IndiQube files DRHP to raise ₹850 crore

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Westbridge-backed managed workplace solutions company, IndiQube Spaces Ltd, has filed its draft red herring prospectus (DRHP) with the capital markets regulator, SEBI, to raise funds through an IPO. The company plans to raise ₹750 crore through a fresh issue of equity shares and ₹100 crore through an offer-for-sale (OFS) by the promoter-selling shareholders, Rishi Das and Meghna Agarwal.

The company plans to utilise the net proceeds of the fresh issue towards funding capital expenditure towards the establishment of new centres (₹462.6 crores); repayment or prepayment, in full or in part, of certain borrowings availed by the company (₹100 crore); and general corporate purposes.

IndiQube reported a reported a total Income of ₹867.6 crore in FY24 as against ₹601.2 crore in FY23. The EBITDA for the period stood at ₹263.4 crore, while for Q1FY25 itself the EBITDA was ₹153 crore.

IndiQube’s clients include GCCs, Indian corporates, and unicorns as well as start-ups across sectors like Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, Narayana Health among others.

Founded in 2015, IndiQube manages a portfolio of 103 centres across 13 cities, covering 7.76 million square feet of area under management (AUM) in super built-up area with a total seating capacity of 172,451 as of June 30, 2024 and has a balanced portfolio of global capability centers (GCCs) and Indian enterprises as part of its clientele.

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