IndiQube, a managed workplace solutions company, is dedicated to transforming the traditional office experience through comprehensive, sustainable, and technology-driven solutions. Representational image.
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Workplace solutions company IndiQube Spaces Ltd has filed preliminary papers with capital markets regulator Sebi to raise ₹850 crore through an initial public offering (IPO).

Also read: The changing face of workplaces in Tamil Nadu

The IPO of the Bengaluru-based company comprises a fresh issue of equity shares worth ₹750 crore and an Offer for Sale (OFS) of equity shares aggregating up to₹ 100 crore by the promoters — Rishi Das and Meghna Agarwal, according to the draft red herring prospectus (DRHP) filed on Tuesday (December 24, 2024).

IndiQube Spaces proposes to utilise the proceeds of the fresh issue to the tune of ₹462.6 crore towards funding capital expenditure towards establishment of new centres; ₹100 crore for payment of debt; and a portion will be used for general corporate purposes.

The company is backed by prominent venture capital firm WestBridge Capital and renowned individual investor Ashish Gupta.

IndiQube, a managed workplace solutions company, is dedicated to transforming the traditional office experience through comprehensive, sustainable, and technology-driven solutions.

The company which was incorporated in 2015, manages a portfolio of 103 centres 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 centres (GCCs) and Indian enterprises as part of its clientele.

IndiQube’s clients include GCCs, Indian corporates, unicorns as well as startups across sectors like Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, and 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 — IndiQube Bespoke, IndiQube One, MiQube and IndiQube Cornerstone — to service specialised client requirements.

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.

Bengaluru is the largest commercial office and flexible workspace market in India currently, accounting for over 30 per cent of the total flexible workspace stock amongst Tier I cities. IndiQube is amongst the leading operators in Bengaluru with a portfolio of 60 centres spanning 5.04 million square feet in AUM.

On the financial front, the company reported a total income of ₹8,67.6 crores in Fiscal 2024 as against ₹6,01.2 crore in fiscal 2023. The operating profit stood at ₹263.4 crore in FY24 .

ICICI Securities and JM Financial are the book running lead managers to the offer. The equity shares are proposed to be listed on BSE and NSE.