IndiQube Spaces Limited Gets SEBI Nod for INR 850-crore IPO

Muskaan Kapoor

01 Apr 2025 — 2 min read

IndiQube Gets SEBI Nod for INR 850-crore IPO

Managed workplace solutions company IndiQube has received the capital markets regulator SEBI’s go-ahead to raise INR 850-crore through an IPO. The Bengaluru-based company, which filed its DRHP in December 2024, obtained its observation letter on 24^th March 2025, an update the SEBI showed.

According to the DRHP, the proposed IPO is a combination of a Fresh Issue of equity shares aggregating up to Rs. 750 crores and an Offer for Sale (OFS) of equity shares aggregating up to Rs. 100 crores. IndiQube proposes to utilize Rs. 426.6 crore from the Net Proceeds of the Fresh Issue towards funding capital expenditure, INR 100 crore for repayment or prepayment of borrowings, and the balance towards general corporate purposes.

Led by Co-founders Rishi Das and Meghna Agarwal, the company is backed by prominent venture capital firm WestBridge Capital and renowned individual investor Ashish Gupta.

IndiQube, which was incorporated in 2015, manages a portfolio of 103 centers across 13 cities, including 6 Tier II cities. It has a portfolio covering 7.76 Mn Sq.ft. of AUM with a total capacity of 172,451 seats as of June 30, 2024. Its clients include GCCs, Indian corporates, unicorns, and startups across sectors with Myntra, upGrad, Zerodha, NoBroker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, and Narayana Health, to name a few.

On the financial front, it reported a Total Income of INR 867.6 crores in the Fiscal year 2024 as against INR 601.2 crores in the Fiscal year 2023. The company’s FY24 EBITDA stood at INR 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. out of which Tier 1 cities account for over 72 million sq.ft. The Tier 1 stock is estimated to grow to approximately 124 Mn sq. ft. by the end of CY2027.

ICICI Securities Limited and JM Financial Limited are the Book Running Lead Managers to the offer. The equity shares are proposed to be listed on BSE and NSE.