Tablespace Technologies IPO

India’s services sector contributed 53% of GVA in FY2026, supporting demand for commercial real estate.  

The services sector attracted USD 128.9 billion in FDI between April 2000 and March 2026.  

India’s commercial office stock reached 941 million sq. ft. in Q1 CY2026 and is projected to reach 1,139 million sq. ft. by 2028.  

Grade A properties account for 85.7% of total office stock, while institutional assets represent 30.4%.  

Tier-1 flexible workspace stock exceeded 109 million sq. ft. in Q1 CY2026 and is expected to reach 162–166 million sq. ft. by 2028.  

Flexible workspaces are projected to account for 14–16% of total office stock by 2028, compared with 4–6% before 2020.  

More than 3,720 GCC units operate in India, contributing nearly 40% of Tier-1 gross office leasing in CY2025.  

94% of occupiers prefer at least 3 days of office attendance per week, supporting workplace demand.  

Around 85% of domestic occupiers are seeking premium office spaces, alongside increasing focus on ESG.  

Bengaluru and Pune remain major flexible workspace hubs, with 32.5–34.5 million sq. ft. and 14.8–15.8 million sq. ft. of stock, respectively.  

Table Space had 9.33 million sq. ft. of leased area as of March 2026, with 98.01% located in Grade A properties.  

Demand concentration, economic uncertainty affecting hiring and workspace requirements, and potential rent increases at lease renewals remain key challenges. 

Table Space had the largest leased area among benchmarked operators, with 9.33 million sq. ft. as of March 31, 2026. Its leasable area stood at 11.46 million sq. ft.  

Around 98.01% of its leasable area is located in Grade A properties across 33 office clusters in 8 Tier-1 cities.  

The company has relationships with 15 of the top 20 office developers in India, helping it access premium office assets.  

It served 431 unique clients, including 45 Fortune 500 companies, 115 GCCs, and 348 multinational companies as of March 31, 2026.  

Table Space had a weighted average client lease length of 48 months, excluding renewals, and a weighted average lock-in period of 39 months.  

Its technology platforms support workspace design, leasing, operations, space utilisation and facility management.  

India’s flexible workspace stock has crossed 118 million sq. ft., while the addressable market is projected to reach 330–350 million sq. ft. by CY2028.  

Existing clients contributed 56.77% of the new area leased in FY2026, providing an opportunity to expand business through existing relationships.  

The company’s ready-to-use Suites offering had 131 clients covering 1.53 million sq. ft. across 7 cities as of March 31, 2026.  

Through TS Epicurean, the company is seeking to generate additional revenue from common amenities and workplace hospitality services.  

The proposed acquisition of a 24.9% effective economic interest in KMC Solutions provides an opportunity to expand its managed workspace business beyond India. 

A large share of revenue comes from Bengaluru, Pune and Gurugram, making operations vulnerable to regional disruptions, regulatory changes and infrastructure issues.  

The technology sector contributed 55.28% of revenue from operations in FY2026. A slowdown in IT spending could reduce demand for managed workspaces.  

The top 10 clients accounted for 35.62% of revenue from operations in FY2026. Loss of a major client or a payment default could affect revenue and cash flows.  

GCCs accounted for 53.50% of leased area as of March 31, 2026. Greater use of AI and automation could reduce employee requirements and, in turn, office space demand.  

Table Space leases properties from landlords and remains responsible for rent even when client occupancy or payments are delayed, creating a risk of higher vacancy and rental costs.  

The top 10 landlords accounted for 38.43% of total leasable stock in FY2026. Non-renewal of leases or landlords entering the managed workspace market could affect operations.  

IPCs and brokers contributed 74.62% of revenue from operations in FY2026. Changes in brokerage arrangements or competition for broker relationships could affect client acquisition.  

The company incurs upfront costs for designing and fitting out workspaces. Delays in handovers, permits or client decisions could increase costs and affect recovery of these investments.  

Table Space reported restated consolidated losses of ₹4,033.50 million in FY2026 and ₹15,541.08 million in FY2025.  

The company had a negative net worth of ₹7,610.77 million in FY2026, which may affect access to credit and financial flexibility. 

Tablespace Technologies IPO DRHP 

Axis Capital Limited 

Contact Number: 040-79615565 

Email: tablespace.ipo@kfintech.com