Table Space Files DRHP for Over ₹800 Crore IPO

Managed workspace provider Table Space has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The company aims to raise over ₹800 crore (approximately $96 million USD) through the offering, which includes a fresh issue of shares valued at up to ₹800 crore and an Offer for Sale (OFS) of up to 6.55 crore equity shares.

Several existing shareholders are set to divest portions of their holdings as part of the IPO. Table Space promoter AGS TS II Holdings, controlled by funds of global investment manager Hillhouse Investment, along with RSP Real Estate LLP and individual shareholders, plan to offload shares through the OFS.

Further, Table Space founder Karan Chopra and co-CEO Kunal Mehra are also participating in the share sale. Chopra currently holds a 12.47% stake in the company, while Mehra's stake stands at 3.57%. Hillhouse Investment, the largest shareholder with approximately 41.76% stake, plans to sell close to 5 crore shares.

Proceeds from the fresh issue are earmarked for debt repayment, with ₹550 crore allocated for this purpose. The remaining funds will be utilized for inorganic expansion through acquisitions and general corporate purposes. The company may also consider a pre-IPO funding round before filing its final Red Herring Prospectus (RHP).