Mumbai: Executive Centre India Limited, a leading international provider of premium flexible workspace solutions, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), initiating the process for its ₹2,600 crore initial public offering (Executive Centre India IPO).
The Executive Centre India IPO will consist of a fresh issue of equity shares with a face value of ₹2 each.
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The net proceeds from the Executive Centre India IPO will be used to invest in its direct subsidiary, TEC Abu Dhabi, to facilitate part-payment for the acquisition of TEC SGP and TEC Dubai, two step-down subsidiaries held by one of its corporate promoters, TEC Singapore.
The remainder will go toward general corporate purposes, in line with the internal restructuring agreement.
Established in India in 2008 and part of the TEC Group, Executive Centre India has emerged as a key player in the flexible workspace segment, offering premium, tech-enabled office environments to over 1,550 clients across India, the Middle East, and Southeast Asia.
Its operational footprint spans 89 centers across 14 cities in seven countries, with a portfolio that includes private offices and managed solutions located in Grade-A commercial spaces.
The company’s blue-chip client list features names such as ArcelorMittal Nippon Steel India, Zscaler, The Trade Desk, Crunchyroll, Indian School of Business, Sandvik, and National Payments Corporation of India, among others.
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Financially, the company has demonstrated strong performance with total income reaching ₹1,346.4 crore in FY25, up from ₹1,055.3 crore in FY24, representing a growth of 27.6% year-on-year. EBITDA climbed to ₹713.3 crore in FY25, following ₹583.5 crore in FY24 and ₹468 crore in FY23. Revenue from operations in FY25 stood at ₹1,322.6 crore.
The company’s net revenue retention rate remained high at 120.33% in FY25 and 123.92% in FY24, highlighting strong client retention and expansion metrics. The average tenure of MNC clients stood at 50.46 months, with many clients continuing across multiple contract periods.
Executive Centre India has consistently outperformed peers in revenue per square foot and operational occupancy in India.
It maintains strategic landlord relationships with major real estate players such as Prestige Estates, RMZ, Bharti Realty (Worldmark), Dubai World Trade Centre, and Panchshil Corporate Park.
Executive Centre India IPO: Listing Equity Shares on BSE and NSE
Kotak Mahindra Capital, ICICI Securities, and Nomura Financial Advisory are acting as the Book Running Lead Managers (BRLMs) for the Executive Centre India IPO.
The company is expected to list its equity shares on both BSE and NSE, positioning it as one of India’s largest public offerings in the flexible workspace sector.
