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).
Founded in 2015, the Bengaluru-based company plans to raise Rs 750 crore through a fresh issue of equity shares and Rs 100 crore through 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 technology-driven workplace solutions.
Proceeds from the fresh issue will be earmarked for capital expenditure on setting up new centers (Rs 462.6 crore), loan repayment or prepayment (Rs 100 crore) and general corporate purposes.
As of June 30, 2024, IndiQube manages 103 centers across 13 cities, spanning a gross built-up area of 7.76 million square feet and a total seating capacity of 1,72,451. Its clients include Global Competence Centers (GCCs), Indian institutions, unicorns and startups like Myntra, upGrad, Zerodha, NoBroker, Redbus, and Siemens.
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 and Q1FY25 EBITDA reached Rs 153 crore.
IndiQube's flagship offering, IndiQube Grow, provides plug-and-play workspaces integrating interiors, technology, facilities management and value-added services. The company has diversified its portfolio with four additional verticals – IndiQube Bespoke, IndiQube One, MiQube and IndiQube Cornerstone – that cater to specific client needs.
In a recent move, IndiQube expanded its board by hiring four independent directors, including a woman independent director. New members include Naveen Tiwari, founder and CEO of InMobi Group; Avalur Gopalaratnam Muralikrishnan, a Chartered Accountant; Rahul Matan, a partner at Trilegal; and Sachi Krishna, an HR expert.
ICICI Securities Limited and JM Financial Limited are the lead book-running managers for the IPO. Equity shares are listed on BSE and NSE.