Tablespace Technologies Pvt IPO

About Tablespace Technologies IPO

The public issue of Tablespace Technologies Limited, a mainboard IPO, will open on TBA and close on TBA. The basis of allotment is expected to be finalised on TBA. Shares will be credited to the eligible investors' demat accounts on TBA, while refunds, if any, will be initiated on TBA. The listing of shares is scheduled for TBA.

The equity shares offered through the IPO are proposed to be listed on both the BSE and the NSE.

The IPO comprises a fresh issue and an offer for sale. The fresh issue consists of equity shares aggregating up to ₹800 crore. The offer for sale also comprises 65,475,432 equity shares aggregating up to ₹TBA.

Tablespace Technologies Limited's IPO price band is fixed at ₹TBA to ₹TBA per share. The lot size for an application is TBA shares. The minimum investment required for retail investors is ₹TBA (TBA shares). The minimum investment required for HNI investors is ₹TBA. The price band and minimum bid lot will be announced closer to the IPO opening date.

Tablespace Technologies Limited provides premium managed workspace solutions to enterprise clients, including global capability centres (GCCs), Fortune 500 companies and multinational corporations. Its services cover workspace sourcing and leasing, customised design and fit-outs, operations, facilities management, compliance and employee experience services.

Objectives Of Tablespace Technologies IPO

• Repayment of certain borrowings.
  
• Funding inorganic growth through unidentified acquisitions.
  
• General corporate purposes.
  

Industry Outlook

India's commercial office market is witnessing strong growth, supported by rising demand from domestic enterprises and multinational corporations. Tier 1 cities recorded office absorption of 82.6 million sq. ft. in 2025, up from 79.9 million sq. ft. in 2024, while Q1 CY2026 absorption stood at 20.7 million sq. ft.

India's organised commercial office stock reached approximately 941 million sq. ft. as of Q1 CY2026 and is expected to grow at a CAGR of 6.9% between CY2025 and CY2028, reaching 1,139 million sq. ft. by 2028. The growth is supported by economic expansion, favourable demand-supply conditions, availability of skilled talent and increasing activity from Grade A office developers.

Flexible workspaces are gaining traction as occupiers increasingly seek quality offices, flexible seating, shared amenities and improved employee experiences. More than 25% of APAC occupiers surveyed said flexible workspace accounted for over 10% of their office portfolio, with this proportion expected to rise to 39% over the next three years. India's flexible workspace stock across Tier 1 cities stood at approximately 94-98 million sq. ft. as of H1 CY2025.

The expansion of Global Capability Centres (GCCs) is expected to provide further support to the managed workspace sector. India's large STEM and digital talent pool, competitive operating costs and growing technology ecosystem are encouraging global companies to establish and expand their operations in the country.

About Tablespace Technologies

Tablespace Technologies Limited provides premium managed workspace solutions primarily to Fortune 500 companies, global capability centres (GCCs) and multinational companies headquartered outside India. Its integrated offering covers office leasing, customised design and build, operations, facilities management, compliance and employee experience services.

As of 31 March 2026, the company had 11.46 million sq. ft. of Leasable Area across 33 office clusters in eight Tier 1 cities, with 9.33 million sq. ft. of Leased Area. Its client base comprised 431 unique clients, including 45 Fortune 500 companies and 115 GCCs. The company focuses on Grade A properties, with 98.01% of its Leasable Area located in Grade A properties as of 31 March 2026. Its Leased Area grew at a CAGR of 35.92% between FY24 and FY26, while revenue from operations grew at a CAGR of 58.00% during the same period.

Its operations are supported by a technology platform covering leasing, workspace design and operations, including data analytics, machine learning and predictive analytics. The company also launched its Suites offering and TS Epicurean hospitality and food and beverage vertical, while proposing to expand beyond India through its planned acquisition of a 24.9% economic interest in KMC Solutions.

Strengths Of Tablespace Technologies

• High-quality enterprise client base, including 45 Fortune 500 companies, 115 GCCs and 348 multinational companies as of 31 March 2026.
• Long-term contracts and aligned asset-liability tenures support stable cash flows and help manage portfolio risk.
• Client-centric managed workspace model offering customised solutions, enterprise compliance and flexible workspace configurations.
• Strong project delivery capabilities, with complete workspaces typically delivered within 90 to 120 days.
• Premium portfolio across key office clusters, with 98.01% of Leasable Area located in Grade A properties as of 31 March 2026.
• Largest operator among Benchmarked Operators by Leased Area, with 9.33 million sq. ft. as of 31 March 2026.
• The firm’s proprietary technology platform integrates leasing, workspace design, project delivery, operations and employee experience services.
• Experienced founders and senior management team with expertise across commercial real estate, technology and finance.

Risks Of Tablespace Technologies

• Revenue is concentrated in Bengaluru, Pune and Gurugram, exposing the company to regional economic and real estate market risks.
• Client retention remains critical, with sub-leases typically running for five years and a 39-month weighted average client lock-in period.
• The ten largest clients contributed 35.62% of revenue from operations in FY26, creating customer concentration risk.
• Dependence on international property consultants and brokers for new clients could affect business if competitors secure more favourable arrangements.
• A few landlords account for a significant share of Leasable Area, making the company vulnerable to disruptions in key landlord relationships.
• Failure to manage asset-liability matching or meet lease rental obligations could adversely affect liquidity and business operations.
• The company depends on third parties for fit-outs, facility management, housekeeping, security, repairs and maintenance, exposing operations to service disruptions.
• The business is exposed to slower GCC expansion and potential AI-driven reductions in office space demand; 53.50% of Leased Area was leased to GCCs as of 31 March 2026.
• Significant IT system disruptions or data security breaches could adversely affect business operations, client relationships and financial performance.

Anchor Investor Bidding Date

TBA

Registrar Details
KFin Technologies Limited
E-mail: tablespace.ipo@kfintech.com
Telephone: +91 40 6716 2222

Book Running Lead Manager

• Axis Capital Limited
  
• BofA Securities India Limited
  
• CLSA India Private Limited
  
• IIFL Capital Services Limited
  
• JM Financial Limited
  

Tablespace Technologies Limited Contact Details
46, Level 5, Prestige Trade Tower, Palace Road, High Ground,
Sampangi Nagar, Bengaluru 560 001, Karnataka, India
Email: cs@tablespace.com
Telephone: +91 080-68297020

Tablespace Technologies Business Model

Tablespace Technologies Limited generates revenue through managed workspace solutions for enterprise clients. Its services include workspace leasing, customised design and fit-outs, operations, facilities management, compliance and employee experience services across Grade A office properties.

Tablespace Technologies Growth Trajectory

Tablespace Technologies Limited's Total Income for FY26 was ₹2,516.57 crore, whereas in FY25 and FY24 it was ₹1,561.81 crore and ₹1,071.27 crore, respectively.

The Profit After Tax for FY26 was a loss of ₹403.35 crore, whereas in FY25 and FY24 it was a loss of ₹1,554.11 crore and a profit of ₹5.26 crore, respectively.

Its EBITDA for FY26 was ₹919.62 crore, whereas in FY25 and FY24 it was ₹(750.75) crore and ₹615.08 crore, respectively.

Tablespace Technologies Market Position

The company was the largest operator among the Benchmarked Operators by Leased Area as of 31 March 2026, with a Leased Area of 9.33 million sq. ft. Its portfolio comprised 11.46 million sq. ft. of Leasable Area across 33 office clusters in eight Tier 1 cities, with 98.01% located in Grade A properties.

As of 31 March 2026, the company's Total Income, Profit After Tax and EBITDA stood at ₹2,516.57 crore, a loss of ₹403.35 crore and ₹919.62 crore, respectively.

How To Apply For Tablespace Technologies IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.