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Exclusive: Coworking Space Provider IndiQube In Talks With Bankers For INR 1,500 Cr IPO

Inc42 · 10m ago

Exclusive: Coworking Space Provider IndiQube In Talks With Bankers For INR 1,500 Cr IPO

IndiQube plans to file its Draft Red Herring Prospectus (DRHP) in the next three months after finalizing merchant bankers. The coworking space provider aims to raise INR 1,000 Cr – INR 1,500 Cr through its initial public offering (IPO). The IPO will primarily consist of a fresh issue of shares. IndiQube reported a profit of approximately INR 60 Cr in FY24, with an operating revenue of around INR 850 Cr.

Related News

IPO-Bound IndiQube’s Loss Widens 72% To INR 341.5 Cr In FY24

Inc42 · 6m ago

IPO-Bound IndiQube’s Loss Widens 72% To INR 341.5 Cr In FY24

IndiQube, a coworking space provider, experienced a 44% increase in operating revenue, reaching INR 867.66 crore in FY24. However, its financial losses widened by 72% to INR 341.5 crore due to a significant rise in the loss on fair valuation of financial liabilities, which more than doubled to INR 268.95 crore. The company has filed a Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO) worth INR 850 crore.

Peak XV-backed Awfis files DRHP, plans to raise INR 160 Cr via fresh share issue

Inc42 · 1y ago

Peak XV-backed Awfis files DRHP, plans to raise INR 160 Cr via fresh share issue

Coworking space provider Awfis, backed by Peak XV Partners, has filed a draft red herring prospectus (DRHP) with SEBI for its IPO. The IPO consists of a fresh issue of INR 160 Cr and an offer-for-sale (OFS) component. Awfis plans to use INR 52.5 Cr from the net proceeds to set up new coworking centers and the remaining INR 68 Cr as working capital. As of June 2023, Awfis had 121 operational centers and reported revenue of INR 545.28 Cr in FY23.

Managed office space firm IndiQube to file papers for Rs 800-crore IPO in November

Money Control

Money Control · 9m ago

Managed office space firm IndiQube to file papers for Rs 800-crore IPO in November

Bengaluru-based co-working and managed office space operator IndiQube is planning to file draft papers for an IPO in November, aiming for a valuation of $1-1.2 billion. The IPO is expected to raise up to INR 800 crore through a fresh share issue. IndiQube has appointed ICICI Securities and JM Financial as bankers for the IPO. The company has recorded profitability in recent years, with a net profit of INR 20.6 crore in FY23. IndiQube is looking to capitalize on refurbishing older buildings in legacy business districts and offer catering services through a central kitchen.

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

Entrackr

Entrackr · 7m ago

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

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.

Bottomline: PE-backed IndiQube comes within stone's throw of FY24 revenue target

VCCircle

VCCircle · 10m ago

Bottomline: PE-backed IndiQube comes within stone's throw of FY24 revenue target

PE-backed flexible office space provider IndiQube is close to achieving its FY24 revenue target, recording a more than 40% increase in revenue from operations in the last fiscal year. The company, supported by WestBridge Capital, had considered a public listing and was in discussions with bankers. Founded by Rishi Das and Meghna Agarwal, IndiQube operates in the flexible office space sector.

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

Inc42 · 1y ago

IPO-bound Awfis’ net loss narrows to INR 46.6 Cr in FY23

IPO-bound coworking space provider Awfis reported a net loss of INR 46.6 Cr in the financial year 2022-23 (FY23), a decline of over 18% compared to the previous year. The company's revenue from contracts with customers grew by 112% YoY to INR 545.3 Cr in FY23. Awfis plans to raise INR 160 Cr through a fresh issue of shares during its IPO and is experiencing increased demand for flexible workspaces due to the COVID-19 pandemic. However, the company faces rising expenses, including finance costs and employee benefit expenses.

IPO-bound Indiqube Spaces FY25 net loss at Rs 140 Cr, revenue rises 27%

YourStory

YourStory · 7d ago

IPO-bound Indiqube Spaces FY25 net loss at Rs 140 Cr, revenue rises 27%

Indiqube Spaces Ltd, a coworking firm, reported a net loss of Rs 139.61 crore in the last fiscal, down from Rs 341.50 crore the previous year, despite a 27% revenue rise to Rs 1,102.93 crore. The company plans to raise Rs 700 crore via an IPO, with funds allocated for expansion and debt repayment. Operating 115 centers in 15 cities, Indiqube prepares for increasing demand for flexible workspaces in India.

Awfis IPO Receives Strong Response, Issue Oversubscribed 108X On Final Day

Inc42 · 1y ago

Awfis IPO Receives Strong Response, Issue Oversubscribed 108X On Final Day

The IPO of a coworking space provider received significant oversubscription. Bids were made for 93.68 crore shares, surpassing the 86.29 lakh shares available. Qualified institutional buyers (QIBs) oversubscribed their quota by 116 times, bidding for 54.68 crore shares against the 46.75 lakh shares reserved for them. The company aims to raise INR 599 crore through the public offer, with the price band set at INR 364-INR 383.

QRG Investment Dumps 3.89 Lakh Shares Of Awfis For INR 27 Cr

Inc42 · 1m ago

QRG Investment Dumps 3.89 Lakh Shares Of Awfis For INR 27 Cr

QRG Investment & Holdings, an early investor in Awfis, sold 3.89 lakh shares of the coworking space provider for INR 26.64 crore in a bulk deal. Shares were sold at INR 685.01 each, while Awfis's stock closed at INR 658.6, down 3.1% from the previous close. At the end of Q1 2025, QRG Investments held a 7.12% stake in Awfis. Awfis reported a significant annual increase in profit and operating revenue.

Smartworks Raises INR 174 Cr From Anchor Investors

Inc42 · 18d ago

Smartworks Raises INR 174 Cr From Anchor Investors

Smartworks, a coworking space provider, has raised INR 173.64 crore from anchor investors ahead of its public issue. The company allocated 4.3 million equity shares at INR 407 per share to these investors. Notably, Tata Mutual Funds, Baroda BNP Paribas, and Trust Mutual Fund collectively acquired 32.04% of the anchor allotment, totaling 1.37 million shares. Other participants included Aditya Birla Sun Life, Axis Mutual Fund, SBI General Insurance, Societe Generale, and Buoyant Capital.

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