Executive Centre India Raises ₹2,600 Crore in Upcoming IPO, ETRealty

NEW DELHI: Executive Centre India, a flexible workspace provider and part of the TEC Group, has filed its draft red herring prospectus (DRHP) with the securities and exchange board of India (SEBI).

The IPO comprises of a fresh issue of equity shares bearing face value of ₹2 each aggregating up to ₹2,600 crore.

The company proposes to utilise the net proceeds towards an investment in TEC Abu Dhabi, a direct subsidiary, to finance part-payment of the consideration for the acquisition of TEC SGP and TEC Dubai, two step-down subsidiaries currently held by one of the company’s corporate promoters, TEC Singapore. The remaining proceeds will be allocated towards general corporate purposes.

The company is an India-based operator with pan-Asia operations, spread across India, Singapore, the Middle East comprising Dubai and Abu Dhabi in the United Arab Emirates, rest of Asia comprising Jakarta in Indonesia, Ho Chi Minh City in Vietnam, Manila in Philippines and Colombo in Sri Lanka.

As of March 31, 2025, the total portfolio comprised 89 operational centers across 14 cities in seven countries.

The net revenue retention rate was 120.33% and 123.92% in FY25 and FY24, respectively, reflecting the company’s ability to retain and expand the Client base. In FY25, they served over 1,200 MNC clients, with an average of 24 workstations per MNC Client and an average MNC Client tenure of 50.46 months.

The average tenure of clients is 48.97 months, which exceeded the typical lock-in period of license agreement with clients of 20.95 months as of March 31, 2025. For the new operational centres between FY23 and FY25, the average pre-sale occupancy was 64.33% across all markets.

For the financial year ended March 31, 2025, the company reported a total income of ₹1,346.397 crore, marking a 27.58% increase from ₹1,055.319 crore in FY24.

In FY24, the total income had grown by 36.68% over the previous year’s ₹772.112 crore. Revenue from operations stood at ₹1,322.643 crore in FY25, reflecting a 27.59% growth over ₹1,036.620 crore recorded in FY24, which itself had grown by 35.79% compared to ₹763.389 crore in FY23.

The company’s EBITDA also showed a steady rise, reaching ₹713.329 crore in FY25, up from ₹583.548 crore in FY24 and ₹468.030 crore in FY23.

Kotak Mahindra Capital Company, ICICI Securities and Nomura Financial Advisory and Securities (India) are the book running lead managers to the issue.

• Published On Jul 25, 2025 at 10:30 AM IST

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