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

EntrackrEntrackr · 6m 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 · 6m 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 gets SEBI nod for Rs 850 Cr IPO

EntrackrEntrackr · 3m ago
IndiQube gets SEBI nod for Rs 850 Cr IPO
Medial

IndiQube gets SEBI nod for Rs 850 Cr IPO Managed workplace solutions company, IndiQube, has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offerings (IPOs). In December last year, the Bengaluru-based company filed its DRHP for Rs 850 crore (approximately $100 million) IPO, comprising a fresh issue of Rs 750 crore and an offer for sale of equity shares totaling Rs 100 crore. As per the draft red herring prospectus (DRHP), the company plans to allocate Rs 427 crore from the fresh proceeds for capital expenditure, Rs 100 crore for loan repayment or prepayment, and the remaining amount for general corporate purposes. ICICI Securities Limited and JM Financial Limited will be the Book Running Lead Managers for its Initial Public Offering. The equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Indiqube has raised around $45 million across rounds. According to the DRHP, Anshuman Das is the 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. Founded in 2015 by Rishi Das and Meghna Agarwal, it manages a portfolio of 103 centers across 13 cities, including 6 Tier II cities. IndiQube clients include Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, and others. The WestBridge Capital-backed firm achieved a 43% year-on-year growth in revenue to Rs 830 crore in FY24 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. According to the company, it has recorded Rs 153 crore of EBITDA in Q1FY25 and claims to receive a CRISIL A+ / Stable rating.

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