectus in June 2026, while WeWork India and Smartworks followed in July, further crowding the sector’s public-market spotlight.
Financially, Table Space has grown quickly but remains loss-making at the bottom line. Operating revenue rose 66% year on year to ₹2,262.3 crore in FY26, while losses narrowed 74% to ₹403.4 crore, after a swing from a ₹5.3 crore profit in FY24 to a ₹1,554.1 crore loss in FY25. Normalised EBITDA improved to ₹453.8 crore in FY26 from ₹108.7 crore in FY24, lifting the margin to 18.3%, and facility operating profit climbed to ₹823.64 crore. Even so, the business still demands heavy investment: operating cash flow nearly doubled to ₹146.36 crore in FY26, but capital spending on property, plant and equipment and work in progress came to ₹776.7 crore.
For investors, the key question is whether Table Space can turn that operating scale into durable profit and cash generation while reducing client concentration and servicing a large debt load. As of March 31, 2026, borrowings stood at ₹3,309.16 crore, including ₹2,322 crore of CCPS A and ₹987.2 crore from banks and financial institutions, though net debt fell to ₹452.2 crore after cash and fixed deposits were taken into account. Sourav Choudhary, managing director at Raghunath Capital, told Inc42 that the company must keep broadening its enterprise base rather than simply adding space. “Large enterprise contracts can provide better revenue visibility and longer-term relationships, although the trade-off is higher concentration risk,” he said.
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