Table Space, a prominent Indian managed workspace provider, is setting its sights on an impressive valuation of $2.5 billion or more for its upcoming IPO slated for next year, according to insider sources speaking with TechCrunch.

Headquartered in Bengaluru, Table Space has enlisted Axis as a bookrunner for this significant financial move. Since its inception in 2017, the startup has revolutionized the office leasing model by transforming large spaces into fully serviced, tech-enabled campuses. They cater to corporate clients with customized offices, co-working spaces, and managed meeting rooms.

The company gained significant traction last year, attracting a hefty $300 million investment from Hillhouse Capital, bringing its current valuation to around $550 million. With over 60 centers across six major Indian cities, Table Space serves an impressive roster of Fortune 500 clients, including giants like Apple, Google, Mastercard, and Shell. Its real estate portfolio spans more than 9.5 million square feet, and the company plans to nearly double this footprint within three years, investing approximately $535 million.

While Table Space has opted not to comment on the IPO plans, co-founder and president Kunal Mehra recently shared optimistic revenue projections, estimating annual revenue could hit nearly $600 million by March 2027.

However, this ambitious IPO and expansion come at a time of mild uncertainty in the global flexible workspace sector. WeWork’s high-profile challenges have raised questions about the sustainability of the co-working business model worldwide. Despite this, demand for flexible office spaces in major Indian cities remains robust, fueled by the burgeoning technology sector and multinational corporations looking to minimize long-term lease commitments.

Interestingly, Table Space’s IPO ambitions follow the successful public debut of Awfis, a Peak XV-backed co-working provider, whose stock has surged nearly 70% since its IPO just five months ago. Other startups, including WeWork India, IndiQube, and Simpliwork, are also considering public offerings.

This year, the Indian market has outperformed the U.S. in tech IPOs, with valuation multiples reaching near all-time highs. Indian companies have collectively raised over $9 billion through IPOs and follow-on offerings this year, even as growth-stage startup deals have slowed.

As Table Space gears up for its potential IPO, the company stands poised to make waves in the evolving landscape of flexible workspaces—will it redefine the future of work in India?