IndiQube Spaces files for IPO to raise Rs 850 crore

Managed workplace solutions provider IndiQube Spaces Limited has filed a Draft Red Bull Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The Bengaluru-based company, which was founded in 2015, plans to raise Rs 750 crore through a fresh issue of equity shares and Rs 100 crore via an offer for sale (OFS) by selling shareholders of the promoters, Rishi Das and Meghna Agarwal. Backed by WestBridge Capital and individual investor Ashish Gupta, IndiQube aims to revolutionize traditional office spaces through sustainable, technology-driven workplace solutions.

The proceeds from the new issue will be allocated towards capital expenditure for setting up new positions (Rs 462.6 crore), repayment or advance of loans (Rs 100 crore), and general corporate purposes.

As of June 30, 2024, IndiQube operates 103 centers in 13 cities, with a portfolio spanning 7.76 million sq ft of premium built-up area and a total seating capacity of 1,72,451. Its clients include Global Capability Centers (GCCs), Indian companies, unicorns, and startups like Myntra, upGrad, Zerodha, NoBroker, Redbus, Siemens, and others.

The company reported total income of Rs 867.6 crore in FY24, up from Rs 601.2 crore in FY23. EBITDA for FY24 stood at Rs 263.4 crore, while EBITDA for Q1 From FY25 to Rs 153 crore.

IndiQube’s flagship offering, IndiQube Grow, provides plug-and-play workspaces that integrate interiors, technology, facilities management and value-added services. The company has also diversified its portfolio with four additional segments: IndiQube Bespoke, IndiQube One, MiQube and IndiQube Cornerstone, to meet specialized customer needs.

In a recent move, IndiQube expanded its board of directors, appointing four independent directors, including an independent director. The new members include Naveen Tiwari, founder and CEO of InMobi Group; Avalor Gopalaratnam Muralikrishnan, Chartered Accountant; Rahul Mathan, Partner at Trilegal; and Sashi Krishna, HR expert.

ICICI Securities Limited and JM Financial Limited are the lead book-running managers for the IPO. The equity shares will be listed on the BSE and NSE.