IndiQube Secures SEBI Nod for ₹850 Crore IPO: What You Need to Know

In an exciting development for the Indian startup ecosystem, IndiQube, a leading player in managed workplace solutions, has been granted approval by the Securities and Exchange Board of India (SEBI) to raise ₹850 crore through its upcoming initial public offering (IPO). Based in Bengaluru, IndiQube is poised for significant growth after submitting its Draft Red Herring Prospectus (DRHP) back in December 2024. The company’s observation letter from SEBI was received on March 24, 2025, marking a crucial step toward its IPO launch.

IPO Breakdown: Fresh Issue and Offer for Sale

IndiQube’s planned IPO consists of a Fresh Issue of equity shares valued at ₹750 crore, along with an Offer for Sale (OFS) of ₹100 crore.

• Fund Allocation:
  • ₹426.6 crore will be directed towards capital expenditures
  • ₹100 crore is earmarked for loan repayment or prepayment
  • The remaining funds will be utilized for general corporate needs

Co-founders Rishi Das and Meghna Agarwal lead the firm, which has garnered support from WestBridge Capital and prominent investor Ashish Gupta.

Company Profile: Growth and Clientele

Founded in 2015, IndiQube operates a vast network of 103 centers across 13 cities, including six in Tier II locations. As of June 30, 2024, the company manages 7.76 million square feet of assets, providing workspace for 172,451 seats.

IndiQube’s diverse clientele includes notable companies such as Myntra, upGrad, Zerodha, and Siemens. This eclectic mix spans various industries, from established corporations to innovative startups.

Financial Performance: A Promising Outlook

In terms of financial health, IndiQube reported a remarkable total income of ₹867.6 crore for the fiscal year 2024, a significant increase from ₹601.2 crore in fiscal 2023. The company’s EBITDA for FY24 stood at ₹263.4 crore, demonstrating robust operational efficiency. Furthermore, the first quarter of FY25 saw an impressive EBITDA of ₹153 crore.

The Flexible Workspace Market in India

According to a recent report by CBRE, India’s flexible workspace inventory has surpassed 79 million square feet, with Tier 1 cities accounting for over 72 million square feet. Projections suggest that by the end of 2027, Tier 1 inventory could reach approximately 124 million square feet, indicating a strong growth trajectory for companies like IndiQube.

Conclusion: Preparing for Launch

With ICICI Securities Limited and JM Financial Limited acting as the Book Running Lead Managers for the IPO, IndiQube is set to make a significant impact in the market. As the company gears up for this crucial financial milestone, investors and industry watchers are keenly awaiting the next steps in this promising venture.

For more updates on IPOs and market trends, you can check out other articles on our site. Stay tuned for more insights!