PC: indiqube.com
IndiQube gets SEBI nod to proceed with ₹850 crore initial public offering The IPO is of ₹750 crore fresh issue and an OFS of ₹100 crore from the company’s promoters, Rishi Das and Meghna Agarwal, of ₹50 crore each by which they intend to sell ₹50 crore each.
The funds out of fresh issue are intended for various strategic initiatives including ₹462.6 crore to be invested in capital expenditure for establishment of new centers, ₹100 crore towards payment of repayers or prepayments of certain borrowings and balance for general corporate purposes.
IndiQube was founded in 2015 and has very expanded its presence in 103 centers across 13 cities, six Tier II cities and is operational in a total area of 7.76 million square feet of with seating capacity of 172,451 in June 2024. The company’s clientele includes GCCs, Indian corporate, startup as Myntra, upGrad, Zerodha, NoBroker, Redbus, Juspay, Perfios, Moglix and Nintyacart.
IndiCube considers the financial performance of ₹830.6 crore in FY24, up from ₹579.7 crore in preceding fiscal year, has grown by 43% year on year. Besides, its losses also had increased 72 percent in FY24 to ₹341.5 crore, spilled by a sharp surge in charge.
ICICI Securities and JM Financial would be the book running lead managers for the IPO. Equity shares of IndiQube are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
IndiQube’s decision to go public fits into a broader trend of new age firms raising money in Indian markets. Robust appetite from retail investors is driving food-tech unicorn Swiggy, fintech company MobiKwik, and babycare retailer FirstCry, among others, to make their debut on the stock exchanges of the current year.
The industry of the flexible workspace sector in India is growing rapidly as a result of the growth of hybrid work models and growing demand for adaptable office solutions. In India’s Tier 1 cities, flexible workspace stock is expected to expand from around 79 million square feet currently to over 124 million square feet by end of 2027, as per a CBRE report. Of this market, around thirty percent, is in B’lore where IndiQube’s presence is very strong with 60 centres for a total of 5.04 million square feet.
With IndiQube gearing up for a public offering, its expansion across geographies and improvement of service offerings will provide it with strategic fit to cash in on the soaring demand for flex space in India.
