IPO Update: IndiQube Spaces gets SEBI approval for ₹850-crore IPO

IPO Update: IndiQube, a company specialized in managed workplace solutions, has received approval from the Securities and Exchange Board of India (SEBI) to raise ₹850 crore through an initial public offering (IPO).

The company, based in Bengaluru, submitted its Draft Red Herring Prospectus (DRHP) in December 2024 and received the observation letter on March 24, 2025, as indicated by an update from SEBI.

As per the DRHP, the planned IPO consists of a Fresh Issue of equity shares amounting to Rs. 750 crore and an Offer for Sale (OFS) of equity shares totaling Rs. 100 crore. IndiQube intends to allocate Rs. 426.6 crore from the net proceeds of the fresh issue for capital expenditure, ₹100 crore for repayment or prepayment of loans, and the remaining amount for general corporate purposes.

Co-founders Rishi Das and Meghna Agarwal lead the company, which is supported by the prominent venture capital firm WestBridge Capital and well-known individual investor Ashish Gupta.

Company Details

Founded in 2015, IndiQube oversees a network of 103 centers spread across 13 cities, including 6 Tier II cities. The company manages a total of 7.76 million square feet of assets under management (AUM) with the capacity to accommodate 172,451 seats as of June 30, 2024. Its client base encompasses global capability centers (GCCs), Indian corporations, unicorns, and startups across various sectors, including notable companies such as Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, and Narayana Health.

Financially, IndiQube reported a total income of Rs. 867.6 crore for fiscal 2024, compared to Rs. 601.2 crore for fiscal 2023. The company's EBITDA for FY24 was ₹263.4 crore, while the EBITDA for Q1FY25 alone reached ₹153 crore.

A report by CBRE indicates that the current flexible workspace inventory in India exceeds 79 million square feet, with Tier 1 cities representing more than 72 million square feet. The Tier 1 inventory is projected to expand to approximately 124 million square feet by the end of CY2027.

ICICI Securities Limited and JM Financial Limited are serving as the Book Running Lead Managers for the offering.

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