Executive Centre India, a flexible workspace solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise ₹2,600 through an Initial Public Offering (IPO).
The IPO comprises of a fresh issue of equity shares bearing a face value of ₹2 each, aggregating up to ₹ 2600 crore.
The company will use the funds towards an investment in TEC Abu Dhabi, a direct subsidiary, to finance part-payment of the consideration for the acquisition of TEC SGP and TEC Dubai, two step-down subsidiaries currently held by one of the company’s Corporate Promoters, TEC Singapore. The remaining proceeds will be allocated towards general corporate purposes.
Executive Centre India is one of the early international brands to lead the offering of premium flexible workspace solutions amongst the flexible workspace operators currently operating in India. The Company has been operating in India since 2008 and is a part of the TEC Group, which has over three decades of experience in delivering space-as-a-service. The company is an India-based operator with pan-Asia operations, spread across India, Singapore, the Middle East comprising Dubai and Abu Dhabi in the United Arab Emirates, the rest of Asia comprising Jakarta in Indonesia, Ho Chi Minh City in Vietnam, Manila in the Philippines and Colombo in Sri Lanka.
The company primarily leases bare shell properties, designs, builds and transforms them into fully managed, tech-enabled, modern and aesthetically pleasing office spaces within Grade A office buildings from landlords across these markets. These are then operated as premium flexible workspaces for their diverse customer base, including multinational corporations, small and medium enterprises and other legal entities, which occupy workstations in the operational centers towards our serviced office solutions.
Serviced Office Solutions comprises private offices and managed solutions. As of March 31, 2025, 80 of our 89 operational centers had private offices across all markets and six operational managed solutions located in India and the Middle East. As of March 31, 2025, the total portfolio comprised 89 operational centers across 14 cities in seven countries.
The company has developed long-term and mutually beneficial relationships with landlords, including Earnest Towers, Panchshil Corporate Park, Prestige Estates Projects, RMZ, Sattva Group, Dubai World Trade Centre LLC, Alborz Developer, a subsidiary of Bharti Realty (Worldmark), Overseas Realty (Ceylon) PLC, MSR Developer and Olympia Tech Park.
In Fiscal 2025, the company served a diverse client base of over 1,550 unique clients comprising MNCs, marquee brands and small and medium-sized enterprises. Some marquee clients include Anaplan Middle East, ArcelorMittal Nippon Steel India, Atyeti IT Services, BBVA, Indian School of Business, Hines, Sandvik, Criteo, Crunchyroll, GreenOak India Investment Advisors, Mast-Jaegermeister Services (India), Northland Controls India, Ortholite India, The Trade Desk India, Truecaller, Zscaler, Open Text and National Payments Corporation of India.
The net revenue retention rate was 120.33% and 123.92% in FY25 and FY24, respectively, reflecting the company’s ability to retain and expand the Client base. In FY25, they served over 1,200 MNC clients, with an average of 24 workstations per MNC Client and an average MNC Client tenure of 50.46 months.
For the financial year ended March 31, 2025, the company reported a total income of ₹1346.39 Crores, marking a 27.58% increase from ₹1055.31 crores in FY24. In FY24, the total income had grown by 36.68% over the previous year’s ₹772.11 crores. Revenue from operations stood at ₹1322.64 crores in FY25, reflecting a 27.59% growth over ₹1036.62 crores recorded in FY24, which itself had grown by 35.79% compared to ₹763.38 crores in FY23. The company’s EBITDA also showed a steady rise, reaching ₹713.32 crores in FY25, up from ₹583.54 crores in FY24 and ₹468.03 crores in FY23.
Kotak Mahindra Capital Company, ICICI Securities and Nomura Financial Advisory and Securities (India) are the Book Running Lead Managers to the issue.
