Table Space files DRHP for Rs 800 Cr fresh issue

Managed workspace provider Table Space has submitted its draft red herring prospectus to SEBI. The offer combines a fresh issue of up to Rs 800 Cr with an offer for sale of roughly 6.55 Cr equity shares.

The selling side is led by AGS TS II Holdings, controlled by Hillhouse Investment, which owns nearly 41.76% of the company and plans to offload 4.98 Cr shares. Founder Karan Chopra, who holds 12.47%, intends to sell 13.11 lakh shares. Co-CEO Kunal Mehra, with a 3.57% stake, plans to sell 1 Cr shares. Individual shareholders Srinivas Prasad, Ramachandra Venkatasubba Rao and Narendra Kumar Kamaraju are also participating in the sale.

Of the fresh proceeds, Rs 550 Cr is earmarked for debt repayment. The remainder is allocated to inorganic expansion and general corporate purposes. The company may also run a pre-IPO round of up to Rs 160 Cr before it files its red herring prospectus.

What the filing coverage leaves out is worth naming. It carries no FY26 or FY25 revenue or profit figures, no seat or centre counts, and no book running lead managers. Anyone trying to size the business will have to go to the DRHP itself rather than the announcement.

For a D2C founder the line that matters is the Rs 550 Cr going to debt, which is the single largest use of new capital and usually follows a stretch of leased inventory added faster than it filled. That has two practical consequences at your next renewal. A listed flex operator has to publish occupancy every quarter, so ask for the centre-level occupancy figure before you sign and use it. And while the balance sheet is being cleaned up, push for shorter lock-ins rather than the three-year commitments that get priced off pre-IPO expansion targets. Managed desks are a fixed cost line in a business where almost nothing else is fixed, so the term length is worth more to you than the headline rate per seat.