Skip to main content

Flexspace provider IndiQube gets Sebi approval for Rs 850 crore IPO

By

 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

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more