Bengaluru-based managed workspace provider IndiQube Spaces Ltd is all set to launch its highly anticipated Initial Public Offering (IPO) on July 23, 2025 (Wednesday). The three-day offer will close on July 25 (Friday), as per the company’s Red Herring Prospectus (RHP).
The IPO comprises a fresh issue of ₹650 crore and an offer for sale (OFS) worth ₹50 crore by promoters Rishi Das and Meghna Agarwal. Notably, early backer WestBridge Capital, which has been a significant investor since 2018, will not be selling any shares in this round.
📌 Key IPO Details:
- IPO Open Dates: July 23 to July 25, 2025
- Total Issue Size: ₹700 crore
- Fresh Issue: ₹650 crore
- Offer for Sale: ₹50 crore by promoters
- Listing Exchanges: BSE & NSE
- Lead Managers: ICICI Securities & JM Financial
🏢 Use of Proceeds: Fueling Expansion & Debt Reduction
IndiQube plans to deploy:
- ₹462.6 crore towards capex for new centers,
- ₹93 crore for partial debt repayment, and
- The remaining funds for general corporate purposes.
This capital infusion will support IndiQube’s rapid scale-up strategy across India’s key office hubs.
🌐 Rapid Expansion Across India’s Flex Market
As of March 31, 2025, IndiQube manages:
- 8.40 million sq.ft. of workspace
- Spread across 115 properties in 15 cities
- Offering a seating capacity of 186,719 seats
This is a remarkable growth from 4.94 million sq.ft. across 74 centers in March 2023, marking a CAGR of 30% in AUM over the past two years.
In Bengaluru, India’s largest flex space market, IndiQube operates 65 centers spanning 5.43 million sq.ft., establishing its position among the leading players.
👥 Client-Centric Enterprise Model
IndiQube currently serves 769 clients, of which:
- 44% are Global Capability Centers (GCCs)
- 63% of occupied space is by large enterprises (300+ seats)
- 44% of revenue comes from clients using multiple centers
Notable clients include Zerodha, Myntra, NoBroker, Siemens, Enphase, upGrad, Ninjacart, Narayana Health, Perfios, and more.
💰 Strong Financial Performance in FY25
For the fiscal year ending March 2025:
- Total Income: ₹1,103 crore
- EBITDA: ₹660 crore
- RoCE: 34.21%
- Cash EBIT Margins: 10.81%
- Occupancy Rate (steady-state centers): 86.50%
Value Added Services (VAS) contributed ₹135 crore in FY25, growing at 40.69% CAGR, now forming 13% of total revenues.
The company has been PAT positive under IGAAP standards, paying ₹8.4 crore in income tax in FY25, and carries a CRISIL A+ / Stable credit rating.
🌿 Sustainability & Smart Infrastructure
IndiQube has embraced ESG by:
- Renovating Grade B buildings into green-certified workspaces (30% of total portfolio)
- Achieving 36% green certification coverage
- Commissioning a 20 MW solar farm, with Phase 1 operational
Its proprietary MiQube tech platform enables seamless services like meeting room bookings, food ordering, and facility access—with over 1 million transactions in FY25.
📈 Backed by Strong Investors
IndiQube has raised ₹324 crore in previous funding rounds:
- ₹190 crore from WestBridge Capital
- ₹131 crore by promoters
- Remainder from angel investor Ashish Gupta
🏢 Flex Workspaces: A Growing Trend in India
According to CBRE, India's flex workspace stock of 82–86 million sq.ft. in 2024 is expected to grow to 140–144 million sq.ft. by 2027, driven by hybrid work models, efficient space utilization, and capital-light strategies.
IndiQube, with its enterprise-first approach, digital infrastructure, and sustainable model, is strategically positioned to benefit from this sectoral growth.
✅ Conclusion
IndiQube’s ₹700 crore IPO represents more than just a capital-raising event—it reflects the company’s robust growth trajectory, sustainable practices, enterprise focus, and strong financial performance. With market leadership in key metros and solid investor backing, this IPO could be one to watch in India’s booming flex workspace landscape.
