Table Space's IPO filing decoded: the 10 August 2026 DRHP, page by page

Tablespace Technologies Limited, known as Table Space, is a Bengaluru company that leases office buildings from landlords, fits them out and sub-leases them to large clients as managed workspaces. Its clients are mainly Fortune 500 firms, global capability centres (GCCs, India offices of foreign multinationals) and other multinationals headquartered outside India. It was incorporated on 3 March 2017 (page 264). On 31 March 2026 it had 176 Facilities across eight Tier-1 cities and one Tier-2 city (page 22), with 11.46 million sq ft of leasable area, 9.33 million sq ft leased out and 431 clients, including 45 Fortune 500 companies and 115 GCCs (pages 208 and 209). Karan Chopra and Kunal Mehra are co-founders and co-CEOs (page 211). FY26 means the year from April 2025 to March 2026.

• Filing: a DRHP dated 10 August 2026, filed under Regulation 6(2) of SEBI's ICDR regulations (its IPO rulebook) because the company does not meet two of the standard tests, 6(1)(a) and 6(1)(c) (cover page 1).
• Fresh issue (new shares sold by the company): up to ₹800 crore (₹8,000.00 million) (page 65).
• Offer for sale (existing holders sell): up to 65,475,432 shares of face value ₹1, amount blank (page 65). Sellers: AGS TS II Holdings Pte. Ltd. up to 49,834,140; Kunal Mehra 10,074,740; Srinivas Prasad 1,967,140; Karan Chopra 1,311,430; RSP Real Estate LLP 840,162; Narendra Kumar Kamaraju 723,910; Ramachandra Venkatasubba Rao 723,910 (page 66).
• Total offer size, share count and price: blank (cover page 1).
• Possible pre-IPO placement (a private sale before the IPO): up to ₹160 crore, capped at 20% of the fresh issue and deducted from it if done (page 65).
• Split of the offer: at least 75% for qualified institutional buyers, at most 15% for non-institutional and 10% for retail investors (cover page 3).
• Listing planned on BSE and NSE (cover page 2). The board approved the offer on 17 July 2026 and shareholders on 23 July 2026 (page 65).

The filing gives restated consolidated figures in ₹ million. StopDown converts them to crore (10 million = 1 crore); the conversion is StopDown's arithmetic. Source for all three years: page 70.

• FY26: revenue from operations ₹2,262.29 crore; total income ₹2,516.57 crore; loss after tax ₹403.35 crore.
• FY25: revenue ₹1,360.47 crore; total income ₹1,561.81 crore; loss after tax ₹1,554.11 crore.
• FY24: revenue ₹906.22 crore; total income ₹1,071.27 crore; profit after tax ₹5.26 crore.
• Why the losses: an exceptional item of ₹503.79 crore in FY26 and ₹1,568.69 crore in FY25, mainly an accounting loss from revaluing one class of preference shares, CCPS A (pages 36 and 376). Before exceptional items and tax the filing shows a profit of ₹134.71 crore in FY26 and ₹17.37 crore in FY25 (page 70).
• Net worth is negative: ₹761.08 crore below zero on 31 March 2026, against ₹430.08 crore below zero a year earlier (page 36). The filing says conversion of CCPS A into shares will improve it (page 36).
• The company's own measure, Normalised EBITDA (not an Ind AS figure): ₹453.80 crore in FY26, ₹202.26 crore in FY25 and ₹108.73 crore in FY24 (page 129). Committed occupancy was 81.41% in FY26 (page 129).

• Repaying or prepaying borrowings: ₹550 crore, all planned for FY27 (page 113).
• Unidentified acquisitions and general corporate purposes: amount blank. Together they cannot exceed 35% of the gross fresh issue, and each at most 25% (page 113). On ₹800 crore that is up to ₹280 crore together and ₹200 crore each (StopDown's arithmetic).
• Axis Bank, an affiliate of lead manager Axis Capital, was owed ₹612.12 crore on 30 June 2026; some of the loans to be repaid are from it (page 53).
• The company receives nothing from the offer for sale; that money goes to the sellers (page 112).

Percentages below are on a fully diluted basis (as if all preference shares had converted), from the table on page 102.

• AGS TS II Holdings Pte. Ltd., a promoter: 41.76%. The filing says its parent chain is ultimately owned and controlled by funds of Hillhouse (page 304).
• Amit Mono Banerji, the late co-founder and earlier promoter: 22.14%, in CCPS A that are the subject of court cases (pages 36 and 102).
• Karan Chopra 12.47%; Bergamot Trust 6.19%; Narendra Kumar Kamaraju 4.05%; KAM Advisors Private Limited 3.96%; Kunal Mehra 3.57%; Srinivas Prasad 1.83%; Ramachandra Venkatasubba Rao 1.10% (page 102).
• Promoters together hold 61.76% (page 92). Some promoter shares are pledged or under non-disposal undertakings, with part released for the sale (page 106).

• Risk factor 11 (page 30): wider use of AI could cut hiring at GCCs, which took 53.50% of leased area, and so cut their need for offices.
• Risk factor 12 (page 31): the auditors flagged an Income Tax Department search in May 2023 as an emphasis of matter for FY24, and gaps in the accounting audit trail.
• Risk factor 14 (page 35): court cases involving Sarita Banerji and the estate of the late Amit Banerji could change who owns the disputed 22.14%.
• Risk factor 15 (page 36): the company had losses and negative net worth in FY25 and FY26.
• Risk factor 47 (page 53): part of the proceeds will repay Axis Bank, an affiliate of a lead manager.

Status on 14 November 2026: Business Standard reported the filing on 11 August 2026. The sources checked show no SEBI observation letter, no red herring prospectus (RHP) and no price band; a listing page on ipowatch dated 5 November 2026 says no IPO date is announced. The filing itself gives no price band, dates or share count (cover pages 1 to 3).

The usual steps, with timings as typical in November 2026, not promises:

• SEBI reviews the DRHP and sends observations, often after a few months. The company may not launch without them.
• The RHP adds the price band and dates. It is filed with the registrar of companies at least three working days before bidding opens (page 9). The band is advertised at least two working days before opening (cover page 3).
• Anchor investors bid one working day before opening (cover page 3). Bidding stays open at least three working days (page 5).
• Shares are due to list within three working days of the close (page 63).
• Promoters' minimum contribution of 20% is locked in for three years, the rest for 12 months (page 96).
• The explainers linked under Read next cover each step.

• Filing: Draft Red Herring Prospectus of Tablespace Technologies Limited, dated 10 August 2026, as published for SEBI. Page numbers are the numbers printed on each page, which start at 1 after the table of contents (PDF page minus 4). Cover pages are unnumbered and cited as cover pages 1 to 3 (PDF pages 1 to 3). Mapping checked on printed pages 22, 112 and 264.
• Business Standard, 11 August 2026: business-standard.com
• ipowatch listing page, item dated 5 November 2026 (status context): ipowatch.in