Tablespace Technologies, an India-based managed workspace provider backed by Hillhouse Investment Management, is preparing to file draft papers for an initial public offering (IPO) by early August that could raise as much as US$350 million, according to people familiar with the matter.

The offering is expected to include a fresh share issue worth up to 10 billion rupees (US$104 million) and an offer for sale by existing investors, the people said.

Axis Capital, IIFL Capital Services, BofA Securities, and CLSA are advising on the IPO. Tablespace has 11.5 million square feet of workspace capacity across nine Indian cities.

Tablespace reported 8.7 billion rupees (US$90.8 million) in FY24 operating revenue.

Unlike shared co-working spaces, managed workspace providers offer privacy, custom fit-outs, and longer contracts for enterprise clients.

The plan follows recent sector listings, including Awfis Space Solutions Ltd., WeWork India Management Ltd., and Smartworks Coworking Spaces Ltd. Enterprises accounted for 53.62% of India’s flexible office market in 2025.

🔗 Source: Bloomberg