Co-working firm BHIVE Workspace likely to launch IPO in the next two years

Flexible office space provider BHIVE Workspace is mulling a 2026 timeline for an IPO. Active work may begin once it crosses the ₹500 cr milestone in revenue

Bengaluru-headquartered co-working office space provider, BHIVE Workspace, is likely to launch its initial public offering (IPO) in the next two years. Active work towards it may commence once the brand crosses the ₹500 crore-milestone in revenue, the company’s founder and chief executive Shesh Rao Paplikar told HT Digital.

Flexible office space provider BHIVE Workspace mulls IPO in 2026. (BHIVE Workspace)

Delhi-based coworking space company, Awfis Space Solutions, launched its IPO last month.

Paplikar said that BHIVE Workspace is mulling a 2026 timeline for the IPO. Active work towards it may commence once the brand crosses the ₹500 crore-milestone in revenue.

“We are confident that we have the ability to do multiple cities. So, revenue is the target primarily...and we are PAT positive,” said Paplikar.

Speaking on the brand’s fundraising plans, Paplikar said: “Currently, we are in talks with various family offices to finance our property expansion, not really equity investors.”

BHIVE's plans for Mumbai

BHIVE is also on the lookout for an additional 2 lakh sq ft space in Mumbai and has shortlisted properties. The company is in talks with landlords across Mumbai. However, negotiation cycles in the financial capital are lengthier compared to Bengaluru, said Paplikar.

“Bengaluru landlords move faster. There is supply and land is available here,” he explained.

“We typically sign up in the range of 50,000- 1.5 lakh square feet. So, 2-3 properties,” Paplikar underscored.

This comes after the flexible office space player earlier this year, in March, signed a lease for a collective 62,183 square feet in Adani Inspire, located in the Bandra Kurla Complex. It includes three units spanning 34,183 square feet at a monthly rent of ₹70 lakh, alongside four units covering a total of 28,000 square feet at a rental fee of ₹57 lakh per month. “We are having very good sign ups. Almost 65-75% of this has been booked before launch itself,” Paplikar said.

Overall, the co-working brand aims to add 1 million square feet to its total footprint in the ongoing financial year. Of this, about 7-8 lakh square feet would be in the company’s home base Bengaluru, Paplikar said.

So far 3 lakh square feet of space has been leased within Bengaluru in the ongoing financial year to add to a cumulative 1.8 lakh square feet till last fiscal, he added.

In terms of topline, the brand is eyeing over 75% growth to ₹300 crore in financial year 2024-25. In the last fiscal, BHIVE Workspace clocked ₹170 crore in total revenue alongside a net profit of ₹7 crore.