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The IPO comprises a fresh issue of equity shares with a face value of Rs 2 each, aggregating up to Rs 2,600 crore. The company proposes to utilise the net proceeds to invest 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.
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This transaction is being carried out in accordance with the terms of the Internal Restructuring Agreement. The remaining proceeds will be allocated towards general corporate purposes.
Executive Centre India is one of the early international brands to lead the offering of premium flexible workspace solutions among the operators currently active in India. The company has been operating in India since 2008 and is part of the TEC Group, which has over three decades of experience in delivering space-as-a-service.
The company is an India-based operator with pan-Asia operations, spanning India, Singapore, and the Middle East (Dubai and Abu Dhabi in the UAE), as well as other parts of Asia, including Jakarta (Indonesia), Ho Chi Minh City (Vietnam), Manila (Philippines), and Colombo (Sri Lanka).Kotak Mahindra Capital Company Limited, ICICI Securities Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the book-running lead managers to the issue.The company primarily leases bare-shell properties, designs, builds, and transforms them into fully managed, tech-enabled, modern, and aesthetically appealing office spaces within Grade A buildings from landlords across these markets.
These are then operated as premium flexible workspaces for a diverse customer base, including multinational corporations, small and medium enterprises, and other legal entities, which occupy workstations in the operational centres as part of the company’s serviced office solutions.
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 its client base. In FY25, it served over 1,200 MNC clients, with an average of 24 workstations per client and an average MNC client tenure of 50.46 months.
The company’s focus on unit-level economics has enabled it to weather market fluctuations and maintain long-term financial stability, while also achieving revenue growth and generating net cash flow from operating activities during FY23 and FY25. Furthermore, in FY24, revenue per square foot in India was the highest among benchmarked peers and operational occupancy also remained the highest.
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For the financial year ended March 31, 2025, the company reported total income of Rs 1,346.397 crore, marking a 27.58% increase from Rs 1,055.319 crore in FY24. In FY24, total income had grown by 36.68% over the previous year’s Rs 772.112 crore.
Revenue from operations stood at Rs 1,322.643 crore in FY25, reflecting a 27.59% growth over Rs 1,036.620 crore recorded in FY24, which itself had grown 35.79% from Rs 763.389 crore in FY23. The company’s EBITDA also showed steady growth, reaching Rs 713.329 crore in FY25, up from Rs 583.548 crore in FY24 and Rs 468.030 crore in FY23.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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