Executive Centre India gets Sebi nod for ₹2,600 crore IPO to invest in subsidiaries, expand operations
BENGALURU: Premium flexible workspace solutions operator Executive Center India Ltd, part of Hong Kong-based The Executive Center (TEC), said on Wednesday it has received regulatory approval for its proposed initial public offering.
Mumbai-based company plans to increase ₹2,600 crore through fresh issue of shares. Proceeds from the IPO will be used to invest in TEC Abu Dhabi, a direct subsidiary, and to pay part of the consideration for the acquisition of TEC Singapore and TEC Dubai, two tiered subsidiaries held by one of the company’s corporate promoters pursuant to an internal restructuring agreement.
The remaining proceeds will be allocated for general corporate purposes, according to draft IPO documents filed with the Securities and Exchange Board of India in July.
Executive Center India, one of the first international flexible workspace companies in the country, was founded in 2008. It has pan-Asian operations spread across India, Singapore, Dubai and Abu Dhabi in the UAE, Jakarta in Indonesia, Ho Chi Minh City in Vietnam, Manila in the Philippines and Colombo in Sri Lanka. As of March 31, 2025, the total portfolio included 89 operational centers in 14 cities in seven countries.
Executive Center India’s proposed IPO will follow public listings of flexible workspace operators in the country, including WeWork India, IndiQube, Smartworks and Awfis Space Solutions.
With the recovery in the Indian commercial office market after the pandemic, there was a strong demand. flexible work spaces. These offices are shared and companies can rent them for varying periods of time.
Flexible workspaces in India come in two forms: coworking, where multiple companies can share the office building, and managed offices, where the space is customized for individual companies.
Those who sit the most
Global talent centersAccording to real estate consultancy JLL India, flexible operators and technology companies were among the top categories for renting office space in 2025. Gross office rental set a new benchmark of 83.3 million square meters last year, compared to 77.2 million square meters in 2024.
Domestic occupier activity is driven by domestic flexible firms leasing 18 million square feet in 2025, JLL said.
The flexible workspace market is poised for strong growth as companies increasingly integrate these spaces into their long-term growth strategies to improve scalability, risk management and cost efficiency, real estate consultancy CBRE India said in its January report.
Flex operators have scaled up and are planning further expansion. WeWork India said last week that it has crossed 100,000 members across the country.
“Indian companies are no longer experimenting with flexibility; they are embracing it as a strategic advantage. This shift marks the transformation of flexible workspaces from discretionary real estate to mission-critical business infrastructure,” said Karan Virwani, Managing Director and CEO. WeWork India.
