IndiQube Spaces Files Prospectus for ₹850-crore IPO

New Delhi, December 24, 2024: Managed workplace solutions company IndiQube Spaces Limited has filed the draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO). 

Rishi Das and Meghna Agarwal are the Promoters of IndiQube which is backed by prominent venture capital firm WestBridge Capital and individual investor Ashish Gupta.

The IPO of the Bengaluru based company comprises of a Fresh Issue of equity shares aggregating up to INR750 crore and an Offer for Sale (OFS) of equity shares aggregating up to INR100 crore by the Promoter Selling Shareholders – Rishi Das and Meghna Agarwal

IndiQube Spaces Limited proposes to utilize the Net Proceeds of the Fresh Issue towards funding capital expenditure towards establishment of new centers (INR462.6 crore); repayment or prepayment, in full or in part, of certain borrowings availed by the company (INR100 crore); and general corporate purposes.

The company which was incorporated in 2015, manages a portfolio of 103 centers across 13 cities, covering 7.76 million square feet of area under management (AUM) in super built-up area with a total seating capacity of 172,451 as of June 30, 2024 and has a balanced portfolio of global capability centers (GCCs) and Indian enterprises as part of its clientele.

IndiQube’s clients include GCCs, Indian corporates, unicorns as well as start-ups across sectors like Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, Narayana Health to name a few.

It reported a Total Income of INR867.6 crore in 2024 as against INR601.2 crore in 2023. FY24 EBITDA stood at INR263.4 crore, while for Q1FY25 itself the EBITDA was INR153 crore.

Flexible workspaces are becoming an integral part of the commercial office market. The rise of hybrid work models, prudence in the use of capital, the need for flexibility, workspace planning, and a shift in work culture are amongst the factors fuelling the demand for flexible workspaces.

According to a CBRE report, the flexible workspace stock in India currently stands over 79 million sq.ft. out of which Tier Icities account for over 72 million sq.ft. The Tier I stock is estimated to grow to approximately 124 Mn sq. ft. by end of CY2027.