Managed workplace solutions firm IndiQube gets SEBI's go ahead for Rs 850 crore IPO

Managed workplace solutions company IndiQube has received the capital markets regulator SEBI's go-ahead to raise Rs 850 crore through an initial public offering (IPO).

The Bengaluru-based company, which filed its DRHP in December 2024, obtained its observation letter on 24th March 2025, an update with the SEBI showed.

IPO details 

According to the DRHP, the proposed IPO is a combination of a Fresh Issue of equity shares aggregating up to Rs 750 crore and an Offer for Sale (OFS) of equity shares aggregating up to Rs 100 crore.

IndiQube said it would utilize Rs 426.6 crore from the net proceeds of the fresh issue towards funding capital expenditure, Rs 100 crore for repayment or prepayment of borrowings, and the balance towards general corporate purposes.

IndiQube's market presence

Led by co-founders Rishi Das and Meghna Agarwal, IndiQube is backed by prominent venture capital firm, WestBridge Capital and renowned individual investor, Ashish Gupta.

IndiQube, which was incorporated in 2015, manages a portfolio of 103 centres across 13 cities, including 6 Tier II cities. It has a portfolio covering 7.76 Mn Sq.ft. of AUM with a total capacity of 172,451 seats as of June 30, 2024.

Its clients include GCCs, Indian corporates, unicorns, as well as startups across sectors with Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, Narayana Health to name a few.

Financial performance 

On the financial front, it reported a total income of Rs 867.6 crore in fiscal 2024 as against Rs 601.2 crore in fiscal 2023. The company's FY24 EBITDA stood at Rs 263.4 crore, while for Q1FY25 itself, the EBITDA was Rs 153 crore. 

According to a CBRE report, the flexible workspace stock in India currently stands at over 79 million sq.ft. out of which Tier 1 cities account for over 72 million sq.ft. The Tier 1 stock is estimated to grow to approximately 124 Mn sq. ft. by the end of CY2027. 

ICICI Securities Limited and JM Financial Limited are the Book Running Lead Managers to the offer. The equity shares are proposed to be listed on BSE and NSE.