The managed workplace solutions provider IndiQube received Securities and Exchange Board of India (SEBI) permission to begin its initial public offering (IPO).
Last December Bengaluru-based IndiQube submitted its Draft Red Herring Prospectus (DRHP) for an IPO worth Rs 850 crore through fresh issue shares worth Rs 750 crore and equity shares offered for sale of Rs 100 crore.
Based on DRHP guidelines the company plans to allocate fresh capital spending finances totaling Rs 427 crore while using Rs 100 crore for loan repayment or prepayment alongside distributing the other funds towards general corporate activities.
The initial public offering of the company will have ICICI Securities Limited and JM Financial Limited acting as its book running lead managers. The equity shares will obtain listings on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) platforms.
IndiQube has raised approximately $45 million across multiple funding rounds. As per the DRHP, Anshuman Das is the largest shareholder with 25.32%, followed by Aravali Investment Holding at 22.07%. Other key shareholders include WestBridge Capital (5.79%), Carenet Technologies (5.15%), and Hirepro Consulting (2.15%). The company’s co-founders, Rishi Das and Meghna Agarwal, together hold a combined 37.92% stake.
The company IndiQube launched in 2015 when Rishi Das and Meghna Agarwal both co-founded the business. The company now manages 103 centers across 13 cities that extend to six Tier II locations. The company provides services to a distinguished list of clients that include Myntra and upGrad and Zerodha and NoBroker and Redbus and Juspay and Perfios and Moglix and Ninjacart.
The company achieved a revenue growth of 43% year over year and generated Rs 830 crore in FY24 revenue which marks a significant increase from Rs 580 crore in FY23 according to financial records supported by WestBridge Capital. During the current fiscal year, IndiQube experienced a growth-driven increase of losses amounting to Rs 341 crore after registering Rs 198 crore in FY23. Q1FY25 EBITDA reached Rs 153 crore and the company maintains a CRISIL A+ / Stable rating.
Awfis achieved its status as the initial co-working sector startup to list in India following Smartworks securing SEBI clearance for its upcoming IPO.
