IndiQube Spaces Ltd filed preliminary draft papers with the capital markets regulator, the Securities and Exchange Board of India (SEBI), on Tuesday, December 24, 2024, to raise funds through an initial public offering (IPO). IndiQube Spaces is a workplace solutions company dedicated to transforming the traditional office experience through sustainable and technology-driven solutions.
The Bengaluru-based company is backed by prominent venture capital firm WestBridge Capital and renowned investor Ashish Gupta, with Rishi Das, Chairman, Executive Director and chief executive officer (CEO) and Meghna Agarwal, chief operating officer (COO) and Executive Director at the helm.
IndiQube Spaces IPO Details
IndiQube Spaces plans to raise Rs. 850 crore through the upcoming IPO. According to the draft red herring prospectus (DRHP) filed with SEBI, the IPO will comprise a fresh issue of equity shares aggregating up to Rs. 750 crore and an offer for sale (OFS) of equity shares aggregating up to Rs. 100 crore by the promoter selling shareholders – Rishi Das and Meghna Agarwal.
IndiQube Spaces proposes to utilize the net proceeds of the fresh issue to fund capital expenditures for the establishment of new centres (Rs. 462.6 crore), repayment or prepayment, in full or in part, of certain borrowings (Rs. 100 crore), and general corporate purposes. ICICI Securities Ltd and JM Financial Ltd are the book-running lead managers for IndiQube Spaces. The equity shares are proposed to be listed on BSE and NSE.
IndiQube Spaces Company Details
IndiQube Spaces was incorporated in 2015. It manages a portfolio of 103 centres across 13 cities, covering 7.76 million square feet area under management in super-built-up areas with a total seating capacity of 172,451 as of June 30, 2024. Its clientele includes a balanced portfolio of global capability centres (GCCs) and Indian enterprises.
IndiQube’s clients include GCCs, Indian corporates, unicorns, and start-ups across sectors, such as Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, and Narayana Health. IndiQube Grow is the company’s core offering, which represents a comprehensive workplace solution for plug-and-play workspaces incorporating interiors, technology, facility management, and value-added services.
IndiQube Spaces has also developed four additional verticals to service specialised client requirements: IndiQube Bespoke, IndiQube One, MiQube, and IndiQube Cornerstone. It reported a total income of Rs. 867.6 crore in fiscal 2024 compared to Rs. 601.2 crore in fiscal 2023. FY24 EBITDA stood at Rs. 263.4 crores, while for Q1FY25, the EBITDA was Rs. 153 crore.
IndiQube Spaces recently expanded its Board by adding four Independent Directors. Naveen Tewari, chief executive officer and founder of the InMobi Group; Avalur Gopalaratnam Muralikrishnan, a certified chartered accountant with over 35 years of experience in the finance industry; Rahul Matthan, partner at Trilegal with 30 years of experience, and Sachi Krishana, with 20 years of experience in the field of human resources are the new members of the Board.
