Curation Team
The Executive Centre 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.
