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Executive Centre India has filed its draft red herring prospectus with SEBI, seeking to raise INR 2,600 crore through a fully fresh issue IPO with no offer-for-sale component. The Mumbai-based premium flexible workspace provider plans to utilise the capital to invest in its Abu Dhabi subsidiary and part-finance the acquisition of TEC SGP and TEC Dubai from promoter TEC Singapore. With a strong pan-Asia presence and significant financial growth in FY25, the company aims to further solidify its leadership in the premium co-working space segment.
Executive Centre India, a premium flexible workspace provider, has officially submitted its draft red herring prospectus to the Securities and Exchange Board of India (SEBI) to raise INR 2,600 crore through an initial public offering. The IPO is structured entirely as a fresh issue of equity shares, indicating that the company's promoters will not offload any stake in this round. Advertisement
The proceeds from this IPO will primarily support the company's international strategic expansion. A significant portion is earmarked for investment into its subsidiary TEC Abu Dhabi. Additionally, funds will go toward partially financing the acquisition of TEC SGP and TEC Dubai both step-down subsidiaries from one of its corporate promoters, TEC Singapore. These planned acquisitions underscore Executive Centre's efforts to consolidate and strengthen its control over global operations, especially in high-growth international markets.
Founded in 2008 in India, Executive Centre India is part of the broader TEC Group, which has over 30 years of global experience in the space-as-a-service sector. The company was among the earliest global players to enter India's premium co-working landscape, positioning itself distinctively from mass-market flexible space operators. Over the years, it has evolved into a key player in the premium segment, offering tailored workspace solutions for corporates and professionals.
As of March-end 2025, the company's portfolio included 89 operational centres across 14 cities in seven countries. These include major hubs such as Singapore, Jakarta, Ho Chi Minh City, Manila, Colombo, Dubai, and Abu Dhabi highlighting its wide geographical footprint across Asia and the Middle East.
On the financial front, Executive Centre India posted a revenue of INR 1,322.64 crore for FY25, marking a 27.59% rise over FY24's INR 1,036.62 crore. The company's EBITDA also rose notably to INR 713.32 crore from INR 583.54 crore in the previous fiscal, reflecting steady profitability amid rising demand for premium workspaces.
Leading financial institutions Kotak Mahindra Capital Company, ICICI Securities, and Nomura Financial Advisory and Securities are acting as the book-running lead managers for this issue, which is poised to be one of the key IPOs in the flexible workspace domain in recent times.
Source PTI
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