Co-working office space provider BHive all set to launch first IPO in two years

Bengaluru based flexible office space providing platform BHive Workspace is planning to launch Initial public offering by next two years. The sincere work for the IPO will start once they cross the Rs.500 crore-milestone in revenue.

The Delhi based co-working office space provider  Awfis Space Solutions had lunched their first IPO last month.

The founder and chief executive Shesh Rao Paplikar, BHive Workspace, mentioned that, the company is awaiting for a 2026 timeline for the IPO. He also said that, he is confident about the ability of the company that they will expand to other cities of India.  

Paplikar mentioned, Currently, we are in talks with various family offices to finance our property expansion, not really equity investors.”

BHive is looking to acquire an additional 2 lakh sq ft space in Mumbai and they are in talks with the landlords in Mumbai.  However, the negotiation cycles in the financial capital are lengthier compared to Bengaluru.

He further mentioned that, the Bengaluru landlords move faster and there is supply and land is available here. They have already signed in the range of 50,000- 1.5 lakh square feet.

In March of this year, the flexible office space provider signed a lease for a combined area of 62,183 square feet in Adani Inspire, situated in the Bandra Kurla Complex. This comprises three units, totaling 34,183 square feet, with a monthly rent of Rs.70 lakh, as well as four units encompassing 28,000 square feet, with a rental fee of Rs.57 lakh per month.

The company wants to acquire 1 million square feet to its total footprint in the ongoing financial year and within this, about 7-8 lakh square feet would be in the company’s home base Bengaluru. So far, they have leased 3 lakh square feet within Bengaluru in the ongoing financial year to add to a cumulative 1.8 lakh square feet till last fiscal.

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