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Tag: IndiQube

  • IndiQube Spaces Limited Gets SEBI Nod for INR 850-crore IPO

    Managed workplace solutions company IndiQube has received the capital markets regulator SEBI’s go-ahead to raise INR 850-crore through an IPO. The Bengaluru-based company, which filed its DRHP in December 2024, obtained its observation letter on 24th March 2025, an update the SEBI showed.

    According to the DRHP, the proposed IPO is a combination of a Fresh Issue of equity shares aggregating up to Rs. 750 crores and an Offer for Sale (OFS) of equity shares aggregating up to Rs. 100 crores. IndiQube proposes to utilize Rs. 426.6 crore from the Net Proceeds of the Fresh Issue towards funding capital expenditure, INR 100 crore for repayment or prepayment of borrowings, and the balance towards general corporate purposes.

    Led by Co-founders Rishi Das and Meghna Agarwal, the company is backed by prominent venture capital firm WestBridge Capital and renowned individual investor Ashish Gupta.

    IndiQube, which was incorporated in 2015, manages a portfolio of 103 centers across 13 cities, including 6 Tier II cities. It has a portfolio covering 7.76 Mn Sq.ft. of AUM with a total capacity of 172,451 seats as of June 30, 2024. Its clients include GCCs, Indian corporates, unicorns, and startups across sectors with Myntra, upGrad, Zerodha, NoBroker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, and Narayana Health, to name a few.

    On the financial front, it reported a Total Income of INR 867.6 crores in the Fiscal year 2024 as against INR 601.2 crores in the Fiscal year 2023. The company’s FY24 EBITDA stood at INR 263.4 crores, while for Q1FY25 itself, the EBITDA was Rs. 153 crores. IndiQube has also received a CRISIL A+ / Stable rating.

    According to a CBRE report, the flexible workspace stock in India currently stands at over 79 million sq.ft. out of which Tier 1 cities account for over 72 million sq.ft. The Tier 1 stock is estimated to grow to approximately 124 Mn sq. ft. by the end of CY2027.

    ICICI Securities Limited and JM Financial Limited are the Book Running Lead Managers to the offer. The equity shares are proposed to be listed on BSE and NSE.

    IndiQube Files DRHP for INR 850 Cr IPO
    IndiQube, a leading coworking space provider, has submitted its Draft Red Herring Prospectus (DRHP) for an IPO worth INR 850 crore, marking a major milestone.
    StartupTalkyNitin Konde

  • IndiQube Submits DRHP for IPO of INR 850 Cr

    IndiQube Spaces, a managed office space provider, has submitted its DRHP for an INR 850 Cr initial public offering (IPO) to the Securities and Exchange Board of India (SEBI), the market watchdog. An offer for sale (OFS) of up to INR 100 Cr and a new issue of shares up to INR 750 Cr will be part of the company’s first public offering (IPO). Meghna Agarwal and Rishi Das, the cofounders and promoters, will sell off a portion of their shares through the OFS.

    The issue’s book running lead managers are JM Financial and ICICI Securities. Both the BSE and the NSE will list the company’s shares. From the net proceeds of the new issuance, IndiQube intends to use INR 462.6 Cr to open additional centres, INR 100 Cr to pay back some loans, and the rest sum for general business needs. From INR 198.11 Cr in the previous fiscal year to INR 341.51 Cr in FY24, the company’s net loss increased by 72%. Operational revenue for the reviewed fiscal year was INR 867.66 Cr, a 44% increase over FY23’s INR 601.28 Cr. Its operating revenue for the three months ending June 30, 2024 (Q1 FY25) was INR 251.30 Cr, while its loss after tax was INR 42.04 Cr. IndiQube reported in a statement that its EBITDA was INR 153 Cr in the first quarter of FY25 and INR 263.4 Cr in FY24.

    Focusing on ‘Office in a Box’ Concept

    IndiQube is a managed office space provider that was founded in 2015 and provides clients with a “office in a box” experience that includes workspace design, interior build-out, and a wide range of technology-enabled B2B and B2C services. Nearly three months have passed since a media report revealed that the Bengaluru-based business was in advanced talks to choose merchant bankers for its initial public offering. A resolution to rename the company from “IndiQube Spaces Private Limited” to “IndiQube Spaces Limited” was passed by the board of IndiQube in November. According to the company’s claims, as of June 30, 2024, it managed a portfolio of 103 locations spread over 13 cities, totalling 7.76 million square feet of area under management (AUM) in built-up area and 1.72 lakh seats.

    Third Coworking Space Segment Firm to Opt for IPO

    The clients of IndiQube include Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, and Ninjacart. WestBridge Capital, Ashish Gupta of Helion Ventures, and Aravali Investment Holdings support the brand. Interestingly, none of the current investors are selling shares through the OFS, with the exception of the cofounders.

    After Awfis went public in May of this year, IndiQube is now the third firm in the coworking space sector to file for an initial public offering (IPO). Although SEBI authorised Smartworks’ DRHP, it has not yet approved DevX’s IPO proposal. In addition, companies including Innov8, 91springboard, Spring House, Incuspaze, and COWRKS are aiming to go public shortly. These coworking space providers are growing as a result of rising office space costs and the rise in modern tech companies that require office space.

    Greaves Electric Mobility Files for INR 1,000 Cr IPO
    Greaves Electric Mobility has filed its DRHP with SEBI for a proposed IPO of INR 1,000 crore, aiming to strengthen its position in the EV market.
    StartupTalkyNitin Konde