IndiQube Spaces Files For Rs 850-Crore IPO

IndiQube Spaces Ltd. filed its preliminary papers with capital markets regulator SEBI on Tuesday to raise up to Rs 850 crore via an initial public offering.

The public offer will include an offer for sale of up to Rs 100 crore and fresh issue worth Rs 750 crore. Rishi Das and Meghna Agarwal are the promoters of the company offloading shares in the OFS, according to the draft red herring prospectus.

The equity shares are proposed to be listed on the National Stock Exchange and BSE.

ICICI Securities Ltd. and JM Financial Ltd. are the book-running lead managers for the issue and Link Intime India Pvt. will be the registrar of the issue.

The Bengaluru-based company may consider raising Rs 150 crore as a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.

The co-working space firm will use Rs 462.7 crore to fund establishment of new centres and Rs 100 crore for pre-payment in full or part of certain borrowings availed by the company. The amount pending will be used for general corporate purposes.

The company, founded in 2015, is backed by WestBridge Capital and individual investors Ashish Gupta. The firm, as of June 30, has managed 103 centers across 13 cities with a portfolio of 7.76 million sq. ft. of built-up area. The clientele includes global capability centres, unicorns, Indian corporates and startups like Zerodha, NoBroker, Redbus and Siemens.

"Markets such as Chennai, Bengaluru, and Pune emerged as best-performing cities among Tier I cities in terms of current vacancy levels during the first half of 2024," it said in its DRHP.

The company has reported a revenue of Rs 867.6 crore in financial year 2024 up from Rs 601.2 crore in financial year 2023. Its operating income, or earnings before interest, taxes, depreciation, and amortisation was at Rs 263.4 crore.