IPO: Premium Flexible Workspace Solutions Provider Executive Centre India To Garner ₹2,600 Crore

New Delhi:Premium flexible workspace solutions provider Executive Centre India has filed preliminary papers with markets regulator Sebi to garner Rs 2,600 crore through an initial public offering (IPO).The IPO is entirely a fresh issue of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP) filed on Wednesday.

The Mumbai-based company intends to use the proceeds for investment in subsidiary TEC Abu Dhabi, for financing the part-payment of the consideration for the acquisition of step-down subsidiaries -- TEC SGP and TEC Dubai -- from TEC Singapore, one of its corporate promoters.

Executive Centre India is one of the early international brands to lead the offering of premium flexible workspace solutions amongst the flexible workspace operators currently operating in India.

The company has been operating in India since 2008 and is a part of the TEC Group, which has over three decades of experience in delivering space-as-a-service.

Executive Centre is an India-based operator with pan-Asia operations, spread across India, Singapore, the Middle East comprising Dubai and Abu Dhabi in the United Arab Emirates, rest of Asia comprising Jakarta in Indonesia, Ho Chi Minh City in Vietnam, Manila in Philippines and Colombo in Sri Lanka.As of March 31, 2025, the company's total portfolio comprised 89 operational centers across 14 cities in seven countries.

On the financial front, the company's revenue from operations stood at Rs 1,322.643 crore in FY25, reflecting a 27.59 per cent growth over Rs 1036.62 crore registered in FY24. Its EBITDA or operating profit was at Rs 713.32 crore in FY25, up from Rs 583.54 crore in FY24.Kotak Mahindra Capital Company, ICICI Securities and Nomura Financial Advisory and Securities (India) Pvt Ltd are the book-running lead managers to the issue. 

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