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Executive Centre plans to raise ₹2,600 crore via fresh issue, files DRHP
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.
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