New Delhi, Aug. 12 -- Singapore-headquartered alternative investment firm Hillhouse, which manages assets of over $90 billion and six years ago crafted a real-asset strategy operating under the brand Rava Partners, is eyeing a multi-bagger from a company it backed in India in 2022.

Rava Partners, which has committed more than $3.5 billion, in growth sectors of Asia's real asset economy such as education, logistics, life sciences and digital infrastructure, is looking to offload a third of its 41.76% stake in managed workspace solutions provider Table Space.

Bengaluru-based Tablespace Technologies (Table Space) has filed its documents to raise Rs 800 crore (around $83.8 million) in a fresh issue besides an offer for sale by its private equity investor Hillhouse (via Rava Partners), promoters and other shareholders. The overall issue could be worth around Rs 4,000 crore (around $419.2 million), based on recent secondary-share transactions.

Share transactions over the recent weeks valued the company at around Rs 17,400 crore ($1.82 billion). With the fresh issue in the proposed IPO and an anticipated mark-up in share sale, the company could be eyeing around $2 billion valuation post issue, back of the envelope calculations suggest.

At this level, Hillhouse would be spinning nearly 5x in four years on the blended cost. However, with first-in-first-out methodology, it would be looking to generate a little over 6x in the offer for sale, translating into around 55-60% annualised return in the part exit, as per VCCircle estimates. This is nearly three times the 20% benchmark in rupee terms.

In dollar terms, which is more relevant for Hillhouse, the internal rate of return (IRR) is pegged at around 50%, as against the 15% benchmark number.

Hillhouse had invested around Rs 1,500 crore in tranches between 2022 and 2024. Bulk of this was via preferential allotment starting late 2022. It later invested more at a much higher valuation. Twined with its initial investment was secondary purchase of shares at a higher price tag, it is gathered.

In the proposed issue it would look to encash around Rs 2,400-2,500 crore, taking out more than the principal investment.

Table Space, Valuation

Table Space provides bespoke, enterprise-grade managed workspace solutions for global capability centres (GCCs), Fortune 500 companies and multinational corporations. It operates on an integrated "single-cheque" model spanning leasing, design, fit-out, operations, facilities management and compliance across the workspace lifecycle.

It has a leased area of 9.33 million square feet, 98.01% of which is in Grade A properties across 33 key office clusters in eight tier-1 cities as of March 31, 2026.

The company clocked operational revenue of Rs 2,262 crore for the year ended March 31, 2026, up 66% over the previous year. During the same period, it cut down its net loss to Rs 400 crore from Rs 1,555 crore in FY25.

In contrast, WeWork India that has a similar revenue profile with operational income of Rs 2,431 crore in FY26 currently commands a market cap of Rs 9,800 crore. WeWork had recorded net profit of Rs 72 crore in the last financial year.

Awfis that is half the size in terms of revenue has a market cap of Rs 1,911 crore while Smart Spaces has a market valuation of around Rs 5,400 crore.

By this count, Table Space may be pushing for significant premium in its valuation. Interestingly, this comes at a time when several companies have decided to take a knock on their asking price in their public market floats, partly attributed to the volatile state of stock market due to geopolitical uncertainties and elevated price of oil.

The company has stated that its losses are primarily due to fair valuation of convertible shares that is treated as a financial liability. Its restated consolidated profit before exceptional items and tax stood at Rs 134.7 crore in FY26 as against Rs 17.36 crore in the previous year.

Axis Capital, BofA Securities, CLSA, IIFL Capital and JM Financial are the book running lead managers to the issue.

Published by HT Digital Content Services with permission from VC Circle.