Tablespace Technologies Limited
DRHP · filed 18 Aug 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Tablespace Technologies Limited operates managed workspaces in Bengaluru, Pune, and Gurugram, generating revenue primarily through lease rentals for sub-leased facilities. The company is raising funds through a fresh issue of 8,000 crore with no offer for sale component. The draft prospectus highlights a high-severity risk regarding the adverse impact of disruptions or adverse developments at its facilities in these cities. Additionally, the company faces medium-severity risks related to supply constraints in Grade A properties, regulatory hurdles with e-khata requirements, and the potential for clients to prematurely terminate leases or default on payments.
Partial analysis — some sections could not be read from the document (found: capitalisation, litigation, objects, price_basis, promoters, related_party, risks).
What stands out
High leverage. Debt-to-equity of 4.35x.
Risk factor. Any adverse developments affecting our Facilities in Bengaluru, Pune, and Gurugram could adversely affect our business, results of operations, financial condition and cash flows.
Risk factor. Any significant disruption in the cities we operate in, including due to social, political or economic factors or natural calamities or civil disruptions, or change in local policies of the State Government, may adversely affect our operations and may lead to temporary or permanent closure of our op
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
How the offer is structured
Fresh issue
₹8.00k Cr
New capital into the company
OFS share
0%
- Repayment or pre-payment, in full or in part, of certain or all of our borrowings₹5.50k Cr
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
Promoters, litigation & related parties
Promoter (pre)
61.8%
Except as disclosed in this section, as on the date of this Draft Red Herring Prospectus, there are no outstanding criminal proceedings, actions by regulatory authorities, tax matters, disciplinary actions by SEBI or stock exchanges, or other pending litigation involving the Relevant Parties (Company, Promoters, Directors, Subsidiaries, and Key Managerial Personnel) that exceed the materiality threshold. There is no pending litigation involving Group Companies that may have a material impact on the Company.
Risks the company discloses
Any adverse developments affecting our Facilities in Bengaluru, Pune, and Gurugram could adversely affect our business, results of operations, financial condition and cash flows.(Geographic Concentration)
Any significant disruption in the cities we operate in, including due to social, political or economic factors or natural calamities or civil disruptions, or change in local policies of the State Government, may adversely affect our operations and may lead to temporary or permanent closure of our operations at affected Facilities.(Geographic Concentration)
The mandatory requirement for electronic khata (e-khata) for property registrations in Bengaluru has led to difficulties procuring the relevant e-khata, which has in the past led to delays and additional costs in securing registration of new sub-leases.(Regulatory)
Any supply constraints (including owing to cost escalations) in Grade A properties in the cities we currently operate in will adversely affect our business, results of operations, financial condition and cash flows.(Supply Chain)
Any changes in demographic patterns in the cities which we operate in, including clients’ preference for another location or property, may lead to a decline in development in the relevant neighborhood or decline in economic conditions where our Facilities are located.(Market Demand)
We may not be able to retain clients, our clients may prematurely terminate their sub-leases with us and we may not be able to find suitable client replacements or attract new clients in sufficient numbers.(Customer Concentration)
We incur significant capital expenditure towards customizing workspaces for our clients and we primarily generate revenues by charging lease rentals for the managed workspaces sub-leased to our clients.(Business Model)
Our clients may not honor their contractual payment obligation and we may not be able to successfully recover lease rentals due from such clients.(Credit Risk)