Bengaluru-based workplace solutions company IndiQube Spaces Ltd has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on December 24, 2024, to launch an initial public offering (IPO) aimed at raising ₹850 crore. The firm, backed by prominent investors such as WestBridge Capital and Ashish Gupta, offers sustainable and tech-driven workplace solutions that aim to redefine the traditional office experience.
IPO Details
The IPO comprises a fresh issue of equity shares worth ₹750 crore and an offer for sale (OFS) of equity shares totaling ₹100 crore by promoter-selling shareholders, including Rishi Das (Chairman and CEO) and Meghna Agarwal (COO).
The funds raised from the fresh issue will be allocated as follows:
₹462.6 crore for establishing new centres.
₹100 crore for repaying or prepaying certain borrowings.
Remaining funds for general corporate purposes.
ICICI Securities Ltd and JM Financial Ltd have been appointed as the book-running lead managers for the IPO, with the equity shares set to list on BSE and NSE.
Company Profile
Founded in 2015, IndiQube Spaces manages 103 centres across 13 cities, covering a super-built-up area of 7.76 million square feet and offering a seating capacity of 172,451 as of June 30, 2024. Its client base includes a mix of Global Capability Centres (GCCs), Indian enterprises, unicorns, and start-ups, with notable names like Myntra, upGrad, Zerodha, Siemens, Narayana Health, and others.
IndiQube’s flagship offering, IndiQube Grow, provides plug-and-play office solutions, combining interiors, technology, facility management, and value-added services. To cater to niche client needs, the company has introduced additional verticals: IndiQube Bespoke, IndiQube One, MiQube, and IndiQube Cornerstone.
Financial Performance
The company reported a total income of ₹867.6 crore for FY24, a significant increase from ₹601.2 crore in FY23. Its FY24 EBITDA stood at ₹263.4 crore, while Q1FY25 EBITDA was ₹153 crore, showcasing strong financial growth.
Board Expansion
IndiQube Spaces recently strengthened its Board by adding four Independent Directors:
Naveen Tewari, CEO and founder of InMobi Group.
Avalur Gopalaratnam Muralikrishnan, a finance veteran with over 35 years of experience.
Rahul Matthan, partner at Trilegal with three decades of legal expertise.
Sachi Krishana, an HR professional with 20 years of experience.
With its innovative approach and strong backing, IndiQube Spaces aims to solidify its position as a leader in workplace solutions while expanding its footprint across India.
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