🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Flex spaces boom as the office goes to the employee

LivemintLivemint · 1y ago
Flex spaces boom as the office goes to the employee
Medial

Indian flexible space providers, such as Awfis Space Solutions, WeWork India, IndiQube, and Urban Vault, have experienced significant revenue growth since the pandemic. The demand for alternative workspaces closer to employees has risen among corporates, startups, and professionals. The flexible office segment, including co-working and managed workplaces, has witnessed expansion, with capacity additions of 8-9 million square feet each in 2022 and 2023. This growth has prompted many space providers to go public, including Awfis, Smartworks Coworking Spaces, WeWork India, Simpliwork Offices, IndiQube, and Table Space Technologies. Global capability centres, along with traditional IT services and business process management, are driving the demand for co-working and managed workplaces.

Workplace solutions firm IndiQube to file draft papers for ₹800 cr IPO next week | Company Business News

LivemintLivemint · 1y ago
Workplace solutions firm IndiQube to file draft papers for ₹800 cr IPO next week | Company Business News
Medial

IndiQube, a workplace solutions company based in Bengaluru, is set to file for an IPO to raise ₹800 crore. The IPO will consist of a fresh issue and an offer for sale by the promoters, with the fresh issue component expected to be around ₹700 crore. The majority of the funds raised will be used for capital expenditure on new centers, while some will go towards debt repayment. IndiQube's portfolio includes 7.7 million sq ft across 14 cities, and its clients range from Indian conglomerates to startups and Fortune 500 companies. Its competitors in the flexible workspace sector include WeWork India, Smartworks, Awfis Space Solutions, and Table Space.

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

EntrackrEntrackr · 1y 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.

WeWork India raises Rs 500 Cr via rights issue

EntrackrEntrackr · 12m ago
WeWork India raises Rs 500 Cr via rights issue
Medial

WeWork India, a flexible workspace operator in India, has raised Rs 500 crore (around $57.8 million) via a rights issue. The proceeds will be used for the repayment of debt, strengthening the company’s pathway to being debt-free, and reducing our cost of capital. WeWork India is currently operational across eight cities, with over 1 lakh desks, with relationships across key stakeholders such as landlords, International Property Consultants (IPCs), and members. Since its inception in India in 2016, WeWork India has expanded across 63 operational centers in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad. WeWork India’s revenue from operations grew 26.7% to Rs 1,665 crore in the fiscal year ending March 2024 as compared to Rs 1,315 crore generated in the previous fiscal year, as per the company’s consolidated financial statements filed with the Registrar of Company. WeWork, the once high-flying co-working space provider, faced significant challenges in 2023 and 2024. In November 2023, the company filed for Chapter 11 bankruptcy in the US, however, it managed to emerge from bankruptcy after a few months. Despite these challenges, WeWork India is now eyeing an IPO, aiming for a valuation of $2-2.5 billion. Awfis became the first Indian co-working startup to list on the stock exchange, while Smartworks secured SEBI approval for its IPO. Other co-working companies like Simpliwork, Table Space, DevX, and Indiqube are also planning IPOs.

Ecom Express and Smartworks receive SEBI nod for IPO

EntrackrEntrackr · 1y ago
Ecom Express and Smartworks receive SEBI nod for IPO
Medial

Logistics firm Ecom Express and coworking space provider Smartworks have secured approval from the Securities and Exchange Board of India (SEBI) for their initial public offerings (IPOs). Ecom Express, which filed its draft red herring prospectus (DRHP) in August, aims to raise Rs 2,600 crore through its IPO. This includes a fresh equity issue of up to Rs 1,284.5 crore and an offer for sale (OFS) totaling Rs 1,315.5 crore. As part of the OFS, Partners Group will divest shares worth up to Rs 931 crore, while Warburg Pincus and BII (formerly CDC Group) will sell shares valued at Rs 211 crore and Rs 137 crore, respectively. This is the 13-year-old firm's second attempt at going public, after pausing its Rs 4,860 crore IPO plan approved in February 2022. In the logistics space, Delhivery and Blackbuck are already listed on the stock exchange, while Shadowfax is also gearing up for their IPOs. Smartworks, which also submitted its draft IPO papers in August, plans to raise funds through a fresh equity issue worth Rs 550 crore, alongside an offer for sale (OFS) of 67.49 lakh equity shares by its promoters. As of March 2024, Smartworks has a presence in as many as 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, with a portfolio of 41 centers spanning 8 million square feet. Smartworks will become the second firm, after Awfis, to get listed on the bourses. As per media reports, WeWork India, Simpliwork, Table Space firm, DevX, and Indiqube are also gearing up for their IPOs.

Smartworks opens strong on stock exchange; market cap crosses $600 Mn

EntrackrEntrackr · 5m ago
Smartworks opens strong on stock exchange; market cap crosses $600 Mn
Medial

Smartworks opens strong on stock exchange; market cap crosses $600 Mn Managed office space provider Smartworks made its stock market debut on Thursday, listing at Rs 435 per share on the National Stock Exchange, a 7% premium over its issue price of Rs 407. The IPO, which was oversubscribed 13.92 times, comprised a fresh issue of Rs 445 crore and an offer for sale (OFS) of 34 lakh shares worth Rs 137.5 crore. The price band was fixed at Rs 387–407 per share. The public issue received bids for 14 crore equity shares against 1 crore shares on offer. Qualified institutional buyers (QIBs) led the demand, subscribing 24.92 times their allotted quota, followed by non-institutional investors (NIIs) at 23.68 times. Promoters NS Niketan LLP and SNS Infrarealty LLP collectively earned Rs 32 crore through the OFS. Meanwhile, investor Space Solutions India Pte. Ltd (formerly Lisbrine Pte. Ltd) raked in Rs 107 crore, marking a 3.8X return and a profit of Rs 77.3 crore on its original investment, as per the RHP. Ahead of the listing, Smartworks raised Rs 174 crore (around $20 million) from anchor investors including Tata Mutual Fund, Aditya Birla Sun Life, Axis Mutual Fund, and SBI General Insurance. Post listing, Smartworks was trading at Rs 457.9 9 (as on 11.15AM) with a market capitalisation of Rs 5,221 crore (approximately $614 million). In FY25, the company reported Rs 1,374 crore in operating revenue, up from Rs 1,039 crore in FY24. However, its losses widened to Rs 62 crore in FY25 from Rs 50 crore in the previous fiscal ended March 2024. Smartworks competes with Awfis, which went public in May 2024 and currently trades at Rs 649.4. Awfis posted Rs 1,208 crore in revenue and Rs 68 crore in net profit in FY25. Another peer, WeWork India, has also received SEBI’s nod for its upcoming IPO.

Download the medial app to read full posts, comements and news.