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Flexible workspaces provider IndiQube Spaces files for ₹850 crore IPO
The IPO would comprise of a fresh issue of equity shares worth ₹750 crore and an Offer for Sale (OFS) of equity shares up to ₹100 crore by the promoters
Workplace solutions company IndiQube Spaces Ltd is filing for a ₹850 crore initial public offering (IPO).
According to the draft red herring prospectus (DRHP) filed on Tuesday, December 24, 2024, this would comprise a fresh issue of equity shares worth ₹750 crore and an Offer for Sale (OFS) of equity shares adding up to ₹100 crore by the promoters Rishi Das and Meghna Agarwal.
Out of the total proceeds of the IPO, ₹462.6 crore would be used to establish new centres, ₹100 crore for repaying debts, and the remaining for general corporate purposes.
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The company, incorporated in 2015, is backed by venture capital firm WestBridge Capital and also by renowned investor Ashish Gupta.
Its core offering is IndiQube Grow which provides plug-and-play workspace solutions for flexible workspaces, interiors, technology, facility management and value-added services.
It also has four other offerings, including IndiQube Bespoke, IndiQube One, MiQube, and IndiQube Cornerstone.
It has a portfolio of 103 centres across 13 cities, covering 7.76 million square feet of area under management (AUM) in a super built-up area with a total seating capacity of 172,451 as of June 30, 2024, along with a series of global capability centres (GCCs) and Indian enterprises as part of its clientele, according to a report by news agency PTI.
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These clients include GCCs, Indian corporates, unicorns as well as various startups like Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, and Narayana Health among others.
In Tier 1 Indian cities, flexible workspaces are estimated to grow to approximately 124 million square feet by the end of the calendar year 2027, from the current 9 million square feet, according to the report which cited a CBRE report.
This is because of the rise of hybrid work models. Bengaluru tops the flexible workspaces chart, with more than 30% of the total share.
IndiQube is amongst those leading in Bengaluru, having 60 centres, spanning 5.04 million square feet.
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The company reported a total income of ₹867.6 crores for the financial year 2023-24, compared to ₹601.2 crore during the previous year. It also had an operating profit of ₹263.4 crore in the same time.
ICICI Securities and JM Financial are the book running lead managers.
