Table Space IPO Filing Reveals Shareholder Dispute and Dominant Investor

Managed workspace provider Table Space has filed its draft red herring prospectus (DRHP) with India's securities regulator, SEBI, detailing plans for an initial public offering (IPO). The company aims to raise up to ₹800 crore (approximately $9.6 million USD) through a fresh issue of shares, alongside an offer for sale (OFS) of up to 6.5 crore shares by existing shareholders.

The filing reveals a concentrated shareholding structure. AGS TS II Holdings Pte Ltd, backed by Hillhouse Investment, is the largest shareholder with a 41.76% stake on a fully diluted basis. This entity also plans to sell a substantial portion of its holdings through the OFS.

A significant portion of Table Space's equity, 22.14%, is held in the name of the late former promoter Amit Banerji. This block of shares is entangled in an ongoing legal dispute concerning the succession of his estate, involving claims from his mother, wife, and daughter. The Supreme Court has referred the parties to mediation, and the outcome of these proceedings remains pending, potentially impacting the company's current shareholding pattern.

Table Space's co-founders, Karan Chopra and Kunal Mehra, hold substantial stakes of 12.47% and 3.57%, respectively. Both are participating as selling shareholders in the IPO. The company intends to use the capital raised from the fresh issue to repay debt, fund potential acquisitions, and for general corporate purposes.

Founded in 2017, Table Space offers managed workspace solutions to enterprises. The company reported a significant increase in operating revenue for FY26, though it continues to operate at a net loss. The IPO aims to strengthen its balance sheet and fund further expansion as it scales its managed workspace portfolio.