Indiqube Spaces IPO: WestBridge Capital-Backed Firm Raises Rs 314 Crore From Anchor Investors Ahead Of Issue
Indiqube Spaces IPO: IndiQube Spaces allocated 13,262,658 shares to 29 funds. The shares have been allotted at Rs 237 apiece, aggregating the transaction size to Rs 314.32 crore.
Indiqube Spaces IPO: Workspace solutions provider Indiqube Spaces Ltd has raised Rs 314 crore from anchor investors on Tuesday, July 22, ahead of its initial public offering (IPO) opening for bidding on July 23, 2025.
Among the anchor investors who have been allocated shares are -- Aditya Birla Sun Life Mutual Fund (MF), WhiteOak MF, Bandhan MF, Motilal Oswal MF, Edelweiss MF, TOCU Europe III S.A R.L., BNP Paribas Financial Markets, Citigroup Global Markets Mauritius and Societe Generale.
According to a circular uploaded on BSE's website, Indiqube Spaces allocated 13,262,658 shares to 29 funds. The shares have been allotted at Rs 237 apiece, aggregating the transaction size to Rs 314.32 crore.
Indiqube Spaces IPO Details
The Rs 700-crore IPO of the Bengaluru-based firm will open for public subscription on July 23 and conclude on July 25. The price band has been set at Rs 225 to Rs 237 per share. At the upper end of the price band, the company's valuation is nearly Rs 5,000 crore.
The company is raising Rs 650 crore through issuance of fresh issue and promoters would offload shares worth Rs 50 crore under the Offer for Sale (OFS). WestBridge Capital, a key investor in the firm since 2018, is not divesting any stake in the OFS.
Indiqube Spaces proposes to utilise the fresh capital to the tune of Rs 462.6 crore towards funding capex for setting up new centres, Rs 93 crore for repayment and rest for general corporate purposes. ICICI Securities and JM Financial are book-running lead managers to the issue. The equity shares are expected to be listed on July 30 on the BSE and NSE.
Indiqube Spaces company details
The coworking spaces solutions provider, which was incorporated in 2015, manages a portfolio of 8.40 million sq ft across 115 properties in 15 cities with a total seating capacity of 1,86,719 as of March 2025. This was a growth from 74 centres and 4.94 million sq ft in March 2023.
Indiqube serves 769 clients, out of which 44 per cent clients are Global Capability Centres. The company follows an enterprise-first strategy owing to which 63 per cent of its occupied area comes from clients who have leased over 300 seats.
Further, 44 per cent of its revenue is generated from multi centre clients. Its diverse client mix includes Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health and Allegis to name a few.
On the financial front, it reported a total income of Rs 1,103 crore in fiscal 2025, recording a CAGR of 35 per cent from fiscal 2023. The company raised a total of Rs 324 crore in two funding rounds during 2018 and 2022. WestBridge Capital led the investment with Rs 190 crore, followed by Rs 131 crore from the promoters, and the rest came from angel investor Ashish Gupta.
