Executive Centre India Ltd has secured the green light from regulators for its initial public offering. The Mumbai-based company announced this significant development on Wednesday. It plans to raise a substantial ₹2,600 crore through a fresh issue of shares.
IPO Proceeds Allocation
The company will direct the IPO funds toward strategic investments. A portion will go into TEC Abu Dhabi, which is a direct subsidiary. Another part will cover payments for acquiring TEC Singapore and TEC Dubai. These two entities are step-down subsidiaries held by a corporate promoter under an internal restructuring agreement.
Remaining proceeds will serve general corporate purposes. Executive Centre India detailed these plans in draft papers filed with SEBI in July.
Company Background and Operations
Executive Centre India started operations in 2008. It stands as one of the early international flexible workspace providers in the country. The company maintains a strong pan-Asia presence across multiple key locations.
Its operational footprint spans India, Singapore, Dubai, and Abu Dhabi in the UAE. It also operates in Jakarta, Indonesia; Ho Chi Minh City, Vietnam; Manila, Philippines; and Colombo, Sri Lanka. As of March 31, 2025, the portfolio included 89 operational centres. These centres are spread across 14 cities in seven different countries.
Flexible Workspace Market Context
Executive Centre India's IPO follows public listings by other flex workspace operators. These include WeWork India, IndiQube, Smartworks, and Awfis Space Solutions. The commercial office market in India has witnessed a strong turnaround post-pandemic. Demand for flexible workspaces continues to grow steadily.
These offices are shared spaces that companies can rent for varying durations. In India, flexible workspaces typically come in two main forms. Co-working spaces allow multiple companies to share office premises. Managed offices offer customized space for individual companies.
Top Occupiers in Office Leasing
Property advisory firm JLL India provided insights into office space leasing trends for 2025. Global capability centres, flex operators, and technology companies emerged as top occupier categories. Gross office leasing achieved a new benchmark of 83.3 million square feet last year. This marked an increase from 77.2 million square feet in 2024.
Domestic occupier activity received a significant boost from indigenous flex firms. These companies leased 18 million square feet in 2025, according to JLL data.
Market Growth Projections
Property consultancy CBRE India highlighted robust growth prospects for the flexible workspace market. In a January report, CBRE noted companies are increasingly integrating these spaces into long-term strategies. This integration aims to enhance scalability, improve risk management, and boost cost efficiency.
Flex operators have been scaling up their operations with eyes on further expansion. WeWork India recently announced it surpassed 100,000 members across the country. This milestone underscores the sector's rapid growth trajectory.
Karan Virwani, managing director and CEO of WeWork India, commented on the industry shift. He stated Indian enterprises are no longer just experimenting with flexibility. They are embracing it as a strategic advantage. This marks a transformation of flexible workspaces from optional real estate to mission-critical business infrastructure.
