The Executive Centre is set to launch an initial public offering in Mumbai with the potential to raise ₹26 billion ($303 million), as reported by sources familiar with the situation. This move aims to leverage the growing demand for workspace across India.
The flexible workspace provider has engaged Kotak Mahindra Capital Co. and ICICI Securities Ltd. to facilitate the listing process. The company intends to submit preliminary documentation, known as a draft red herring prospectus, shortly.
Neither the company nor its financial advisors have responded to requests for comment.
The Executive Centre will join other companies like Wework India Management Ltd., Awfis Space Solutions Ltd., and Smartworks Coworking Spaces Ltd. in the public market, as the flexible workspace sector in India is projected by Avendus Capital to grow approximately 15%, reaching $9 billion by 2028.
Currently, the Executive Centre manages workspaces for 51,000 clients across India, China, Southeast Asia, Sri Lanka, the Middle East, and Australia, as stated on its website.
