Rs 700 crore IndiQube IPO to open on July 23

The Initial Public Offering (IPO) of workplace solutions provider IndiQube Spaces Limited will open on Wednesday July 23, Wednesday and close on July 25, Friday, company's Red Herring Prospectus (RHP) showed. The public issue comprises a fresh issue of Rs 650 crores and an Offer for Sale (OFS) of Rs 50 crores.

The window for anchor investors to bid for the shares will open on Tuesday, July 22.

Promoters Rishi Das and Meghna Agarwal will offload shares worth Rs 25 crores each, the RHP said.

IndiQube Spaces IPO proceeds

The company has proposed to utilise the fresh issue towards funding capex towards new centers to Rs 462.6 crores. It will use Rs 93 crores towards the repayment of debt while the remaining proceeds on general corporate purposes.

About IndiQube

IndiQube has a workplace technology stack MiQube that provides one-touch access to a variety of services, including booking meeting rooms, ordering meals among others and has surpassed 1 million in transaction volume in FY25.

IndiQube served 769 clients as of March 31, 2025 out of which 44% clients are Global Capability Centers. The company follows an enterprise-first strategy owing to which 63% of its occupied area comes from clients who have leased 300+ seats. Further, 44% of its revenue is generated from multi center clients. Its diverse client mix includes Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health and Allegis to name a few.

As of March 31, 2025, the company manages a portfolio of 8.40 million square foot across 115 properties in 15 cities with a total seating capacity of 186,719, growing from 74 centers and 4.94 million square foot. in March 2023. Its AUM has grown at a CAGR of 30% over the last 2 years. According to CBRE, Bengaluru is the largest flex market in India. IndiQube, with a portfolio of 65 centers spanning 5.43 million square foot, is amongst the leading operators in Bengaluru.

IndiQube financials

The company reported a total income of Rs 1,103 crores in fiscal 2025, recording a CAGR of 35% from Fiscal 2023. The company’s FY25 EBITDA stood at Rs 660 crores with an RoCE of 34.21%, cash EBIT margins of 10.81% with an occupancy rate of 86.50% in steady state centers. The company’s revenue from Value Added Services has increased from Rs 68 crores in fiscal 2023 to Rs 135 crores in fiscal 2025 growing at a CAGR of 40.69%. Nearly 13% of its revenue originated from VAS in FY25.

As per IGAAP accounting standards, the company has been PAT positive and has paid income tax to the tune of Rs 7.7 crores and Rs 8.4 crores in FY24 and FY25 respectively. The company has also received a CRISIL A+/Stable rating with consistent upgrades over the last 3 cycles.

WestBridge Capital has been a key investor in the firm since 2018. In two funding rounds during 2018 & 2022, the company has raised a total equity of Rs 324 crores led by WestBridge Capital with Rs 190 crores followed by promoter investment of Rs 131 crores and the remaining from angel investor Ashish Gupta.

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.

IndiQube IPO lead managers

The Book Running Lead Managers to the offer are ICICI Securities Limited and JM Financial Limited

The equity shares are proposed to be listed on BSE and NSE.

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