365Telugu.com online news, December 27th,2024: IndiQube Spaces Limited, a leading managed workplace solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO).
The company aims to transform the traditional office experience by offering comprehensive, sustainable, and technology-driven solutions.
IndiQube is backed by prominent venture capital firm WestBridge Capital and individual investor Ashish Gupta. The company’s leadership includes Rishi Das (Chairman, Executive Director, and CEO) and Meghna Agarwal (COO and Executive Director).
The IPO consists of a fresh issue of equity shares worth up to ₹750 crore, alongside an offer for sale (OFS) of equity shares amounting to ₹100 crore by promoter shareholders Rishi Das and Meghna Agarwal.
The company intends to utilize the net proceeds from the fresh issue for capital expenditures towards the establishment of new centers (₹462.6 crore), repayment of borrowings (₹100 crore), and general corporate purposes.
Founded in 2015, IndiQube currently manages 103 centers across 13 cities, covering 7.76 million square feet of area with a seating capacity of 172,451 as of June 30, 2024. Its clientele includes global capability centers (GCCs), Indian enterprises, unicorns, and startups, including Myntra, upGrad, Zerodha, NoBroker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, and Narayana Health, among others.
The company’s core offering, IndiQube Grow, provides comprehensive plug-and-play workplace solutions, incorporating interiors, technology, facility management, and value-added services. Additionally, IndiQube has developed four specialized verticals: IndiQube Bespoke, IndiQube One, MiQube, and IndiQube Cornerstone to cater to unique client needs.
IndiQube reported a total income of ₹867.6 crore for FY24, compared to ₹601.2 crore in FY23. The FY24 EBITDA stood at ₹263.4 crore, while the Q1 FY25 EBITDA was ₹153 crore.
The demand for flexible workspaces is growing due to factors such as the rise of hybrid work models, cost prudence, the need for flexibility, and changing work culture. According to a CBRE report, the flexible workspace market in India currently spans over 79 million sq. ft., with Tier 1 cities accounting for over 72 million sq. ft. This stock is expected to grow to approximately 124 million sq. ft. by the end of 2027.
ICICI Securities Limited and JM Financial Limited are the Book Running Lead Managers to the offer. The equity shares are proposed to be listed on BSE and NSE.