BENGALURU: Executive Centre India Ltd, a premium flexible workspace solutions operator that is part of Hong Kong-based The Executive Centre (TEC), said on Wednesday it has received regulatory approval for its proposed initial public offering.
The Mumbai-based company plans to raise ₹2,600 crore through a fresh issue of shares. The proceeds of the IPO will be used to invest in TEC Abu Dhabi, a direct subsidiary, and pay a part of the consideration for the acquisition of TEC Singapore and TEC Dubai, two step-down subsidiaries held by one of the company’s corporate promoters, pursuant to an internal restructuring agreement.
The remaining proceeds will be allocated towards general corporate purposes, according to the draft IPO papers filed with the Securities and Exchange Board of India in July.
One of the early international flexible workspace companies in the country, Executive Centre India was incorporated in 2008. It has pan-Asia operations, spread across India, Singapore, Dubai and Abu Dhabi in the UAE, Jakarta in Indonesia, Ho Chi Minh City in Vietnam, Manila in the Philippines and Colombo in Sri Lanka. As of 31 March 2025, the total portfolio included 89 operational centres across 14 cities in seven countries.
Executive Centre India’s proposed IPO will follow public listings by flex workspace operators in the country including WeWork India, IndiQube, Smartworks and Awfis Space Solutions.
With the turnaround in the commercial office market in India after the pandemic, there has been strong demand for flex workspaces. These offices are shared, and companies can rent them for varying durations.
In India, flexible workspaces come in two forms—co-working, where multiple companies can share the office premises, and managed offices, where space is customized for individual companies.
Top occupiers
Global capability centres, flex operators and technology companies were the top occupier categories in office space leasing in 2025, according to property advisory JLL India. Gross office leasing set a new benchmark of 83.3 million square feet last year, compared with 77.2 million sq. ft in 2024.
Domestic occupier activity was driven by indigenous flex firms that leased 18 million sq. ft in 2025, JLL said.
The flexible workspace market is set for robust growth as companies increasingly integrate these spaces into their long-term growth strategies to enhance scalability, risk management, and cost efficiency, property consultancy CBRE India said in a January report.
Flex operators have scaled up and are eyeing further expansion. WeWork India said last week it has surpassed 100,000 members across the country.
“Indian enterprises are no longer experimenting with flexibility – they are embracing it as a strategic advantage. This shift marks the transformation of flexible workspaces from optional real estate to mission-critical business infrastructure,” said Karan Virwani, managing director and CEO of WeWork India.
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