Premium flexible workspace solutions provider Executive Centre India has secured markets regulator SEBI's approval to garner Rs 2,600 crore through an Initial Public Offering (IPO), people familiar with the matter said on Wednesday.
The IPO is entirely a fresh issue of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus filed in July.
The Mumbai-based company intends to use the proceeds for investment in its subsidiary TEC Abu Dhabi, for financing the part-payment of the consideration for the acquisition of step-down subsidiaries TEC SGP and TEC Dubai from TEC Singapore, one of its corporate promoters.
Executive Centre India is one of the early international brands to lead the offering of premium flexible workspace solutions amongst the flexible workspace operators currently operating in India.
The company has been operating in India since 2008 and is a part of the TEC Group, which has over three decades of experience in delivering space-as-a-service.
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Executive Centre is an India-based operator with pan-Asia operations, spread across India, Singapore, the Middle East comprising Dubai and Abu Dhabi in the United Arab Emirates, rest of Asia comprising Jakarta in Indonesia, Ho Chi Minh City in Vietnam, Manila in Philippines and Colombo in Sri Lanka.
As of March 31, 2025, the company's total portfolio comprised 89 operational centers across 14 cities in seven countries.
On the financial front, the company's revenue from operations stood at Rs 1,322.64 crore in FY25, reflecting a 27.59 percent growth over Rs 1,036.62 crore registered in FY24.
Its EBITDA (earnings before interest, taxes, depreciation and amortization) operating profit was at Rs 713.32 crore in FY25, up from Rs 583.54 crore in FY24.
The approval comes against the backdrop of a blockbuster 2025 for the primary market.
In 2025, companies raised a record nearly Rs 1.76 lakh crore through IPOs, buoyed by strong domestic liquidity, resilient investor sentiment and a supportive macroeconomic environment. This surpassed the Rs 1.6 lakh crore mobilised by 90 firms in 2024 and the Rs 49,436 crore raised by 57 companies in 2023.
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