IndiQube Spaces Files DRHP with SEBI for ₹850 Crore IPO to Expand Managed Workspaces
IndiQube Spaces, a company specialising in managed workplace solutions, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹850 crore through an initial public offering (IPO).
IPO Details
The IPO consists of a fresh issue of equity shares amounting to ₹750 crore and an offer for sale (OFS) worth ₹100 crore. The company's founders and promoters, Rishi Das and Meghna Agarwal, will sell shares worth ₹100 crore through the OFS. The equity shares are expected to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Use of IPO Proceeds
The company plans to use the majority of the proceeds for capital expenditures, including establishing new centres and repaying borrowings.
Key Investors and Management
IndiQube Spaces is backed by WestBridge Capital and Ashish Gupta. Rishi Das serves as the Chairman, Executive Director, and CEO, while Meghna Agarwal is the COO and Executive Director. IndiQube has recently expanded its Board of Directors by appointing four Independent Directors.
Book Running Lead Managers
ICICI Securities Limited and JM Financial are the Book Running Lead Managers for the IPO.
Company Background
Founded in 2015, IndiQube Spaces is headquartered in Bengaluru and operates across 13 cities in India. The company offers a variety of workplace solutions, including IndiQube Grow, their flagship fully integrated plug-and-play workspaces. They also have four additional verticals: IndiQube Bespoke, IndiQube One, MiQube, and IndiQube Cornerstone. As of June 30, 2024, IndiQube manages 103 centres, encompassing 7.76 million square feet, with a seating capacity of 172,451.
Client Base
IndiQube has a diverse client base which includes:
- Global Capability Centres (GCCs)
- Indian enterprises
- Unicorns
- Startups
Some of their prominent clients include Myntra, upGrad, Zerodha, NoBroker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, and Narayana Health.
Financial Performance
In Fiscal Year 2024 (FY24), IndiQube reported a total revenue of ₹867.6 crore, significantly higher than the ₹601.2 crore earned in FY23. The company's FY24 EBITDA stood at ₹263.4 crore. In the first quarter of FY25, their EBITDA reached ₹153 crore. Despite the revenue growth, the company’s losses increased by 72% year-on-year, reaching ₹341.5 crore in FY24 due to rising expenses.
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