IndiQube Secures SEBI Approval for IPO
IndiQube, a prominent managed workplace solutions provider, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
In December of the previous year, this Bengaluru-based firm filed its Draft Red Herring Prospectus (DRHP) for an IPO valued at Rs 850 crore (approximately $100 million). This offer includes a fresh issue of Rs 750 crore along with an equity share offer for sale amounting to Rs 100 crore.
According to the DRHP, IndiQube intends to allocate Rs 427 crore from the new proceeds towards capital expenditure, Rs 100 crore for repaying or prepaying loans, and the rest will be used for general corporate activities.
ICICI Securities Limited and JM Financial Limited will serve as the Book Running Lead Managers for this Initial Public Offering. The equity shares are slated to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
To date, IndiQube has raised around $45 million through various funding rounds. The DRHP indicates that Anshuman Das is the largest stakeholder, holding 25.32%. Aravali Investment Holding follows with a 22.07% share. Other notable investors include WestBridge Capital (5.79%), Carenet Technologies (5.15%), and Hirepro Consulting (2.15%). Co-founders Rishi Das and Meghna Agarwal collectively own 37.92% of the company.
Established in 2015 by Rishi Das and Meghna Agarwal, IndiQube manages a collection of 103 centres across 13 cities, including 6 Tier II locations. Its esteemed client base features Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, among others.
The firm, backed by WestBridge Capital, reported an impressive 43% year-on-year revenue growth, achieving Rs 830 crore in FY24, up from Rs 580 crore in FY23. However, this growth journey also saw losses escalate by 72.2%, reaching Rs 341 crore in FY24 compared to Rs 198 crore in FY23. The company has reported Rs 153 crore of EBITDA in Q1FY25 and claims to have earned a CRISIL A+ / Stable rating.
While Awfis has made history as India’s first listed co-working startup, Smartworks has also recently secured SEBI approval for its IPO. Additionally, WeWork India, Simpliwork, Table Space, and DevX are all looking towards public listings.
