Flexible office companies plan D-Street debuts

India’s managed flexible workspace sector is set to witness a landmark year with five major IPOs projected to raise over Rs 7,000 crore. As corporates increasingly prefer flexible office solutions to accommodate hybrid work models, the sector has experienced robust growth. These IPOs are likely to give exit to some of the major investors.

BHIVE

IPO Size: Up to Rs 800 crore
DRHP to be filed by mid this year
Investors: Blume Ventures
Opportunities: Strength in coworking and managed space models; focus on Tier-1 cities
Challenges: Expansion into Tier-1 markets where competition is intense INDIQUBE
IPO Size: Up to Rs 750 crore, and an OFS of up to Rs 100 crore
DRHP to be filed by mid this year
Investors: Blume Ventures
Opportunities: Strength in coworking and managed space models; focus on Tier-1 cities
Challenges: Expansion into Tier-1 markets where competition is intense

TABLESPACE
IPO Size: Around Rs 2,500 crore.
Investors: Angel investors and private equity firms-Hill House
Opportunities: Demand from large corporates for fully managed spaces
Challenges: Dependency on commercial real estate cycles; high operational costs

SMARTWORKS
IPO Size: Fresh issue Rs 550 crore; OFS of 67.59 lakh shares
Investors: Singapore-based Keppel Land and others
Opportunities: Focus on expanding into Tier-1 cities. Managed office space
Challenges: Maintaining differentiation in a crowded market

WEWORK INDIA
IPO Size: Over Rs 2,500 crore,
DRHP likely by March
Investors: Embassy Group and WeWork Global VJ
Opportunities: Global brand equity and corporate preference for premium managed spaces Challenges: Intense competition in the segment

AWFIS
IPO Size: Raised around Rs 650 crore in 2024. Rs 600-crore bulk deal in December
Investors: ChrysCapital and Peak XV-partially exited during IPO
Opportunities: Affordable coworking and premium solutions for startups, SMEs and enterprises
Challenges: Intense price competition