Business Profile of The Executive Centre Limited
The Executive Centre of India was incorporated in 2008 and it is a subsidiary of The Executive Centre (TEC) which is leading premium workspace solution provider in Asian region. The company provides co-working spaces, virtual offices, private offices, meeting rooms, and enterprise-grade solutions according to need of all sizes businesses. The Executive Centre has provides it service to ambitious professionals, industry leaders, and businesses of all sizes looking for premium and flexible office solutions. As of March 31, 2025, company has expanded its presence significantly in India, including major metropolitan areas like New Delhi, with premium locations offering sophisticated designs and high-tech facilities. The company had 938 employees and a portfolio comprised 89 Operational Centers across 14 cities in seven countries, as of March 31, 2025.
Objective of The Executive Centre IPO
As per the draft red hearing prospects, the IPO issue consists only offer for sale. The fresh issue consists of XXXX shares at the face value of ₨ 2.00 each aggregating up to ₹ 26,000.00 millions. There are fresh issues and main objective of company is investment & acquisition in subsidiary and general corporate expenses.
Details of The Executive Centre IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹2.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX Equity Shares |
| Aggregating up to ₨ 30,000.00 million | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 26,000.00 million | |
| Offer For Sale | N.A. |
| N.A. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
The Executive Centre IPO: Issue Price & Size
The issue price of THE EXECUTIVE CENTRELIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue aggregating up to ₹ 26,000.00 million at the price of ₨XXXX.
Launch Date of The Executive Centre IPO
The IPO opening date of THE EXECUTIVE CENTRELIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of The Executive Centre Limited
| Particulars | March 31 , 2025 | March 31 , 2024 | March 31 , 2023 |
| Revenue from operations | 13,226.43 | 10,366.20 | 7,633.89 |
| Other income | 237.54 | 186.99 | 87.23 |
| Total income | 13,463.97 | 10,553.19 | 7,721.12 |
| Expenses | |||
| Cost of goods and services rendered | 592.20 | 412.70 | 289.40 |
| Employee benefit expenses | 1,752.74 | 1,411.63 | 1,009.06 |
| Finance costs | 2,258.26 | 1,645.64 | 1,102.69 |
| Depreciation and amortisation expenses | 5,761.84 | 4,826.78 | 3,682.77 |
| Other expenses | 3,805.13 | 2,893.38 | 1,742.36 |
| Impairment loss | 180.61 | . | – |
| Total expenses | 14,350.78 | 11,190.13 | 7,826.28 |
| Loss before tax | ( 886.81 ) | ( 636.94 ) | ( 105.16 ) |
| Tax expense | |||
| -Current tax | 245.97 | 170.29 | 175.15 |
| -Deferred tax | ( 326.65 ) | ( 244.08 ) | ( 206.67 ) |
| Total tax credit | ( 80.68 ) | ( 73.79 ) | ( 31.52 ) |
| Loss for the year | ( 806.13 ) | ( 563.15 ) | ( 73.64 ) |
Key financial ratios of The Executive Centre Limited
| Particulars | Unit | 2025 | 2024 | 2023 |
| Financial Metrics | ||||
| Total Income | million | 13,463.97 | 10,553.19 | 7,721.12 |
| Revenue from Operations | million | 13,226.43 | 10,366.20 | 7,633.89 |
| Loss for the year | million | ( 806.13 ) | ( 563.15 ) | ( 73.64 ) |
| Total Equity | million | ( 27,284.37 ) | (33,461.37) | ( 33.493.70 ) |
| Total Assets | million | 38,888.34 | 30,491.84 | 23.177.81 |
| Total Borrowings | million | 3,612.84 | 3,150.45 | 2,991.25 |
| Total Income Growth | % | 27.58 | 36.68 | NA |
| Revenue from Operations Growth | % | 27.59 | 35.79 | NA |
| Net Debt | million | 1,799.70 | 1,831.95 | 1,819.17 |
| Loss for the year Margin | % | ( 6.09 ) | ( 5.43 ) | ( 0.96 ) |
| EBITDA | million | 7,133.29 | 5,835.48 | 4,680.30 |
| EBITDA Margin | % | 53.93 | 56.29 | 61.31 |
| Adjusted EBITDA | million | 7,076.36 | 5,648.49 | 4,593.07 |
| Adjusted EBITDA Margin | % | 53.50 | 54.49 | 60.17 |
| Adjusted EBITDA post Lease payment | million | 2,151.48 | 1,827.71 | 1,647.45 |
| Adjusted EBITDA post Lease payment Margin | % | 16.27 | 17.63 | 21.58 |
| Adjusted Capital Employed | million | 11,630.72 | 4,183.94 | 2,858.89 |
| Return on Adjusted Capital Employed | % | 18.50 | 43.68 | 57.63 |
| Particulars | Unit | 2025 | 2024 | 2023 |
| Operational Metrics | ||||
| Cities | Number | 14 | 14 | 14 |
| Total Centers | Number | 96 | 82 | 70 |
| Operational Centers | Number | 89 | 78 | 63 |
| Total Leasable Area | Msf | 2.02 | 1.65 | 1.41 |
| Total Workstations Capacity | Number | 21,377 | 18.754 | 15,240 |
| Occupied Workstations in Operational Centers – Serviced Office Solutions | Number | 219,123 | 188,904 | 1,55,057 |
Promoters & Shareholding The Executive Centre IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 100.00% shareholding in company.
| Name of shareholder | Number of shares | Percentage of shareholding |
| Tiga Investments Pte . Ltd. | 47,847,244 | 65.98 |
| KAG Investments Pte . Limited | 11,237,114 | 15.49 |
| Willow Aggregator L.P. | 8,675,377 | 11.96 |
| CSC Employee Benefit Trustee (Jersey) Limited | 4,761,968 | 6.57 |
| Willow Investments II Pte . Ltd. | – | – |
| Manager Options | – | – |
| Total | 72,521,703 | 100.00 |
Should You Subscribe To The Executive Centre IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of The Executive Centre IPO
Diversified portfolio
The portfolio of company comprised 89 Operational Centers in 14 cities in seven countries. The company established a business model that leverages the strengths of multiple markets. Diversified and derisked portfolio of assets with an established long term track record that benefits from multiple growth drivers and synergies within the TEC Group. It allows mitigating risks associated with marketspecific downturns and capitalizing on growth opportunities across the markets.
Premium Hospitality Model
The company delivering high-end services in the premium flexible workspace segment across India, Singapore, the Middle East and the rest of Asia. It hold focused on premium hospitality strong brand salience as a flexible premium workspace among clients. This approach acts as a high barrier to entry, resulting in high-quality offering and highest revenue per square foot among company Benchmarked Peers in India.
Marquee and largely MNC Client base
The company served an extensive and marquee clientele comprising over 1,550 Unique Clients and more than 23,000 Members in Fiscal 2025. This strength of the TEC brand and premium offerings along with company pan-Asia network, has helped in attract and develop long-term relationships with MNCs, global marquee brands and small and medium-sized enterprises. It also results in high license fees income from MNCs and multi-center Clients, resulting in high REVPOW and reducing default risk.
Highest Occupancy Rates
Among Benchmarked Peers in India, company achieved the highest revenue per square foot and maintained the highest operational occupancy in Fiscal 2024. This consistently high occupancy rates at operational centers able company to focus on the launch of new Centers. For new Operational Centers between Fiscals 2023 and 2025, the average pre-sale occupancy rate was 64.33% across all markets. It exceeded the typical lock-in period of license agreement with Clients of 20.95 months as of March 31, 2025 which indicate Clients’ confidence in company high quality workspace solutions.
Risk Factors of The Executive Centre IPO
Continuous loss trend
The has incurred loss for the year of ₹(806.13) million, ₹(563.15) million and ₹(73.64) million, total equity of ₹(27,284.37) million, ₹(33,461.37) million and ₹(33,493.70) million as of and for the financial years ended 2025, 2024 and 2023, respectively. Failure to generate and sustain increased revenues while effectively managing expenses could adversely impact business, results of operations, financial condition and cash flows.
Risk of client loss
The company may not able to continue to retain existing Clients or attract new Clients in sufficient numbers. It served 1,560, 1,262 and 1,108 Unique Clients in Fiscals 2025, 2024 and 2023, respectively. If managed solutions Clients choose not to renew their term, it would result in the closure of company Operational Center where it operates managed solutions. Any failure to retain or attract Clients or non-renewal of terms by managed solutions Clients could adversely cash flows and financial condition.
High lease dependence
The company has Lease Payment for its Operational Centers based on lease agreements with landlords and it account for 65.04%, 59.71% and 56.18% of net cash generated from operating activities in Fiscals 2025, 2024 and 2023, respectively. Any failure to pay lease rentals may lead to termination of lease agreements, adversely impacting on company business, financial condition, cash flows, and results of operations.
Key client risk
There is dependency on certain key Clients for a significant portion of company revenues which includes top 10 Clients contributed to 18.41%, 17.44% and 22.48% of our license fees income in Fiscals 2025, 2024 and 2023, respectively. Any decrease in revenues from any of key Clients or any loss of these Clients may adversely affect company business, financial condition, cash flows, results of operations and prospects.
The Executive Centre IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the THE EXECUTIVE CENTRE LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
