IndiQube Spaces Limited, a prominent player in the flexible workspace industry, has filed a Draft Red Herring Prospectus (DRHP) with SEBI to raise ₹850 crore through an initial public offering (IPO). The offer comprises a fresh issue of ₹750 crore and an offer for sale (OFS) of ₹100 crore by its promoters, Rishi Das and Meghna Agarwal.
Key Highlights:
- Use of Proceeds:
- ₹462.64 crore allocated for capital expenditure to establish new centers.
- ₹100 crore for repayment or prepayment of borrowings.
- The balance will be used for general corporate purposes.
- Business Operations: IndiQube operates managed office solutions across 85 centers in 12 cities, including Bengaluru, Chennai, Pune, and more. It specializes in providing technology-driven workspaces, offering fit-outs, facility management, and IT services.
- Financial Performance:
- Revenue (FY 2024): ₹867.66 crore
- EBITDA (FY 2024): ₹226.33 crore
- Occupancy for mature centers (>12 months): 90.06%
- Order Book: IndiQube’s strong presence in the workspace solutions market is reflected in its occupancy levels and diverse client base across Tier I and Non-Tier I cities.
- IPO Management: The IPO is being managed by leading book-running lead managers. The offer includes provisions for employee reservations and potential pre-IPO placements, subject to regulatory approvals.
Newly Appointed Independent Directors:
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- Naveen Tewari
- Role: Chief Executive Officer and Founder, InMobi Group
- Expertise: A pioneer in technology and entrepreneurship, Naveen brings extensive experience in scaling innovative businesses globally.
- Avalur Gopalaratnam Muralikrishnan
- Qualification: Certified Chartered Accountant
- Experience: Over 35 years in the finance industry, specializing in financial strategy and corporate governance.
- Rahul Matthan
- Position: Partner, Trilegal
- Expertise: With 30 years in legal practice, Rahul specializes in corporate law, technology law, and data privacy.
- Sachi Krishana
- Field: Human Resources
- Experience: 20 years of expertise in HR, focusing on organizational development and talent management.
- Naveen Tewari
The IPO aims to enhance IndiQube’s market presence, reduce financial liabilities, and support business growth. For investors, this marks an opportunity to invest in a rapidly expanding sector with strong growth potential.
