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Managed workplace solutions provider IndiQube Spaces Limited has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The Bengaluru-based company, founded in 2015, plans to raise Rs 750 crore through a fresh issue of shares and Rs 100 crore through an offer for sale (OFS) by its promoter-seller shareholders, Rishi Das and Meghna Agarwal. Backed by WestBridge Capital and individual investor Ashish Gupta, IndiQube aims to revolutionize traditional office spaces with sustainable, technology-driven workplace solutions.
Proceeds from the fresh issue will be allocated towards capital expenditure for establishment of new centers (Rs 462.6 crore), repayment or prepayment of loans (Rs 100 crore) and general corporate purposes.
As of June 30, 2024, IndiQube manages 103 centers across 13 cities, with a portfolio spanning 7.76 million sq ft of super built-up area and a total seating capacity of 1,72,451. Its clientele includes global capability centers (GCCs), Indian corporations, unicorns and startups like Myntra, upGrad, Zerodha, NoBroker, Redbus and Siemens, among others.
The company reported a total revenue of Rs 867.6 crore in FY24, up from Rs 601.2 crore in FY23. Its FY24 EBITDA stood at Rs 263.4 crore, while that Q1 FY25 EBITDA reached Rs 153 crore.
IndiQube’s flagship offering, IndiQube Grow, offers plug-and-play workspaces that integrate interiors, technology, facilities management and value-added services. The company has also diversified its portfolio with four additional verticals – IndiQube Bespoke, IndiQube One, MiQube and IndiQube Cornerstone – catering to specialized customer needs.
In a recent move, IndiQube expanded its board and appointed four independent directors, including one independent director. The new members include Naveen Tewari, founder and CEO of InMobi Group; Avalur Gopalaratnam Muralikrishnan, Chartered Accountant; Rahul Matthan, partner at Trilegal; and Sachi Krishana, an HR veteran.
ICICI Securities Limited and JM Financial Limited are the lead book-running managers of the IPO. The equity shares will be listed on the BSE and NSE.
