IPO · Professional & Local Services

IndiQube files DRHP for ₹850 crore IPO

By Startup Enthusiast · 24 December 2024

What they do

IndiQube provides co-working and managed office spaces across 13 cities

It filed a draft red herring prospectus for an ₹850 crore IPO (fresh issue ₹750 crore plus offer for sale ₹100 crore)

The company plans to use proceeds for new centers and debt repayment; losses widened 72% in FY24

IndiQube filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
The IPO size is ₹850 crore, comprising a fresh issue of ₹750 crore and an offer for sale (OFS) of ₹100 crore.
Co-founders Rishi Das and Meghna Agarwal are each selling ₹50 crore worth of equity in the OFS.
No external shareholders are participating in the OFS.
The shares will be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
The book-running lead managers are ICICI Securities Limited and JM Financial.
Proceeds from the fresh issue will be used for new centers, repayment of borrowings, and general corporate expenses.

IndiQube is the second Indian co-working startup to file for an IPO, after Awfis.
Several other co-working companies, including Smartworks, WeWork India, Simpliwork, Table Space, and DevX, are also preparing for IPOs.
The company's losses increased by 72% in FY24, reaching ₹341 crore, even as revenue grew 43% to ₹830 crore.

IndiQube provides co-working and managed office spaces.
It operates 103 centers across 13 cities as of June 30, 2024.
It manages 7.76 million sq ft of area under management (AUM) with a total seating capacity of 172,451.
Clients include Myntra, upGrad, Zerodha, Perfios, NoBroker, Redbus, Juspay, Moglix, Ninjacart, Siemens, and Narayana Health.
The company offers brands like IndiQube Grow (flexible workspaces), DesignQube (personalised workplaces), IndiQare (a-la-carte services), IndiQube Eco (sustainability), and MiQube (integrated technology suite).

The company may opt for a pre-IPO placement of ₹150 crore.
It plans to use ₹462.6 crore of the fresh issue for capital expenditure on new centers.
It will use ₹100 crore for repayment or prepayment of borrowings.