The issue includes a fresh share issuance of Rs 650 crore and an offer-for-sale (OFS) of Rs 50 crore by promoters Rishi Das and Meghna Agarwal. However, key investor WestBridge Capital, which backed the company in 2018, will not participate in the OFS.
As per the red herring prospectus (RHP), proceeds from the IPO will be used to fund capital expenditure for new centres Rs 462.6 crore, repay Rs 93 crore in debt, and for general corporate purposes.
The IPO will open on July 23 and close on July 25.
IndiQube manages 8.4 million sq. ft. of office space across 115 properties in 15 cities as of March 31, 2025, up from 74 centres and 4.94 million sq. ft. in March 2023. Its assets under management (AUM) have grown at a CAGR of 30% over the last two years.
According to CBRE, Bengaluru is India’s largest flex space market, and IndiQube is among its top players with 65 centres covering 5.43 million sq. ft. Roughly 30% of its portfolio consists of such upgrades, and over 36% is green-certified.
The firm serves 769 clients, with 44% being Global Capability Centers (GCCs). Its enterprise clients comprises 63% of occupied space, leasing over 300 seats, while 44% of revenue is generated from multi-centre clients.
Its client portfolio includes names like Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health, and Allegis.
In FY25, IndiQube reported a total income of Rs 1,103 crore, marking a 35% CAGR from FY23. It posted an EBITDA of Rs 660 crore and 86.5% occupancy at steady-state centres. Revenue from value-added services (VAS) doubled from Rs 68 crore in FY23 to Rs 135 crore in FY25, contributing 13% to the topline.
According to the document, its proprietary tech platform, MiQube, has crossed one million transactions in FY25, enabling functions such as booking meeting rooms and ordering meals.
Since inception, the company has raised Rs 324 crore in two funding rounds between 2018 and 2022, led by WestBridge Capital with Rs 190 crore, promoters contributing Rs 131 crore, and the rest from angel investor Ashish Gupta.
Flexible workspaces are gaining traction due to hybrid work, capital efficiency, and evolving corporate preferences. A CBRE report estimates India’s flex workspace stock of 82–86 million sq. ft. in 2024 may grow to 140–144 million sq. ft. by 2027.
ICICI Securities and JM Financial are the Book Running Lead Managers. The company’s shares will be listed on BSE and NSE.
