Hillhouse Capital-backed Table Space picks 4 banks and kicks off Rs 3,500-cr plus IPO

According to its website, Table Space is a market leader in enterprise managed workspaces and works primarily with Fortune 500 companies like Google, Apple, and Dell (representational image)

Bengaluru-based top premium managed workspace provider Table Space, which is backed global private equity fund Hillhouse Capital, has engaged four investment banks and kicked of the process to float an initial public offer in 2025, multiple industry sources in the know told Moneycontrol.

"The deal was kicked off last week. As of now, the plan is to raise upwards of Rs 3,500 crore, but the quantum may change later depending on market conditions," said one of the persons above.

Axis Capital, IIFL Capital, BofA Securities and CLSA have been engaged as the issue advisors, a second person told Moneycontrol.

A third person added, "The deal is expected to be a combination of primary and secondary issue of shares at a targeted valuation of around $2.5 billion. The plan is to file the draft papers by March-April."

All the three persons above spoke to Moneycontrol on the condition of anonymity.

In response to an email query from Moneycontrol, Table Space declined to comment. The banks could not be reached for an immediate response.

On October 14, TechCrunch first reported that Table Space is targeting a valuation of $2.5 billion or more for an IPO planned for next year.

According to the Table Space website, the firm is a market leader in enterprise managed workspaces and works primarily with Fortune 500 companies like Google, Apple, and Dell.

In September, co-founder and President Kunal Mehra told HT.com that the firm plans to nearly double its footprint with a 9 million square feet addition to its portfolio over the next three years, taking the total space take up to over 18 million square feet.

Over and above leasing large spaces and converting them into modern, tech-enabled campuses, Table Space also ties-up with Indian realtors for joint ventures to co-own commercial real estate.

The workplace solutions segment has witnessed a sharp uptick in activity since the IPO of Peak XV-backed Awfis Space Solutions. The firm's stock price has risen by 89 percent since its market debut. Other startups like WeWork India, Simpliwork and IndiQube have also begun work on public issues, according to reports.