Table Space files DRHP with SEBI to raise Rs 800 Cr via fresh issue

Managed workspace provider Tablespace Technologies has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares worth up to Rs 800 crore and an offer for sale (OFS) of up to 6.54 crore shares. The equity shares will carry a face value of Re 1 each. Hillhouse-backed AGS TS II Holdings Pte Ltd, a promoter selling shareholder, will offload up to 4.98 crore shares through the OFS. Promoters Karan Chopra and Kunal Mehra will sell up to 13.11 lakh and 1.01 crore shares, respectively. The OFS will also include shares from Srinivas Prasad, Narendra Kumar Kamaraju, RSP Real Estate LLP and Ramachandra Venkatasubba Rao, who will sell up to 19.67 lakh, 7.24 lakh, 8.40 lakh and 7.24 lakh shares, respectively. The net proceeds from the issue will be primarily used to repay or prepay, in full or in part, certain borrowings worth Rs 550 crore. The company also plans to use the proceeds for funding inorganic growth through unidentified acquisitions and general corporate purposes. As of the DRHP date, Hillhouse-backed AGS TS II Holdings Pte. Ltd. is the largest shareholder with a 41.76% stake, followed by co-founders, late Amit Monoranj with 22.14% and Karan Chopra with 12.47%. Bergamot Trust holds 6.19%, while Narendra Kumar Kamaraju and KAM Advisors Private Limited own 4.05% and 3.96%, respectively. Co-founded by late Amit Banerji, Karan Chopra and Kun…