New Delhi, July 24 -- Mumbai-based flexible workspace provider Executive Centre India has filed draft papers with SEBI for a Rs.2,600 crore initial public offering (IPO). According to its Draft Red Herring Prospectus (DRHP) submitted on Wednesday, the IPO will be an entirely fresh issue of equity shares, with no offer-for-sale (OFS) component.

The company plans to utilise the proceeds to invest in its Abu Dhabi subsidiary, as well as to partially finance acquisitions of two step-down subsidiaries-TEC SGP and TEC Dubai-from one of its promoters, TEC Singapore.

This will be the fourth IPO from the premium co-working space segment, following Awfis Space Solutions, Smartworks Coworking Spaces, and WeWork India Management. Among these, Awfis...