Bengaluru-based managed workplace solutions company, IndiQube, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
In December last year, the company filed its Draft Red Herring Prospectus (DRHP) for an IPO worth Rs 850 crore (approximately $100 million). The offering consists of a fresh issue of Rs 750 crore and an offer for sale (OFS) of equity shares amounting to Rs 100 crore.
According to the DRHP, IndiQube plans to allocate Rs 427 crore from the fresh proceeds for capital expenditure, Rs 100 crore for loan repayment or prepayment, with the remainder earmarked for general corporate purposes.
ICICI Securities Limited and JM Financial Limited have been appointed as the Book Running Lead Managers for the IPO. The company’s equity shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Since its inception, IndiQube has raised around $45 million across funding rounds. As per the DRHP, co-founder Anshuman Das is the largest shareholder, holding 25.32% of the company, followed by Aravali Investment Holding with a 22.07% stake. Other significant shareholders include WestBridge Capital (5.79%), Carenet Technologies (5.15%), and Hirepro Consulting (2.15%). Co-founders Rishi Das and Meghna Agarwal together own 37.92% of the company.
Founded in 2015 by Rishi Das and Meghna Agarwal, IndiQube operates a portfolio of 103 centers across 13 cities, including six Tier-II cities. Its client roster features leading companies such as Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, and Ninjacart.
Backed by WestBridge Capital, IndiQube reported a 43% year-on-year revenue growth, reaching Rs 830 crore in FY24, up from Rs 580 crore in FY23. However, this expansion came at a cost, with losses surging 72.2% to Rs 341 crore in FY24, compared to Rs 198 crore in FY23. The company has reported an EBITDA of Rs 153 crore in Q1FY25 and holds a CRISIL A+ / Stable rating.
IndiQube’s IPO comes amidst a wave of public listings in the co-working sector. Awfis became India’s first publicly listed co-working startup, while Smartworks recently secured SEBI approval for its IPO. Meanwhile, WeWork India, Simpliwork, Table Space, and DevX are also exploring public offerings, signaling a growing interest in the flexible workspace industry.
