Quick Take
- Fresh issue of Rs 800 crore, plus an OFS of up to 6.55 crore shares.
- FY26 operating revenue rose 66.3% to Rs 2,262 crore, yet the loss after tax was Rs 403 crore.
- Rs 550 crore of the fresh money goes to repay debt before listing.
Managed workspace provider Table Space has filed its draft papers with SEBI for an initial public offering. The company is formally named Tablespace Technologies Ltd.
The offer has two parts. There is a fresh issue of equity shares worth up to Rs 800 crore. There is also an offer for sale of up to 6.55 crore shares, each with a face value of Re 1.
The draft red herring prospectus, or DRHP, was filed on Monday, August 11, 2026. A DRHP is the disclosure document a company must file before it can sell shares to the public.
Who is selling in the OFS?
The largest seller is AGS TS II Holdings Pte Ltd, the Singapore vehicle controlled by funds of Hillhouse Investment. It plans to offload up to 4.98 crore shares.
Hillhouse holds a 41.76% stake in Table Space, its biggest single backer. The firm put $300 million into the company back in late 2022.
Founder Karan Chopra will sell up to 13.11 lakh shares. Chopra currently holds 12.47%. Co-chief executive Kunal Mehra will sell about 1.01 crore shares, from a 3.57% stake.
Four other holders join the OFS. They are Srinivas Prasad, Narendra Kumar Kamaraju, RSP Real Estate LLP and Ramachandra Venkatasubba Rao. In an OFS, existing owners sell their own shares, so that money goes to them and not to the company.
Table Space may also raise up to Rs 160 crore in a pre-IPO placement. Any amount raised that way gets cut from the fresh issue.
What do the FY26 numbers show?
Operating revenue rose 66.3% in FY26. It reached Rs 2,262 crore, up from Rs 1,360 crore in FY25. Its filing shows the jump.
The company also reports a wider figure it calls normalised revenue. That stood at Rs 2,477.68 crore, up 56.42% year-on-year.
Earnings before interest, tax, depreciation and amortisation more than doubled. This measure, called EBITDA, reached Rs 453.79 crore in FY26. That is up 124.36% from a year earlier.
Now the number that needs care. Table Space booked a loss after tax of Rs 403 crore in FY26.
Here is the honest reading. The loss did shrink. A year earlier, in FY25, the loss after tax was Rs 1,554 crore. So the red ink is far smaller now.
But the operating business was not the cause of the FY26 loss. Profit before tax was positive, at Rs 135 crore. The loss came mainly from fair value changes on preference shares, an accounting entry, not cash going out the door.
That gap matters for a reader. The headline loss looks alarming. The trading business earned a pre-tax profit. Both facts are true, and both belong in the story.
How big is Table Space’s footprint?
Table Space had 9.33 million square feet of leased area as of March 31, 2026. That figure comes from a CBRE report cited in the DRHP.
Almost all of it sits in top-grade buildings. About 98% of the area is in Grade A properties, spread across 33 office clusters in eight Tier-1 cities.
Occupancy at mature centres was 92.64%. The CBRE report calls that the highest among the operators it benchmarked.
Table Space was founded in 2017 by the late Amit Banerji, Karan Chopra and Kunal Mehra. It rents large office blocks, fits them out, and runs them for big corporate clients. Its customers include global capability centres and Fortune 500 firms.
Who are Table Space’s listed rivals?
Table Space is late to a market its peers already tapped. Several flex-space operators listed before it. A public Table Space would sit beside them.
| Company | Fresh issue | Listing status |
|---|---|---|
| Table Space | Rs 800 Cr | DRHP filed, Aug 2026 |
| Smartworks | Rs 445 Cr | Listed, Jul 2025 |
| Awfis | Rs 128 Cr | Listed |
| WeWork India | Nil (OFS only) | Listed |
The bankers are named in the filing. Axis Capital, BofA Securities India, CLSA India, IIFL Capital Services and JM Financial are the book-running lead managers. KFin Technologies is the registrar.
What this means for you: If you track flex-space or plan to bid, read past the loss line and check the Rs 135 crore pre-tax profit and the debt payoff before you judge the issue.
StartupFeed Insight
The debt payoff is the tell. Table Space is steering Rs 550 crore of its Rs 800 crore fresh issue straight into repaying borrowings. That is a balance-sheet cleanup ahead of listing, not a growth raise, and it says the priority is a clean book before pricing. The FY26 loss of Rs 403 crore will grab attention, but it is an accounting entry on preference shares, not an operating hole. The real questions are the price band and the valuation, and neither is in this DRHP. Table Space chased a $2.5 billion tag two years ago. Watch for the price band inside the next two to three months to see if that number survived a tougher market.
— Soumya Verma, Senior Correspondent
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Disclaimer: This article is for information only and is not investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. Please speak to a SEBI-registered advisor before investing.
