IndiQube Spaces, a Bengaluru-based enterprise specializing in flexible workspaces, has filed offer documents with the Securities and Exchange Board of India (SEBI) to raise INR 850 crore through an Initial Public Offering (IPO). The IPO comprises a fresh issue of equity shares amounting to INR 750 crore and an offer for sale of shares valued at INR 100 crore by its promoters, Rishi Das and Meghna Agarwal.
From Humble Beginnings to Market Leader
Launched in 2015, IndiQube Spaces has been on a growth spree, now boasting 103 centres spread over 13 cities, managing a mind-blowing 7.76 million square feet with room for 1,72,451 seats as of mid-2024. The company has carved a niche in providing flexible workspaces that are both sustainable and tech-savvy, serving everyone from big names like Myntra and Siemens to upcoming startups.
The Heart of IndiQube’s Services
Their main gig, IndiQube Grow, is all about turning raw office space into something special with tech integration, interior design, and all the management bells and whistles. IndiQube has got other tricks up its sleeve too, like IndiQube Bespoke and IndiQube One, catering to those bespoke office needs.
Utilization of IPO Proceeds
With the IPO cash, IndiQube plans to spend:
- INR 462.6 crore on new centres,
- INR 100 crore to pay back some loans,
- The remaining will be used for General Corporate Purposes
Despite a revenue jump to INR 867.6 crore in FY24 from INR 601.2 crore the year before, the company is still in the red, with a loss of INR 341.51 crore in FY24, up from INR 198.11 crore in FY23.
IndiQube Spaces – Leadership
Rishi Das and Meghna Agarwal lead the company, having recently enhanced the board with the addition of four new independent directors to ensure robust governance and transparency.
The timing of the IPO aligns well with the global shift towards hybrid work environments, increasing the relevance of flexible workspaces such as those provided by IndiQube. This positions the company advantageously to capitalize on emerging trends within India’s dynamic real estate market.
ICICI Securities and JM Financial serve as the book-running lead managers for this IPO. The shares are planned to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), thereby expanding IndiQube’s market presence.
Looking Ahead
As the company prepares to go public, IndiQube Spaces seems ready to leverage its innovative approach to workspace solutions. With eyes on expansion and sustainability, it is poised to keep climbing in the dynamic world of corporate real estate.
This move into the public domain could just be what they need to solidify their standing and perhaps turn those red numbers into black. But, like any IPO, it’s a gamble, a step into the future where anything can happen.  For more information related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.
