IndiQube received the go-ahead from capital markets regulator SEBI to raise Rs 850 crore through an IPO. The company filed its DRHP in December 2024 and obtained its observation letter on 24 March 2025, an update with SEBI showed.
According to the DRHP, the proposed IPO combines a Fresh Issue of equity shares aggregating up to Rs 750 crore with an Offer for Sale (OFS) of equity shares aggregating up to Rs 100 crore. IndiQube proposes to utilise Rs 426.6 crore from the Net Proceeds of the Fresh Issue to fund capital expenditures, Rs 100 crore for repayment or prepayment of borrowings, and the balance for general corporate purposes.
The company, led by Co-founders Rishi Das and Meghna Agarwal, is backed by prominent venture capital firm WestBridge Capital and renowned individual investor Ashish Gupta.
IndiQube manages a portfolio of 103 centers across 13 cities, including 6 Tier II cities. As of June 30, 2024, its portfolio covered 7.76 Mn Sq.ft. of AUM and had a total capacity of 172,451 seats. Its clients include GCCs, Indian corporates, unicorns, and start-ups across sectors, including Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, and Narayana Health.
It reported a total Income of Rs 867.6 crores in Fiscal 2024 as against Rs 601.2 crores in Fiscal 2023. The company’s FY24 EBITDA stood at Rs 263.4 crores, while for Q1FY25 itself, the EBITDA was Rs 153 crores. IndiQube has also received a CRISIL A+ / Stable rating.
According to a CBRE report, the flexible workspace stock in India currently stands at over 79 million sq.ft., of which Tier 1 cities account for over 72 million sq.ft. The Tier 1 stock is estimated to grow to approximately 124 million sq. ft. by the end of CY2027.
ICICI Securities Limited and JM Financial Limited are the Book-Running Lead Managers for the offer. The equity shares are proposed to be listed on the BSE and NSE.
