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

EntrackrEntrackr · 2d 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.

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

EntrackrEntrackr · 7m 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.

Zomato secures Rs 8,500 Cr via QIP

EntrackrEntrackr · 8m ago
Zomato secures Rs 8,500 Cr via QIP
Medial

Zomato Limited announced on Friday that it has raised Rs 8,500 crore through a Qualified Institutions Placement (QIP) of equity shares. Last week, the foodtech firm received shareholders’ approval for the fundraise. The issuance involved 33,64,73,755 equity shares at Rs 252.62 each, including a premium of Rs 251.62 per share. This issuance price represents a 5% discount on the determined floor price of Rs 265.91 per share, the company informed in its stock exchange filings. This capital infusion is expected to bolster Zomato's financial position, facilitating business expansion and strategic initiatives, especially in the quick commerce space via Blinkit. The offering, which opened on November 25 and closed on November 28, received approval from Zomato’s Fund Raising Committee during its meeting held earlier today. Prominent mutual funds, such as ICICI Prudential and Motilal Oswal, were among the significant allottees, with the latter acquiring a total of 6.92 crore shares, accounting for 20.81% of the issue size. After the transaction, Zomato’s paid-up equity share capital has risen to Rs 917.28 crore. For the fiscal year ending in, Zomato achieved a remarkable 68.5% quarter-on-quarter growth in operating revenue, reaching Rs 4,799 crore in Q2 FY25 from Rs 2,848 crore in Q2 FY24. The company also recorded a 4.8x increase in net profit to Rs 176 crore in the September quarter. A recent report by Motilal Oswal highlights that Blinkit, owned by Zomato, dominates the quick commerce market with a 46% share. Zepto holds the second position with a 29% share, while Swiggy Instamart follows in third place with a 25% market share. Compared to the closing price of last Friday (November 22), Zomato saw a 6.8% rise to Rs 282 per share at 11:30 AM on November 29, 2024. The company’s market cap currently stands at around Rs 2,35,481 crore or $28 billion, while its closest rival, Swiggy, is trading at Rs 470 per share with a market cap of Rs 90,712 crore or $10.7 billion.

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