This WeWork India rival wants to raise ₹2,600cr via IPO
What's the story
The Executive Centre, a leading flexible workspace provider, is gearing up for an initial public offering (IPO) in India. The company hopes to raise around ₹2,600 crore ($303 million) from the listing. The move comes as part of its strategy to tap into India's growing demand for workspaces. To facilitate the process, The Executive Centre has roped in Kotak Mahindra Capital and ICICI Securities Limited as its advisors.
Market expansion
TEC to file DRHP soon
The Executive Centre is expected to soon file its draft red herring prospectus, a preliminary document for the IPO. Once listed, it will join other flexible workspace providers like WeWork India Management Ltd, Awfis Space Solutions Ltd, and Smartworks Coworking Spaces Ltd. Avendus Capital predicts that India's flexible workspace industry shall grow by about 15% to $9 billion by 2028.
Business footprint
Global presence and diverse clientele
The Executive Centre isn't just limited to India. The company manages workspaces in China, Southeast Asia, Sri Lanka, the Middle East, and Australia as well. It caters to a diverse clientele of 51,000 customers across these regions. This global footprint further highlights the company's potential for growth in the flexible workspace industry.