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Flexspace provider IndiQube gets Sebi approval for Rs 850 crore IPO

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 Bengaluru-based shared office space provider IndiQube has got approval from markets regulator Securities and Exchange Board of India (Sebi) to raise Rs 850 crore through an initial public offer. Led by co-founders Rishi Das and Meghna Agarwal, the company is among a slew of co-working players that are charting out funding plans through public listings amid a rise in flex space leasing, with corporates increasingly pushing employees to work from offices. According to the draft red herring prospectus (DRHP) filed in December 2024, IndiQube's proposed IPO includes a fresh issue of equity shares worth Rs 750 crore and an offer for sale (OFS) of Rs 100 crore. Of the amount it plans to raise, Rs 426.6 crore will go towards capital expenditure, Rs 100 crore for debt repayment or prepayment, and the remainder for general corporate purposes. ICICI Securities Limited and JM Financial Limited are the book running lead managers for the offering. Backed by venture capital firm WestBridge Capital and noted investor Ashish Gupta, IndiQube operates with 103 centres across 13 cities, including six Tier-II cities, with a portfolio spanning 7.76 million square feet and a total capacity of 172,451 seats as of June 30, 2024.

 

Founded in 2015, IndiQube's client base includes global capability centres (GCCs), Indian corporates, unicorns and startups, with names like Myntra, upGrad, Zerodha, NoBroker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens and Narayana Health. The flex operator reported total revenue of Rs 867.6 crore in FY24 as against Rs 601.2 crore in FY23. The company’s FY24 Ebitda stood at Rs 263.4 crore, while for Q1FY25 itself, the Ebitda was Rs 153 crore. IndiQube competes with the likes of Awfis, Table Space, Stylework, WeWork, The Executive Center and 315Work Avenue. New Delhi-based Awfis Space Solutions’ Rs 598.93 crore IPO in 2024 marked India’s first public offering in the flex office segment. Bengaluru’s Table Space is reportedly preparing for a high-value IPO this year, while Gurugram-based Stylework targets a 2028 listing. Additionally, 315Work Avenue plans to raise Rs 400 crore to fuel its growth, while Sebi has put WeWork on hold. In Q1FY25, India's flex office segment expanded, with flex space leasing rising 22 per cent to 2.2 million square feet, according to Colliers. Bengaluru, Delhi NCR and Pune accounted for about 80 per cent of the uptake. JLL projects flex space across the top seven cities to exceed 100 million square feet by 2026, up from over 74 million square feet.

 

 

 

 -  Business Standard 02thMarch, 2025

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