Company Overview

Kontor Space Ltd, incorporated on January 17, 2018, holds the distinction of being India's first co-working space company to be listed on the Indian stock market. The company was initially incorporated as Kontor Space Private Limited and later converted to a public limited company in July 2023, obtaining its fresh Certificate of Incorporation on July 19, 2023, from the Registrar of Companies, Mumbai, Maharashtra.

Kontor positions itself in the affordable premium category of co-working spaces, with all locations strategically chosen to fill the gap between demand and supply in specific micro markets. Currently, the company operates 3 locations across 3 cities, including Wagle Estate in Thane, Wanewadi in Pune, and Fort in Mumbai.

Business Model and Operations

Kontor Space operates in the business of acquiring and leasing properties, which it subleases to single or multiple clients on a per-seat basis, providing flexible and modern workspace solutions. The company follows a "space-as-a-service" model by renting and managing commercial spaces, purchasing properties and/or taking properties on rent to sub-rent/sub-lease to clients for their workspace requirements.

The company invests significantly in fit-outs to customize properties according to business requirements, including furniture, work-desks, open work areas, cabins, meeting rooms, conference rooms, cafeteria, play areas, reception, lockers, and de-stress zones. Additionally, they equip spaces with peripherals like printers, scanners, attendance devices, telephones, high-speed internet, air conditioners, water-coolers, smoking zones, and other facilities.

The company started its first co-working center at Ashar IT Park, Thane, which is a prominent corporate hub with 730 seats in 2018. Kontor Space is the trademark owner of 'Kontor' for providing co-working spaces.

Financial Performance

As per the latest available data, Kontor Space reported revenue of ₹19.8 crores and profit of ₹4.12 crores. The company has been reporting repeated profits, though it is not paying out dividends currently. The total asset value of Kontor Space Ltd stood at ₹31 crores as of March 31, 2024, with a TTM profit after tax of ₹2 crores.

Stock Performance and Valuation

Kontor Space Ltd has a market capitalisation of ₹57 crores as of May 13, 2025. As per Value Research classification, it is categorized as a Small Cap company. The stock has shown significant volatility since its listing, reflecting the dynamic nature of the co-working industry.

Key valuation metrics include:

- P/B ratio: 2.58 times (as of May 13, 2025), representing a 56% discount to its peers' median range of 5.80 times.

- P/E ratio: 13.76 times (as of May 13, 2025), showing a 75% discount to its peers' median range of 55.64 times.

- 52-week high: ₹200.05

- 52-week low: ₹58.40

Management and Shareholding Pattern

The promoter of Kontor Space Ltd is Kanak Mangal, who owns 71.47% of the total equity. Kanak Mangal serves as the chairman of the company, while Kanan Rajan Kapur is the managing director. Anamika Talesara serves as the company secretary. There is no promoter pledging in Kontor Space Ltd.

As of the last reported quarter, the shareholding pattern shows:

- Promoters: 71.5%

- Domestic Institutional Investors (DII): 0.2%

- Public: 28.3%

IPO and Recent Developments

Kontor Space's IPO was priced at ₹15.62 crores as a fixed price issue, comprising entirely a fresh issue of 16.80 lakh shares. The IPO bidding period ran from September 27, 2023, to October 3, 2023.

In a recent development dated June 12, 2025, Kontor Space declared full utilization of IPO proceeds as per the prospectus, with no unutilized funds remaining.

Industry Position and Future Outlook

As India's first co-working space company to be listed on the stock market, Kontor Space holds a unique position in the industry. The company targets startups, SMEs, and independent professionals, catering to the growing demand for flexible workspace solutions in India's major metropolitan areas.

The company maintains a reasonable debt-to-equity ratio of 21%, signaling a healthy balance sheet. With its established presence in key markets and focus on the affordable premium segment, Kontor Space is positioned to capitalize on the evolving workspace requirements in India's dynamic business environment.