Tablespace Technologies IPO
Tablespace Technologies Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue of up to ₹800.00 crore and an offer for sale of up to 6,54,75,432 shares by three promoter selling shareholders and four other selling shareholders. In FY26 the company made a loss of ₹403.35 crore on revenue of ₹2,262.29 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 18 Aug 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Axis Capital Limited
- Last SEBI contact
- 30 Oct 2026
- Price band and dates
- Not announced
Where it stands
Tablespace Technologies IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI18 Aug 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 18 August 2026, 80 days ago, and its last communication on the draft was on 30 October 2026 (day count is our calculation).
DRHP at a glance
Tablespace Technologies DRHP at a glance
Draft red herring prospectus, 10 Aug 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 208 to 209) and Basis for Offer Price, KPIs (p. 129)Tablespace Technologies provides managed workspace to large enterprises, mainly Fortune 500 companies, global capability centres and multinationals headquartered outside India. Its model rests on three activities: leasing Grade A offices in high demand areas, designing and building fitted out offices to each client's specification, and operating them, including facility management, compliance and employee services, all on a single contract. The draft contrasts this with traditional co-working, because each managed workspace is built for one client. The company was incorporated in 2017 and is based in Bengaluru, Karnataka.
As of 31 March 2026 leasable area was 11.46 million square feet across 33 office clusters in eight tier one cities: Bengaluru, the Mumbai metropolitan region, Hyderabad, Gurugram, Chennai, Pune, Noida and New Delhi. Leased area was 9.33 million square feet, which the CBRE report commissioned for the draft calls the largest among the operators it benchmarks, and it grew at a compound annual rate of 35.92% from March 2024 to March 2026. There were 431 unique clients, including 45 Fortune 500 companies, 115 global capability centres and 348 multinationals headquartered outside India. Clients headquartered outside India held 92.49% of leased area and global capability centres 53.50%. Committed occupancy was 81.41% in FY26.
The offer
DRHP cover pages, The Offer (p. 65) and Capital Structure (p. 84)| Fresh issue | Up to ₹800.00 croreMoney goes to the company |
| Offer for sale | Up to 6,54,75,432 sharesBy AGS TS II Holdings Pte. Ltd., up to 4,98,34,140 shares at a weighted average cost of ₹101.15; Kunal Mehra, up to 1,00,74,740 shares at ₹20.58; Srinivas Prasad, up to 19,67,140 shares at nil cost; Karan Chopra, up to 13,11,430 shares at ₹1.03; RSP Real Estate LLP, up to 8,40,162 shares at ₹16.25; Narendra Kumar Kamaraju, up to 7,23,910 shares at nil cost; and Ramachandra Venkatasubba Rao, up to 7,23,910 shares at nil cost. The first three named promoters are promoter selling shareholders. The company receives no proceeds from the offer for sale |
| Shares before the IPO | 34,40,92,952Face value ₹1 each, on conversion of all outstanding compulsorily convertible preference shares; 10,82,610 equity shares were outstanding before that conversion. The offer for sale is about 19.0% of the post-conversion count (ours) |
| Pre-IPO placement | Up to ₹160.00 croreOptional; would reduce the fresh issue, and will not exceed 20% of its size |
| Listing | BSE and NSEMainboard, under Regulation 6(2), because the company does not meet Regulation 6(1)(a) and 6(1)(c) |
| Lead managers | Axis Capital Limited, BofA Securities India Limited, CLSA India Private Limited, IIFL Capital Services Limited and JM Financial Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Karan Chopra, Kunal Mehra, Sarita Banerji, KAM Advisors Private Limited and AGS TS II Holdings Pte. Ltd. |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 112 to 113)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Repayment or pre-payment of certain or all borrowings | 550.00 | 68.8% |
| Inorganic growth through unidentified acquisitions and general corporate purposes (set later; together within 35% of the gross proceeds, and each within 25%) |
The total shown is the fresh issue size of ₹800.00 crore. Offer expenses are deducted before these amounts. The borrowing repayment is scheduled for FY27. Any pre-IPO placement proceeds would reduce the fresh issue.
Financials
DRHP, Summary of Restated Consolidated Financial Information (p. 68 to 71) and Basis for Offer Price, KPIs (p. 125 to 129), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 906.22 | 1,360.47 | 2,262.29 |
| Normalised revenue | 1,087.14 | 1,583.96 | 2,477.68 |
| Facility operating profit | 292.54 | 485.71 | 823.64 |
| Facility operating profit margin | 26.91% | 30.66% | 33.24% |
| Normalised EBITDA | 108.73 | 202.26 | 453.80 |
| Normalised EBITDA margin | 10.00% | 12.77% | 18.32% |
| Profit or loss after tax | 5.26 | -1,554.11 | -403.35 |
| Profit or loss after tax margin | 0.58% | -114.23% | -17.83% |
| Diluted EPS (₹) | 2.30 | -504.60 | -108.92 |
| Total equity | 510.13 | -430.08 | -761.08 |
| Cash from operations | 475.12 | 759.09 | 1,463.63 |
| Net debt | 283.56 | 221.61 | 452.15 |
| Net debt to normalised EBITDA (times) | 2.61 | 1.10 | 1 |
| Normalised return on capital employed | 14.14% | 16.28% | 30.73% |
| Leasable area (million sq ft) | 6.32 | 9.93 | 11.46 |
| Leased area (million sq ft) | 5.05 | 7.30 | 9.33 |
| Committed occupancy | 79.91% | 73.51% | 81.41% |
Restated consolidated figures. The company made a profit of ₹5.26 crore in FY24 and losses of ₹1,554.11 crore in FY25 and ₹403.35 crore in FY26, and total equity was negative at the end of FY25 and FY26. Cash from operations was positive and rising in all three years. Normalised revenue, facility operating profit and normalised EBITDA are the draft's own measures, adjusted for lease accounting under Ind AS 116 and other items, and are defined on p. 129 to 130. Basic and diluted earnings per share are the same in FY25 and FY26 as printed; in FY24 basic was ₹3.10 and diluted ₹2.30. Net asset value a share was negative ₹205.51 at 31 March 2026.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 127 to 128). Peer prices as of 3 August 2026 on NSE, and peer figures for the year ended 31 March 2026 on a consolidated basis.The document puts the peer group P/E high at 507.00 times for Smartworks Coworking Spaces, the low at 27.93 times for Awfis Space Solutions and the industry composite at 223.03 times, worked out without peers whose P/E is negative. The P/E for Tablespace Technologies is not given until the offer price is set, and its own return on net worth cannot be worked out because net worth is negative.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Tablespace Technologies (FY26) | -108.92 | Set with the offer price | Net worth negative |
| Smartworks Coworking Spaces | 0.95 | 507.00x | 1.98% |
| Awfis Space Solutions | 9.92 | 27.93x | 12.83% |
| Wework India Management | 5.40 | 134.16x | 25.04% |
Risks the draft lists first
DRHP, Risk Factors (p. 22 to 31)- Three citiesMost revenue from operations in FY24, FY25 and FY26 came from facilities in Bengaluru, Pune and Gurugram. (Risk factor 1, p. 22)
- Client retentionClients may end their sub-leases early, and the company may not find replacements or attract enough new clients. (Risk factor 2, p. 24)
- Ten largest clientsThe ten largest clients gave 35.62% of FY26 revenue from operations, and most of them are in the technology sector. (Risk factor 3, p. 25)
- LandlordsA few landlords account for a large share of leasable area, so a break in those relationships would affect many sub-leases. (Risk factor 5, p. 27)
- Asset and liability matchThe business depends on matching lease terms with clients against lease terms with landlords and on paying lease rentals to landlords. (Risk factor 6, p. 28)
- Auditor remarksThe statutory auditors included remarks on the company in their report on the restated consolidated financial information, including an emphasis of matter. (Risk factor 12, p. 31)
Documents
Tablespace Technologies DRHP and documents
SEBI filings- Draft red herring prospectus, dated 10 Aug 2026, on SEBI since 18 Aug 2026
- Addendum to the DRHP, on SEBI since 21 Oct 2026
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Tablespace Technologies IPO FAQs
When will the Tablespace Technologies IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 80 days ago (our calculation).
Has SEBI approved the Tablespace Technologies IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the Tablespace Technologies IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Tablespace Technologies IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Tablespace Technologies IPO?
Axis Capital Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Tablespace Technologies do with the IPO money?
According to the DRHP, the fresh issue money goes to repayment or pre-payment of certain or all borrowings (₹550.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Tablespace Technologies do?
Tablespace Technologies provides managed workspace to large enterprises, mainly Fortune 500 companies, global capability centres and multinationals headquartered outside India. Its model rests on three activities: leasing Grade A offices in high demand areas, designing and building fitted out offices to each client's specification, and operating them, including facility management, compliance and employee services, all on a single contract. The draft contrasts this with traditional co-working, because each managed workspace is built for one client. The company was incorporated in 2017 and is based in Bengaluru, Karnataka.
Where can I read the Tablespace Technologies DRHP?
On SEBI's website, where the draft red herring prospectus was published on 18 August 2026. The draft is dated 10 August 2026 and runs to 599 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 10 August 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.