IndiQube Spaces Limited files DRHP for Rs. 850 crore IPO
IndiQube Spaces Limited, a managed workplace solutions company dedicated to transforming the traditional office experience through comprehensive, sustainable, and technology-driven solutions has filed the draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise funds through an initial public offering (IPO).
IndiQube is backed by prominent venture capital firm, WestBridge Capital and renowned individual investor, Ashish Gupta with Rishi Das, Chairman, Executive Director and CEO and Meghna Agarwal, COO and Executive Director at the helm.
The IPO of the Bengaluru based company comprises 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 by the Promoter Selling Shareholders – Rishi Das and Meghna Agarwal
IndiQube Spaces Limited proposes to utilize the Net Proceeds of the Fresh Issue towards funding capital expenditure towards establishment of new centers (Rs. 462.6 crores); repayment or prepayment, in full or in part, of certain borrowings availed by the company (Rs. 100 crores); and general corporate purposes.
The company which was incorporated in 2015, manages a portfolio of 103 centers across 13 cities, covering 7.76 million square feet of area under management (AUM) in super built-up area with a total seating capacity of 172,451 as of June 30, 2024 and has a balanced portfolio of global capability centers (GCCs) and Indian enterprises as part of its clientele.
IndiQube’s clients include GCCs, Indian corporates, unicorns as well as start-ups across sectors like Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, Narayana Health to name a few.
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. It has also developed four additional verticals, namely IndiQube Bespoke, IndiQube One, MiQube and IndiQube Cornerstone to service specialized client requirements.
It reported a Total Income of Rs. 867.6 crores in Fiscal 2024 as against Rs. 601.2 crores in Fiscal 2023. FY24 EBITDA stood at Rs. 263.4 crores, while for Q1FY25 itself the EBITDA was Rs. 153 crores.
Flexible workspaces are becoming an integral part of the commercial office market. The rise of hybrid work models, prudence in the use of capital, the need for flexibility, workspace planning, and a shift in work culture are amongst the factors fuelling the demand for flexible workspaces.
According to a CBRE report, the flexible workspace stock in India currently stands 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 end of CY2027.
The Book Running Lead Managers to the offer are ICICI Securities Limited and JM Financial Limited
The equity shares are proposed to be listed on BSE and NSE.