Executive Centre India Secures SEBI Approval for ₹2,600 Crore IPO
Executive Centre India has received SEBI approval for a ₹2,600 crore IPO consisting entirely of fresh equity shares. The premium workspace provider, operating 89 centers across 14 cities in seven countries, plans to use proceeds for subsidiary investments and acquisitions. The company demonstrated strong FY25 performance with 27.59% revenue growth to ₹1,322.64 crore and EBITDA of ₹713.32 crore.
*this image is generated using AI for illustrative purposes only.
Executive Centre India, a premium flexible workspace solutions provider, has secured markets regulator SEBI's approval to raise ₹2,600 crore through an Initial Public Offering (IPO). The approval comes as the company looks to capitalize on strong market conditions and expand its operations across Asia.
IPO Structure and Fund Utilization
The IPO comprises entirely of fresh equity shares with no Offer For Sale (OFS) component, according to the draft red herring prospectus filed in July. The Mumbai-based company has outlined specific plans for the proceeds:
| Fund Utilization: | Details |
|---|---|
| Subsidiary Investment: | Investment in TEC Abu Dhabi |
| Acquisitions: | Part-payment for acquiring TEC SGP and TEC Dubai from TEC Singapore |
| Seller: | TEC Singapore (corporate promoter) |
Company Background and Operations
Executive Centre India has been operating in the Indian market since 2008 as part of the TEC Group, which brings over three decades of experience in delivering space-as-a-service solutions. The company positions itself as one of the early international brands to lead premium flexible workspace offerings among operators currently active in India.
The company's operational footprint extends across multiple countries in Asia and the Middle East:
- India: Primary market with significant presence
- Singapore: Regional hub operations
- Middle East: Dubai and Abu Dhabi in the United Arab Emirates
- Southeast Asia: Jakarta (Indonesia), Ho Chi Minh City (Vietnam), Manila (Philippines)
- South Asia: Colombo (Sri Lanka)
Operational Scale and Performance
As of March 31, 2025, Executive Centre India's portfolio demonstrates substantial scale across the region:
| Operational Metrics: | Scale |
|---|---|
| Total Centers: | 89 operational centers |
| Geographic Reach: | 14 cities |
| Countries: | 7 countries |
Financial Performance
The company delivered strong financial results in FY25, demonstrating robust growth across key metrics:
| Financial Metrics: | FY25 | FY24 | Growth (%) |
|---|---|---|---|
| Revenue from Operations: | ₹1,322.64 crore | ₹1,036.62 crore | +27.59% |
| EBITDA: | ₹713.32 crore | ₹583.54 crore | +22.24% |
The revenue growth of 27.59% reflects the company's ability to expand its client base and optimize its workspace utilization across its operational centers.
Market Context
The SEBI approval comes during a particularly strong period for India's primary market. In 2025, companies raised a record nearly ₹1.76 lakh crore through IPOs, surpassing the ₹1.60 lakh crore mobilized by 90 firms in 2024 and significantly exceeding the ₹49,436 crore raised by 57 companies in 2023. This performance has been supported by strong domestic liquidity, resilient investor sentiment, and a supportive macroeconomic environment.
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