The Executive Centre is said to seek ₹2,600 crore for India IPO
is planning an initial public offering in Mumbai that may raise 26 billion rupees ($303 million), according to people familiar with the matter, to capitalize on the rising demand for workspace in the country.
The flexible workspace manager has hired
Kotak Mahindra Capital
Co. and
ICICI Securities
Ltd. to arrange the listing, according to the people, who asked not to be named because the information is private. The company is planning to file preliminary documentation — known as the draft red herring prospectus — soon, according to the people.
The company, Kotak and ICICI Securities did not respond to emailed requests for comment.
It would join
Wework India Management
Ltd.,
Awfis Space Solutions
Ltd. and Smartworks Coworking Spaces Ltd. in going public in the country as the flexible workspace industry in the South Asian nation is forecast by Avendus Capital to grow about 15% to $9 billion by 2028.
The Executive Centre manages workspace across India, China, Southeast Asia, Sri Lanka, the Middle East and Australia for 51,000 customers, according to its website.
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