IndiQube sets stage for Rs 850-crore IPO with SEBI’s approval

Bengaluru-based managed workplace solutions provider IndiQube has received approval from the Securities and Exchange Board of India (SEBI) to raise up to Rs 850 crore through an Initial Public Offering (IPO).

The company, which filed its Draft Red Herring Prospectus (DRHP) in December 2024, received SEBI’s observation letter on March 24, 2025, confirming the go-ahead for the public offering.
Founded by Rishi Das and Meghna Agarwal in 2015 and backed by WestBridge Capital and Ashish Gupta, the proposed IPO will consist of a combination of a Fresh Issue of equity shares aggregating up to Rs 750 crore and an Offer for Sale (OFS) of up to Rs 100 crore in equity shares.

Of the net proceeds from the fresh issue, IndiQube plans to allocate Rs 426.6 crore towards capital expenditure, Rs 100 crore for repayment or prepayment of borrowings, with the balance earmarked for general corporate purposes.

The company manages a portfolio of 103 centres spread across 13 cities, including six Tier II locations, with a total area of 7.76 million square feet and seating capacity for 172,451 individuals as of June 2024. IndiQube’s clientele includes a diverse range of organizations from unicorns and large corporates to startups, such as Myntra, upGrad, Zerodha, NoBroker, and Siemens.

On the financial front, IndiQube reported a significant year-on-year revenue growth, with a total income of Rs 867.6 crore in FY24, up from Rs 601.2 crore in FY23. The company’s EBITDA for FY24 stood at Rs. 263.4 crore, with a strong Q1FY25 EBITDA of Rs 153 crore. IndiQube has also earned a CRISIL A+ / Stable rating, reflecting its robust financial performance.

The flexible workspace segment in India continues to grow rapidly, with a current stock of 79 million square feet. As per a report by CBRE, the market in Tier 1 cities is expected to expand to approximately 124 million square feet by 2027, offering significant growth prospects for IndiQube.

ICICI Securities Limited and JM Financial Limited are acting as the Book Running Lead Managers for the offering, with the equity shares expected to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).