Flexible workspace operator Executive Centre India files draft papers for Rs 2,600-crore IPO

Executive Centre India IPO

Mumbai-based premium flexible workspace solutions provider Executive Centre India has filed preliminary papers with the SEBI on July 23 to raise Rs 2,600 crore via initial public offering (IPO).

The IPO comprises of entirely fresh issue by the company. Hence the entire issue proceeds will go to the company.

Moneycontrol was the first to report on July 15 this year that the Executive Centre is planning an initial public offering of Rs 2,600 crore.

Executive Centre India, the part of TEC Group (Willow Holdco Pte), may consider raising funds up to Rs 520 crore in pre-IPO round. If it manages to close this pre-IPO placement, the said amount will be reduced from the fresh issue.

The company proposed to utilise Rs 2,410 crore of the IPO proceeds for investment in 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. And the remainder amount will be used for general corporate purposes.

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Executive Centre India has been operating in India since 2008, providing the premium flexible workspace across India, Singapore, the Middle East and rest of Asia. It has a portfolio of 89 operational centers across 14 cities in seven countries.

On the financial front, the company has posted loss of Rs 80.6 crore in the fiscal 2025, widening from the loss of Rs 56.3 crore in the previous financial year. Revenue during the year ended March 2025 stood at Rs 1,322.6 crore, increasing by 27.6 percent compared to Rs 1,036.6 crore in the previous fiscal.

The merchant bankers handling the Executive Centre India IPO will be Kotak Mahindra Capital Company, ICICI Securities, and Nomura Financial Advisory and Securities (India).

This would be the fourth company coming with public issue after Wework India Management, Awfis Space Solutions and Smartworks Coworking Spaces. Of which, Awfis Space Solutions and Smartworks Coworking Spaces are already listed on the bourses, while Wework India Management has received approval from the SEBI to launch IPO.