Mumbai-based flexible workspace provider Executive Centre India has filed draft papers with SEBI for a ₹2,600 crore initial public offering (IPO). According to its Draft Red Herring Prospectus (DRHP) submitted on Wednesday, the IPO will be an entirely fresh issue of equity shares, with no offer-for-sale (OFS) component.
The company plans to utilise the proceeds to invest in its Abu Dhabi subsidiary, as well as to partially finance acquisitions of two step-down subsidiaries—TEC SGP and TEC Dubai—from one of its promoters, TEC Singapore.
This will be the fourth IPO from the premium co-working space segment, following Awfis Space Solutions, Smartworks Coworking Spaces, and WeWork India Management. Among these, Awfis and Smartworks are already listed, while WeWork India has received SEBI’s nod to proceed.
Strategic Use of Proceeds
Executive Centre India will direct a substantial portion of the IPO funds towards international expansion and consolidation of operations across the Asia-Pacific region and the Middle East. Part of the capital will go into its TEC Abu Dhabi subsidiary, while another portion will be used to acquire TEC SGP and TEC Dubai from TEC Singapore.
Kotak Mahindra Capital, ICICI Securities, and Nomura Financial Advisory and Securities India are the book-running lead managers for the issue.
The company’s emphasis on capital efficiency and strategic investments reflects its intent to strengthen its international footprint, especially in fast-growing markets across India, Singapore, Indonesia, UAE, Vietnam, the Philippines, and Sri Lanka.
Strong Operational Presence and Financial Growth
Incorporated in 2008, Executive Centre India is part of the TEC Group, an international brand with over three decades of experience in the flexible workspace industry. The company designs, builds, and manages fully serviced and tech-enabled office spaces in Grade A office buildings, catering to a clientele that includes multinational corporations, SMEs, and other professional entities.
As of March 31, 2025, the company operated 89 centers across 14 cities in seven countries, with 80 centers offering private offices and six managed solutions in India and the Middle East. It follows an asset-light model, leasing bare-shell properties and converting them into premium office spaces.
The company also boasts strong client retention. As of March 2025, the average client tenure stood at 48.97 months, more than double the typical lock-in period of 20.95 months. New centers launched between FY23 and FY25 recorded an average pre-sale occupancy of 64.33 percent.
Financially, the company has shown consistent growth. Its total income rose 27.58 percent YoY to ₹1,346.40 crore in FY25, from ₹1,055.32 crore in FY24, which itself was a 36.68 percent rise over FY23. Revenue from operations reached ₹1,322.64 crore, a 27.59 percent increase YoY. EBITDA climbed to ₹713.33 crore in FY25 from ₹583.55 crore in FY24 and ₹468.03 crore in FY23, showcasing a robust upward trajectory.
Notably, in FY24, the company recorded the highest revenue per square foot and highest operational occupancy among its Indian peers, underlining its market leadership in the premium flexible workspace segment.
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