IPO · Professional & Local Services

IndiQube gets SEBI approval for ₹850 crore IPO

By Startup Enthusiast · 1 April 2025

What they do

IndiQube provides managed office spaces, coworking, and enterprise hubs across 13 cities

SEBI approved its ₹850 crore IPO, with ₹750 crore fresh issue and ₹100 crore offer for sale

The fresh funds will go toward capital expenditure and loan repayment; the company posted ₹830 crore revenue in FY24

IndiQube received SEBI approval for its ₹850 crore initial public offering (IPO).
The IPO includes a fresh issue of ₹750 crore and an offer for sale (OFS) of ₹100 crore.
The fresh proceeds will be used for capital expenditure (₹426.6–427 crore), loan repayment (₹100 crore), and general corporate purposes.
Equity shares will be listed on BSE and NSE.
Book running lead managers are ICICI Securities Limited and JM Financial Limited.
The company has raised about $45 million in funding to date.
Co-founders Rishi Das and Meghna Agarwal collectively own 37.92% of the company.
Co-founder Anshuman Das is the largest individual shareholder at 25.32%.

Awfis became India's first publicly listed co-working startup; Smartworks also got SEBI nod.
WeWork India, Simpliwork, Table Space, and DevX are exploring IPOs.
Flexible workspace stock in India is over 79 million sq.ft. and expected to grow to ~124 million sq.ft. by end of CY2027.

IndiQube manages 103 centres across 13 cities, including 6 Tier-II cities.
Its portfolio covers 7.76 million sq.ft. with a total capacity of 172,451 seats as of June 2024.
Clients include Myntra, upGrad, Zerodha, NoBroker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, and Narayana Health.
The company offers managed office spaces, coworking, enterprise hubs, satellite offices, GCCs, and solopreneur coworking under brands like IndiQube Grow, DesignQube, IndiQare, IndiQube Eco, MiQube, and IndiQube Circle.