Executive Centre India Limited, a premium flexible workspace provider, has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise Rs 2,600 crore through a fresh issue of equity shares. The proceeds will be used to invest in TEC Abu Dhabi, a direct subsidiary, and to finance the acquisition of TEC SGP and TEC Dubai, currently held by corporate promoter TEC Singapore, as part of an internal restructuring agreement.
Founded in 2008, the company is part of the TEC Group, which has over three decades of experience in delivering space-as-a-service. It operates across India, Singapore, UAE, Indonesia, Vietnam, the Philippines, and Sri Lanka, with a portfolio of 89 operational centres in 14 cities across seven countries.
Executive Centre India transforms bare-shell Grade A properties into tech-enabled, fully managed premium workspaces, offering private offices and managed solutions. As of March 31, 2025, 80 centres featured private offices, while six offered managed solutions in India and the Middle East.
The company boasts a diverse client base of over 1,550 entities, including MNCs, marquee brands, and SMEs. Notable clients include ArcelorMittal Nippon Steel India, BBVA, Truecaller, Zscaler, OpenText, and the National Payments Corporation of India. The average client tenure stands at 50.46 months, with net revenue retention rates of 120.33% in FY25, reflecting strong client loyalty and expansion.
Financially, Executive Centre India reported a 27.58% YoY increase in total income, reaching Rs 1,346.40 crore in FY25, while EBITDA rose to Rs 713.33 crore, up from Rs 583.55 crore in FY24. The company also recorded the highest revenue per square foot and operational occupancy among benchmarked peers in India.
The IPO is backed by Kotak Mahindra Capital, ICICI Securities, and Nomura Financial Advisory and Securities as Book Running Lead Managers. With this offering, Executive Centre India aims to consolidate its international footprint and strengthen its position in the premium flexible workspace segment.
