Desk House, an Indian managed workspace supplier, is concentrating on a valuation of $2.5 billion or extra for an IPO deliberate for subsequent 12 months, sources acquainted with the matter instructed TheTrendyType.
The Bengaluru-headquartered startup has employed Axis as a bookrunner for the IPO, the sources mentioned.
Based in 2017, Desk House leases massive workplace areas, transforms them into absolutely serviced, tech-enabled campuses, and provides them to company shoppers as personalized places of work, co-working areas, and managed assembly rooms. Hillhouse Capital invested $300 million in Desk House in a funding spherical in late 2022, and the startup is presently valued at about $550 million.
The corporate operates greater than 60 facilities throughout six city Indian cities, primarily serving Fortune 500 corporations equivalent to Apple, Google, Mastercard, PayPal, AMD, Ericsson and Shell. The startup has expanded its actual property portfolio to over 9.5 million sq. toes throughout main Indian cities, and goals to almost double this footprint inside three years by investing about $535 million.
Desk House declined to remark.
In a recent interview with an Indian each day, the corporate’s co-founder and president Kunal Mehra mentioned the corporate expects annual income to succeed in almost $600 million by March 2027.
Desk House’s IPO and growth plans come at a time of gentle uncertainty within the world versatile workspace sector. Whereas WeWork’s high-profile struggles have solid doubts on the viability of the co-working area enterprise mannequin world wide, demand for versatile workplace areas in main Indian cities stays sturdy, pushed by a rising expertise sector and multinational companies looking for to cut back long-term lease commitments.
Desk House’s plans for the IPO additionally comply with the stellar public debut of Awfis, a Peak XV-backed co-working space provider whose inventory has surged almost 70% within the 5 months since its IPO. Many startups, together with WeWork India, Indiqube and Simpliwork are additionally in numerous levels of deliberations to go public.
The Indian market has delivered extra tech IPOs this 12 months than the U.S. as valuation multiples method all-time highs within the South Asian market. Indian corporations have raised over $9 billion by way of IPOs and FPOs this 12 months, at the same time as growth-stage startup offers stay muted.
