Exclusive: IPO-Bound Table Space Converts Into Public Entity, Appoints Three New Directors

Amid the IPO boom in the country’s growing coworking space, Hillhouse-backed Table Space has begun preparations for its public listing plans. The Bengaluru-based startup removed the word private from its name in July, changing its legal name to “Tablespace Technologies Limited”, as per its MCA filings.

Besides, the startup also approved the appointments of three new independent directors – KCC & Associates partner Nilesh S Vikamsey, ex-NASSCOM chairman Ganesh Natarajan and ex-JLL CEO Asia Pacific Anthony Couse – on its board. 

The conversion of a private entity to a public entity is a requisite process for companies intending to list on the bourses. While the name change is a mandatory legal step, the appointment of independent directors is a crucial move to enhance corporate governance ahead of public listing. 

Table Space declined to comment on Inc42’s queries on its IPO plans. 

Notably, Table Space’s plans to go public were first reported in 2024, when multiple news reports said it was looking to file IPO papers by April 2025 for an offering that will value the startup at $2.5 Bn. According to a report by TechCrunch, Table Space had hired Axis Capital as a bookrunner for its IPO. 

Unfortunately, the startup’s founder Amit Banerji passed away in January 2025, possibly leading to delays in the initial plans. Later in the month, the startup appointed cofounders Karan Chopra and Kunal Mehra as its co-CEOs. Additionally, Chopra has been serving as its chairman and Mehra as the president since then.

In the run up to the IPO, Mehra was reported to be looking to increase his stake in the startup. As per a report by Bloomberg in June, the co-CEO raised about INR 200 Cr from private credit funds to finance the purchase of additional shares. 

The coworking startup issued 32.5 Lakh CCPS-C shares at INR 1 apiece to its Mehra and its Singapore-based holding company AGS TS II Holdings in July, as per its MCA filings. 

It is pertinent to mention that Table Space earlier raised cumulative equity of INR 700 Cr from AGS TS II Holdings Pte Ltd in FY23 and FY24, as per a report by ICRA. 

The co-CEO’s bid to increase his stake in the startup is in line with the broader trend in the ecosystem. Lenskart CEO Peyush Bansal, Amagi cofounders Baskar Subramanian, Srividhya Srinivasan, and Srinivasan KA, among others, bought shares worth crores from the company’s shareholders ahead of filing their respective DRHPs with SEBI.

Founded in 2017, Table Space offers enterprise managed workspace to companies across seven cities in India – Bengaluru, Mumbai, Gurugram, Noida, among others. Currently, it offers services to over 315 clients, including EY Dell, Fujitsu, AMD, GKN Aerospace, Shell, JCI and Analog Devices, among others. 

It operates in the country’s coworking space market, which is estimated to clock a CAGR of 7% to reach a size of almost $3 Bn by 2030 from $2 Bn in 2025. 

While three new-age tech coworking space providers – Awfis, Smartworks and IndiQube – are currently listed on the exchanges, this number is expected to rise further in the coming months as WeWork India and DevX have already filed their IPO papers with SEBI.

While Awfis was the lone profitable entity among the listed coworking companies in FY25, Table Space was profitable in FY24. 

The startup’s net profit declined 75% to INR 11 Cr during the year from INR 45 Cr in FY23. Operating revenue surged 37% to INR 898 Cr in FY24 from INR 658 Cr in the previous fiscal year.