IndiQube Spaces files for IPO to raise Rs 850 crore

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 equity shares and Rs 100 crore via an offer for sale (OFS) by its promoter-selling shareholders, Rishi Das and Meghna Agarwal. Backed by WestBridge Capital and individual investor Ashish Gupta, IndiQube aims to revolutionize traditional office spaces with sustainable and tech-driven workplace solutions.

The proceeds from the fresh issue will be allocated towards capital expenditure for establishing new centers (Rs 462.6 crore), repayment or prepayment of borrowings (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 square feet of super built-up area and a total seating capacity of 1,72,451. Its clientele includes global capability centers (GCCs), Indian corporates, unicorns, and startups such as Myntra, upGrad, Zerodha, NoBroker, Redbus, and Siemens, among others.

The company reported a total income 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 Q1FY25 EBITDA reached Rs 153 crore.

IndiQube’s flagship offering, IndiQube Grow, provides plug-and-play workspaces integrating interiors, technology, facility 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 client needs.

In a recent move, IndiQube expanded its board, inducting four independent directors, including a woman independent director. The new members include Naveen Tewari, founder and CEO of the InMobi Group; Avalur Gopalaratnam Muralikrishnan, a chartered accountant; Rahul Matthan, a partner at Trilegal; and Sachi Krishana, a veteran in human resources.

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