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Business Standard
24-07-2025
- Business
- Business Standard
Executive Centre plans to raise ₹2,600 crore via fresh issue, files DRHP
Bengaluru-based co-working major The Executive Centre (TEC) aims to raise Rs 2,600 crore in a fresh issue of Rs 2 per equity share and has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on the NSE and BSE, the company said in a statement. The company proposes to utilise the net proceeds to invest in TEC Abu Dhabi, a direct subsidiary, for the partial payment of the consideration related to the acquisition of TEC Singapore (SGP) and TEC Dubai, both step-down subsidiaries currently held by TEC Singapore, one of the company's corporate promoters. Investment firms such as Kotak Mahindra Capital Company Limited, ICICI Securities Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers (BRLMs) to the issue. The Offer for Sale (OFS) has not been disclosed by the company. Additionally, the company highlighted that, in consultation with the BRLMs, it may choose to raise up to Rs 5,200 million by issuing specified securities through a preferential offer or any other permitted method before filing the Red Herring Prospectus with the Registrar of Companies. This would be considered a pre-IPO placement. In an interview with Business Standard in March, Manish Khedia, managing director for West India, South India, and Sri Lanka at TEC, said, "In the next three years, we anticipate significant growth, aiming for a 25-30 per cent CAGR, up from our current 18-20 per cent rate. Additionally, we plan to increase our investments during this period.' Founded in 2008, TEC provides ultra-premium flexible space solutions across India, Singapore, the Middle East (including Dubai and Abu Dhabi in the United Arab Emirates), and Asia (including Jakarta in Indonesia, Ho Chi Minh City in Vietnam, Manila in the Philippines, and Colombo in Sri Lanka). The company leases bare-shell spaces and transforms them into tech-enabled, fully managed premium workspaces. These include private offices and managed solutions, serving MNCs, SMEs, and other entities. As of March 31, 2025, it operated 89 centres across 14 cities in seven countries, with 80 offering private offices. The company's partnership portfolio includes Earnest Towers Private Limited, Panchshil Corporate Park Pvt. Ltd., Prestige Estates Projects Limited, RMZ, Sattva Group, Dubai World Trade Centre LLC, and Alborz Developers Limited, a subsidiary of Bharti Realty. In fiscal 2025, the company served a diverse client base of over 1,550 clients, comprising MNCs, marquee brands, and small and medium-sized enterprises. Some marquee clients include Anaplan Middle East Ltd, ArcelorMittal Nippon Steel India, BBVA, Indian School of Business, Sandvik, GreenOak India Investment Advisors Private Limited, Truecaller, Zscaler, OpenText, and the National Payments Corporation of India (NPCI), among others. In FY25, the company served over 1,200 multinational clients, with an average of 24 workstations per client and an average client tenure of 50.46 months. Furthermore, in the fiscal year ended on March 31, 2025, the company reported total income of Rs 1,346.40 crore, up 27.58 per cent from Rs 1,055.32 crore in FY24. Revenue from operations grew 27.59 per cent to Rs 1,322.64 crore. EBITDA rose to Rs 713.33 crore, compared to Rs 583.55 crore in FY24 and Rs 468.03 crore in FY23.
Time of India
27-06-2025
- Business
- Time of India
Credila Financial Services files draft papers for Rs 5,000 crore IPO with Sebi
Credila Financial Services , an education finance company, has filed a UDRHP-I with SEBI to raise Rs 5,000 crore through an IPO. The company specializes in education loans for students pursuing higher studies in India and abroad. The total issue size aggregating up to Rs 5,000 crore comprises a fresh issue of equity shares aggregating up to Rs 3,000 crore and an offer for sale of equity shares aggregating up to Rs 2,000 crore of face value of Rs 10 per equity share. Also Read | JioBlackRock Broking receives SEBI approval to commence brokerage business The offer for sale of equity shares aggregating up to Rs 2,000 crore (face value of Rs 10 each) comprises up to Rs 950 crore by Kopvoorn B.V. ('Promoter Selling Shareholder') and up to Rs 1,050 crore by HDFC Bank Limited ('Other Selling Shareholder'). Live Events A pre-IPO placement of the specified securities may be undertaken by the company, in consultation with the BRLMs, prior to the filing of the Red Herring Prospectus with the ROC for an aggregate amount not exceeding Rs 600 crore ('Pre-IPO Placement'). The Pre-IPO Placement, if undertaken, will be at a price to be decided by the company in consultation with the BRLMs. If the Pre-IPO Placement is undertaken, the amount raised from the Pre-IPO Placement will be reduced from the fresh issue, subject to the offer complying with rule 19(2)(B) of the Securities Contracts (Regulation) rules, 1957, as amended ('SCRR'). The Pre-IPO Placement, if undertaken, shall not exceed 20% of the fresh issue. Axis Capital Limited , Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, IIFL Capital Services Limited ( formerly known as IIFL Securities Limited ) and Jefferies India Private Limited are the Book Running Lead Managers to the issue. The Company proposes to utilise the net proceeds towards augmenting the capital base to meet the Company's future capital requirements arising out of the growth of its business and assets. Credila Financial Services Limited is the second fastest growing education-focused NBFC in India in terms of year-on-year growth of Net Loans, with a year-on-year growth of 47.67% between the Financial Years 2024 and 2025. Also Read | Wakefit Innovations files DRHP with SEBI, plans to raise Rs 468 crore via fresh issue The company is the largest education-focused non-banking financial company in India (which peer set comprises three companies, including Credila), with Net Loans of Rs 41,469 crore as of March 31, 2025; restated net profit after tax of Rs 990 crore for the Financial Year 2025; and the highest disbursements of Rs 14,089 crore for the Financial Year 2024 (assessment performed for Financial Year 2024 given unavailability of peer data for Financial Year 2025). The company is the fastest growing education-focused NBFC in India (comprising three companies, including including Credila) with a CAGR of 64.96% in Net Loans between the Financial Years 2023 and 2025 and a year-on-year growth of 84.26% in assets under management between March 31, 2023 and March 31, 2024 (assessment performed for Financial Year 2024 given unavailability of peer data for Financial Year 2025).
