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Exclusive: IndiQube takes key step towards IPO, becomes public company

EntrackrEntrackr · 8m ago
Exclusive: IndiQube takes key step towards IPO, becomes public company
Medial

Workspace provider IndiQube has converted itself into a public company. This marks the company’s concrete step towards its planned initial public offering (IPO). The board at IndiQube has approved the resolution to change the company’s status from private to public. Its name has now changed from “Indiqube Space Private Limited” to “Indiqube Spaces Limited”. According to the media reports, the company is looking to raise Rs 1,000-1,500 crore in the IPO which will largely consist of fresh issues of shares. IndiQube provides workspaces to startups, offshore development centers, and large enterprises across India. The company derived 80% of its revenue from rental income. IndiQube has raised around $45 million to date and is valued at around over $200 million in its last round. According to the startup data intelligence platform TheKredible, WestBridge Capital is the largest external stakeholder with 27.67%. Its co-founders Rishi Das and Meghna Agarwal cumulatively hold over 30% of the company. For FY24, the company reported revenue of approximately Rs 840 crore with a net profit of Rs 80 crore. Several co-working startups are preparing to launch their IPOs. Awfis made its debut on the stock market earlier this year, while Smartworks recently secured SEBI’s approval for its proposed IPO. According to media reports, other players like WeWork India, Simpliwork, Table Space, and DevX are also gearing up to go public.

WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO

EntrackrEntrackr · 7m ago
WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO
Medial

WestBridge Capital-backed IndiQube files DRHP for Rs 850 Cr IPO Workspace provider IndiQube has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO includes a fresh issue of equity shares worth Rs 750 crore (approximately $89 million) and an offer for sale (OFS) of equity shares amounting to Rs 100 crore. Co-founders Rishi Das and Meghna Agarwal will each sell shares worth Rs 50 crore through the OFS. Notably, no external shareholders are participating in the OFS, highlighting the founders' significant role in the offering. According to the DRHP, Anshuman Das is IndiQube's largest shareholder, holding 25.32%, followed by Aravali Investment Holding with 22.07%. Other notable shareholders include WestBridge Capital (5.79%), Carenet Technologies (5.15%), and Hirepro Consulting (2.15%). The company's co-founders, Rishi Das and Meghna Agarwal, cumulatively own 37.92% of the company. IndiQube plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by ICICI Securities Limited and JM Financial, who are acting as the book-running lead managers. According to the company, the net proceeds from the fresh issue will be utilized for the establishment of new centers, repayment of borrowings, and other general corporate purposes. In the first quarter of the ongoing fiscal year, IndiQube reported revenue of Rs 242 crore, while its losses stood at Rs 42 crore. The WestBridge Capital-backed firm achieved a 43% year-on-year growth in revenue, reaching Rs 830 crore in FY24, up from Rs 580 crore in FY23. However, the pursuit of growth came at a cost, with losses surging 72.2% to Rs 341 crore in FY24, compared to Rs 198 crore in FY23.

Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr

EntrackrEntrackr · 20d ago
Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr
Medial

Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr Flexible workspace provider Indiqube Spaces made a muffled debut on the stock exchange on Wednesday, listing at Rs 216 on the NSE (National Stock Exchange), a 9% discount to its issue price of Rs 237. While the listing saw a strong response to its Rs 700 crore public offer, which included Rs 650 crore of new shares and Rs 50 crore sold by existing investors, the issue was oversubscribed more than 12 times. Most of the demand came from large institutional investors. At the same time, retail investors bid nearly 13 times the number of shares available to them, while the non-institutional (high-net-worth) category was subscribed to over 8 times. Founded in 2015, Indiqube provides managed workspace solutions to startups, enterprises, and SMEs, with a presence across major Indian cities. The company plans to use the IPO proceeds primarily to repay debt, fund capex, and for general corporate purposes. The tepid listing puts pressure on the company to deliver on its growth plans amid increasing competition in the flexible office segment. While the IPO attracted marquee anchor investors, with investments of Rs 374 crore from HDFC MF, ICICI Pru, Nippon Life, and White Oak, public market investors appear to be treading cautiously. Financially, IndiQube reported a 27.5% YoY revenue growth, clocking Rs 1,059 crore in FY25, compared to Rs 830 crore in FY24. The company also cut its losses by 59% to Rs 139.5 crore, from Rs 341.5 crore a fiscal earlier. Indiqube was trading at Rs 210.85 (as of 11.15 AM) on NSE with a total market capitalization of Rs 4,428 crore (approximately $521 million). It competes with Awfis, which debuted on the stock exchanges in May last year with a strong listing, opening at a 13% premium to its issue price. Smartworks, which went public earlier this month, also saw a positive start, listing at a 7% premium.

IndiQube crosses Rs 1,000 Cr revenue mark in FY25; cuts losses by 58%

EntrackrEntrackr · 29d ago
IndiQube crosses Rs 1,000 Cr revenue mark in FY25; cuts losses by 58%
Medial

IndiQube crosses Rs 1,000 Cr revenue mark in FY25; cuts losses by 58% IndiQube, a provider of managed workspace solutions, submitted its red herring prospectus (RHP) to SEBI for a proposed Rs 700 crore Initial Public Offering (IPO) last week. The company's financial report indicates a 57% reduction in net loss, attributed to revenue growth and controlled costs. Indiqube’s revenue from operations increased by 28% to Rs 1,059 crore in FY25 from Rs 830 crore in FY24, according to its restated financial statement filed in the RHP. IndiQube derives the majority of its income from rental services, which accounted for Rs 870 crore or over 82% of its total operating revenue. Other income sources included the sale of goods (Rs 66 crore), maintenance charges (Rs 51 crore), electricity charges (Rs 33 crore), and others (Rs 39 crore). The company also made additional Rs 44 crore from non-operating sources, which pushed its total revenue to Rs 1,103 crore in FY25. For the managed space providing firm, depreciation cost related to lease stood at Rs 487 crore, accounting for 39% of the total expense, followed by finance costs, which were recorded at Rs 330 crore. Employee benefit expenses rose to Rs 76 crore while material cost stood at Rs 52 crore during the year. Overall, total expenses remained largely flat at Rs 1,260 crore in FY25 from Rs 1,252 crore a year ago. Despite the high depreciation and finance costs, IndiQube’s near-flat expenses coupled with its top-line expansion helped the company to cut losses by 58% to Rs 141 crore in FY25, as compared to Rs 341 crore in FY24. The Bengaluru-based company spent Rs 1.2 to earn a Rupee of operating revenue in FY25. The company recorded current assets worth Rs 210 crore in FY25, including Rs 61 crore in Cash and bank balances. IndiQube’s equity shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The issue will open for subscription on July 23, 2025, and close on July 25, with the anchor book opening on July 22.

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